Bankruptcy, Investment, and Financial Constraints: Evidence from the Czech Republic

Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216208%3A11230%2F18%3A10367932" target="_blank" >RIV/00216208:11230/18:10367932 - isvavai.cz</a>
Alternative codes found
RIV/00216208:11640/18:00490586
Result on the web
<a href="http://dx.doi.org/10.1080/00128775.2017.1407221" target="_blank" >http://dx.doi.org/10.1080/00128775.2017.1407221</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1080/00128775.2017.1407221" target="_blank" >10.1080/00128775.2017.1407221</a>

Result language
angličtina
Original language name
Bankruptcy, Investment, and Financial Constraints: Evidence from the Czech Republic
Original language description
Using investment-cash flow sensitivity to analyze financial constraints over the period 2006-2011 in the Czech Republic, we find that healthy companies were financially constrained both before and after the 2008 crisis. There is robust evidence that both the cash flow and the level of debt have a positive and significant impact on the investment rate. Although companies going bankrupt had significantly higher levels of external debt and bank loans, they did not manifest any investment-cash flow sensitivity in the pre-crisis period, which indicates that they were probably not financially constrained at all. After the 2008 crisis, companies that would later declare bankruptcy began to become financially constrained as well.
Czech name
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Czech description
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Type
J<sub>imp</sub> - Article in a specialist periodical, which is included in the Web of Science database
CEP classification
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OECD FORD branch
50201 - Economic Theory

Publication year
2018
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

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