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

Kód výsledku v 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>

Nalezeny alternativní kódy

RIV/00216208:11640/18:00490586

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

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

Popis výsledku v původním jazyce

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.

Název v anglickém jazyce

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

Popis výsledku anglicky

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.

Druh

J_imp - Článek v periodiku v databázi Web of Science

CEP obor

—

OECD FORD obor

50201 - Economic Theory

Projekt

—

Návaznosti

S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2018

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Eastern European Economics

ISSN

0012-8775

e-ISSN

—

Svazek periodika

56

Číslo periodika v rámci svazku

2

Stát vydavatele periodika

US - Spojené státy americké

Počet stran výsledku

23

Strana od-do

99-121

Kód UT WoS článku

000427052300001

EID výsledku v databázi Scopus

2-s2.0-85038625804