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Applied Economics Letters Volume 23, 2016 - Issue 6
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Original Articles

Long-term investment sensitivity to cash flow and financial crisis

Maurizio La RoccaDepartment of Business Administration and Law, University of Calabria, Arcavacata di Rende, Italy
,
Raffaele StaglianòMontpellier Business School, Montpellier Research in Management, Montpellier, FranceCorrespondence[email protected]
&
Issam LaguirMontpellier Business School, Montpellier Research in Management, Montpellier, France
Pages 411-414 | Received 06 Jun 2015, Accepted 28 Jul 2015, Published online: 18 Aug 2015
 
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ABSTRACT

This study examined investment–cash flow sensitivity in unconstrained and constrained firms from 1980 to 2010 in a sample of Italian manufacturing firms. Investment sensitivity to cash flow decreased over time, and financially constrained firms showed little difference in the decline compared with unconstrained firms. Last, investment sensitivity to cash flow increased during the financial crisis of 2008.

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