The nonmonotonicity of cash-cash flow relationship: the role of uncertainty and financing constraints
Relying on panel firm-level data from an emerging economy, the paper postulates and empirically verifies the pattern of a U-shaped relationship between cash flows and cash holdings. The positive cash-cash flow sensitivity is postulated to be driven by precautionary motive, which is engendered by exc...
Main Authors: | Dmytro Osiichuk, Paweł Mielcarz |
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Format: | Article |
Language: | English |
Published: |
Taylor & Francis Group
2021-01-01
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Series: | Ekonomska Istraživanja |
Subjects: | |
Online Access: | http://dx.doi.org/10.1080/1331677X.2020.1862687 |
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