The impact of financial development and market conditions on investment-cash flow sensitivity: global evidence

• Ano de defesa: 2016
• Autor(a) principal: Ghani, Alan Nader Ackel
• Tipo de documento: Tese
• Tipo de acesso: Acesso aberto
• Idioma: eng
• Instituição de defesa: Biblioteca Digitais de Teses e Dissertações da USP
• Palavras-chave em Português: Condições financeiras de mercado; Desenvolvimento financeiro; Finanças das empresas; Finanças internacionais; Financial development; Financial market conditions; Fluxo de caixa; Investimentos; Investment-cash flow sensitivity; Relação fluxo de caixa-investimento
• Link de acesso: http://www.teses.usp.br/teses/disponiveis/12/12139/tde-01062016-160209/

In this study, we analyze the impact of financial development and market conditions on investment-cash flow sensitivity during the 2006-2014 for 76 countries. First, the results show a relationship between investment-cash flow sensitivity and an index of financial development and its components. Second, 68 countries are affected by the 2008-2009 financial crisis, but only 16 countries exhibit a higher investment-cash flow sensitivity during the crisis. Third, investment-cash flow sensitivity is lower in countries with a larger primary debt market, while the size of the primary equity market has no impact. Finally, analyzing investment-cash flow sensitivity over time, we find lower sensitivity during years associated with higher primary debt market activity.