Inwestycje w środki trwałe – meta-analiza
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Przesłane
lutego 7, 2020
Opublikowane
marca 25, 2016
Słowa kluczowe:
-
cash flow, stopa inwestycji, środki trwałe, rynek kapitałowy, przedsiębiorstwo
Abstrakt
W artykule skoncentrowano się na weryfikacji efektu publikacji w badaniach poświęconych inwestycjom przedsiębiorstw w środki trwałe. Jest prawdopodobieństwo, że prezentowane w literaturze wyniki mogą być obarczone problemem selekcji statystycznej istotności (tzw. efekt selekcji publikacji). Prace, których wyniki pokazują słabą zależność bądź brak istotności są mniej atrakcyjne i rzadziej publikowane, gdyż są postrzegane jako mało wnoszące do dorobku naukowego i nie tłumaczące fenomenu badanego zjawiska. W publikacjach o inwestycjach w środki trwałe występowanie efektu selekcji publikacji stwierdzono w przypadku zmiennej cash flow. Dodatkowo autorki zauważają, iż wielkość cash flow ma mniejsze znaczenie dla inwestycji w środki trwałe przedsiębiorstw w państwach mniej rozwiniętych gospodarczo, ze słabiej rozwiniętym rynkiem kapitałowym.
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Bibliografia
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29. Lamont O. [1997], Cash Flow and Investment: Evidence from Internal Capital Markets, “The Journalof Finance”, Vol. 52, No. 1, March, p. 83-109.
30. Manigart S., Baeyens K., Verschueren I. [2002], Financing and investment interdependencies inunquoted Belgian companies: the role of venture capital, Vlerick Leuven Gent Working Paper Series.
31. Melander O. [2009], The effect of cash flow on investment: an empirical test of the balance sheet channel,Sveriges Riksbank Working Paper Series, No. 228.
32. Mizen P., Vermeulen P. [2005], Corporate investment and cash flow sensitivity, European Central BankWorking Paper, No. 485.
33. Modigliani F., Miller M.H. [1958], The Cost of Capital. Corporation Finance and the Theory ofInvestment, “The American Economic Review”, Vol. 48, No. 3, p. 261-297.
34. Meyer J.R, Kuh E. [1957], The Investment Decision. An Empirical Study, Harvard Business School.
35. Myers S., Majluf N. [1984], Corporate financing and investment decisions when firms have informationthat investors do not have, ‘Journal of Financial Economics”, Vol. 13, p. 187-221.
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37. Saquido A.P. [2003], Determinants of corporate investment, Philippine Management Review,Discussion Paper , No. 0402, Quezon City, Philippines, p. 1-15
38. Stanley T.D. [2005], Beyond Publication Selection, “Journal of Economic Surveys”, No. 19,p. 309-345
39. Zeng A. [2011], Financial conservatism and firms’ financing and investment behaviors duringthe global financial crisis- evidence from listed Chinese companies, “IACSIT Press”, Vol. 4,p. 175-179.
2. Almeida H., Campello M. [2007], Financial constraints, asset tangibility, and corporate investment,“The Review of Financial Studies”, Vol. 20, No. 5, p. 1429-1460.
3. Alti A. [2003, How sensitive is investment to cash flow when financing is frictionless?, “The Journal ofFinance”, Vol. LVIII, No. 2.4. Azzoni C.R., Kalatzis A.E.G. [2006], Regional differences in the determinants of investment decisionsof private firms in Brazil, ERSA conference papers, Nr ersa06p161, s. 1-16
5. Baeyens K., Manigart S., Verschueren I. [2002], Financing and investment interdependencies inunquoted Belgiancompanies: The role of venture capital, NBB Working Paper, No. 29, May, p. 4.
6. Becker B., Sivadasan J. [2010], The effect of financial development on the investment–cash flowrelationship. Cross country evidence for Europe, “The B.E. Journal of Economic Analysis & Policy”,Vol. 10, No. 43, p. 1-49
7. Benito A., Young G. [2002], Financial pressure and balance sheet adjustment by UK firms, Bank ofEngland Working Papers, 168, Bank of England.
8. Bokpin G.A., Onumah Joseph M. [2009], An Empirical Analysis of the Determinants of CorporateInvestment Decisions: Evidence from Emerging Market Firms, “International Research Journal ofFinance and Economics”, p. 135.
9. Bond S., Cummins J. [2001], Noisy Share Prices and the Q Model of Investment, The Institute for FiscalStudies WP01/22, 19 September, p. 3.
10. Bond S., Elston J., Mairesse J., Mulkay B. [2003], Financial factors and investment in Belgium,France, Germany, and The United Kingdom: A comparison using company panel data, “The Review ofEconomics and Statistics”, Vol. 85, No. 1, p. 153-165.
11. Brooks R., Jugurnath B., Stewart M. [2004], Dividend taxation and corporate investment: a comparativestudy between the classical system and imputation system of dividend taxation in the United States andAustralia, “Econometric Society Australasian Meetings”, No. 97, p. 1-21.
12. Butzen P., Fuss C., Vermeulen P. [2001], The interest rate and credit channels in Belgium: an investigationwith micro-level firm data, ECB Working Paper Series, No. 107.
13. Carpenter R. E., Guariglia A. [2003], Cash flow, investment, and investment opportunities: New testsusing UK panel data, “Discussion Papers in Economics”, No. 03/24, December, p. 2.
14. Chatelain J., Generale A., Hernando I., Kalckreuth U., Vermeulen P. [2002], Firm investment and Inwestycje w środki trwałe – meta-analiza 69monetary policy transmission in the euro area, Banque de France, Working Papers, No. 97.
15. Cleary S., Paul P., Michael R. [2007], The U-Shape Investment Curve: Theory and Evidence, “Journalof Financial and Quantitative Analysis”, Vol. 42, No. 1, March, p. 18.
16. Colombo M.G., Croce A., Guerini M. [2013], The effect of public subsidies on firms’ investment–cashflow sensitivity: Transient or persistent?, “Research Policy”, Vol. 42, pp. 1605-1623.
17. Deloof M. [1998], Corporate groups, liquidity, and overinvestment by Belgian firms quoted on the BrusselsStock Exchange, “Managerial and Decision Economics”, Vol. 19, No. 1, s. 31-41.
18. Erickson T., Whited T. [2000], Measurement Error and the Relationship Between Investment and Q,“Journal of Political Economy”,Vol. 108, No. 5, p. 1050.
19. Fazzari S., Hubbard R.G., Petersen B.C. [1988], Financing constraints and corporate investment, NBERWorking Paper Series, No. 2387, September, p. 19.
20. Firth M., Malesta P. H., Xin Q., Xu L. [2012], Corporate investment, government control, and financingchannels: Evidence from China’s listed companies, “Journal of Corporate Finance”, Vol. 18, p. 433-450.
21. Gala V.D., Gomes J.F. [2013], Beyond Q: investment without asset prices, electronic copy available at:http://ssrn.com, dostęp 10/10/2015.
22. George R., Kabir R., Qian J. [2010], Investment – cash flow sensitivity and financing constraints: newevidence from Indian business group firms, “Journal of Multinational Financial Management”, Vol. 21,No. 2, p. 69-88.
23. Guariglia A. [2008], Internal financial constraints, external financial constraints, and investment choice:Evidence from a panel of UK firms, “Journal of Banking & Finance”, Vol. 32, p. 1795-1809.
24. Hall R., Jorgenson D. [1967], Tax Policy and Investment Behavior, “The American Economic Review”,Vol. 57, p. 391-414.
25. Himmelberg C., Petersen B. [1994], R&D and Internal Finance: A Panel Study of Small Firms in HighTechIndustries, “Review of Economics and Statistics”, No. 76, p. 38-51.
26. Jensen M.C. [1986], Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, “AmericanEconomic Review”, Vol. 76, No. 2, May, p. 1-13.
27. Kaplan S.N., Zingales L. [1997], Do Financing Constraints Explain Why Investment is Correlated withCash Flow?, “The Quarterly Journal of Economics”, CXII, February, p. 170.
28. Kaplan S.N., Zingales L. [2000], Investment-cash flow sensitivities are not valid measures of financingconstraints, NBER Working Paper, No. 7659, April, p.1-5
29. Lamont O. [1997], Cash Flow and Investment: Evidence from Internal Capital Markets, “The Journalof Finance”, Vol. 52, No. 1, March, p. 83-109.
30. Manigart S., Baeyens K., Verschueren I. [2002], Financing and investment interdependencies inunquoted Belgian companies: the role of venture capital, Vlerick Leuven Gent Working Paper Series.
31. Melander O. [2009], The effect of cash flow on investment: an empirical test of the balance sheet channel,Sveriges Riksbank Working Paper Series, No. 228.
32. Mizen P., Vermeulen P. [2005], Corporate investment and cash flow sensitivity, European Central BankWorking Paper, No. 485.
33. Modigliani F., Miller M.H. [1958], The Cost of Capital. Corporation Finance and the Theory ofInvestment, “The American Economic Review”, Vol. 48, No. 3, p. 261-297.
34. Meyer J.R, Kuh E. [1957], The Investment Decision. An Empirical Study, Harvard Business School.
35. Myers S., Majluf N. [1984], Corporate financing and investment decisions when firms have informationthat investors do not have, ‘Journal of Financial Economics”, Vol. 13, p. 187-221.
36. Rosenthal R. [1079] The “File Drawer Problem” and Tolerance for Null Results, “PsychologicalBulletin”, Vol. 86, No. 3, p. 638-641.
37. Saquido A.P. [2003], Determinants of corporate investment, Philippine Management Review,Discussion Paper , No. 0402, Quezon City, Philippines, p. 1-15
38. Stanley T.D. [2005], Beyond Publication Selection, “Journal of Economic Surveys”, No. 19,p. 309-345
39. Zeng A. [2011], Financial conservatism and firms’ financing and investment behaviors duringthe global financial crisis- evidence from listed Chinese companies, “IACSIT Press”, Vol. 4,p. 175-179.
Autor
Nehrebecka, N., & Białek-Jaworska, . A. (2016). Inwestycje w środki trwałe – meta-analiza. Kwartalnik Nauk O Przedsiębiorstwie, 38(1), 57–69. Pobrano z https://econjournals.sgh.waw.pl/KNoP/article/view/1903
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