文章基本信息

标题：Does cash flow affect investment? Evidence from the romanian capital market
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作者：Putintica, Andriana ; Bonaci, Carmen Giorgiana
期刊名称：International Journal of Entrepreneurial Knowledge
印刷版ISSN：2336-2960
出版年度：2013
卷号：1
期号：1
页码：53-60
出版社：Vysoka skola podnikani, a. s. (Business School plc)
摘要：Our paper addresses the relation between corporate investments and cash flow. While literature agrees upon the existence of a correlation between the two, its interpretation continues to generate intense debates. We use data from a sample of 125 Romanian listed companies for the 2005-2011 period. Using a fixed effects least squares model we document a positive significant association between investments and cash flow. The results show that a 1% cash flow fluctuation leads to a 0.27% alteration of the planned investments. We therefore add to the literature on a widely debated topic by bringing evidence in the case of Romanian listed companies.
关键词：Investments; cash flow; financial reporting; panel data; fixed effects