Inwestycje w środki trwałe – meta-analiza
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Opublikowane:
mar 25, 2016
Słowa kluczowe:
cash flow, stopa inwestycji, środki trwałe, rynek kapitałowy, przedsiębiorstwo
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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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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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Dział główny
Autor (Autorzy) artykułu oświadcza, że przesłane opracowanie nie narusza praw autorskich osób trzecich. Wyraża zgodę na poddanie artykułu procedurze recenzji oraz dokonanie zmian redakcyjnych. Przenosi nieodpłatnie na Oficynę Wydawniczą SGH autorskie prawa majątkowe do utworu na polach eksploatacji wymienionych w art. 50 Ustawy z dnia 4 lutego 1994 r. o prawie autorskim i prawach pokrewnych – pod warunkiem, że praca została zaakceptowana do publikacji i opublikowana.
Oficyna Wydawnicza SGH posiada autorskie prawa majątkowe do wszystkich treści czasopisma. Zamieszczenie tekstu artykuły w repozytorium, na stronie domowej autora lub na innej stronie jest dozwolone o ile nie wiąże się z pozyskiwaniem korzyści majątkowych, a tekst wyposażony będzie w informacje źródłowe (w tym również tytuł, rok, numer i adres internetowy czasopisma).
Osoby zainteresowane komercyjnym wykorzystaniem zawartości czasopisma proszone są o kontakt z Redakcją.
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.