Does financial flexibility drive firm's risk‐taking in emerging markets? The moderating role of investment efficiency
Sign Up to like & getrecommendations! Published in 2024 at "Managerial and Decision Economics"
DOI: 10.1002/mde.4337
Abstract: Using a sample of 2301 listed firms from emerging markets for 2014–2023, we examine the effect of financial flexibility (FF) on firm risk‐taking (FRT) and how this relationship is moderated by investment efficiency (INVEFF). GMM… read more here.
Keywords: firm risk; risk taking; financial flexibility; investment efficiency ... See more keywords
Investment, firm-specific uncertainty, and financial flexibility
Sign Up to like & getrecommendations! Published in 2021 at "Journal of Economic Behavior and Organization"
DOI: 10.1016/j.jebo.2021.09.042
Abstract: Abstract We study how financial flexibility impacts on firm's investment decisions under uncertainty. We use a comprehensive dataset covering US firms for the period 1983–2019. We develop a baseline model of investment under uncertainty and… read more here.
Keywords: investment firm; financial flexibility; uncertainty; flexibility ... See more keywords
The Effect of Financial Flexibility on Payout Policy
Sign Up to like & getrecommendations! Published in 2020 at "Journal of Financial and Quantitative Analysis"
DOI: 10.1017/s002210901800114x
Abstract: We use variation in real estate prices as exogenous shocks to firms’ debt capacity to study the causal effect of financial flexibility on payout policy. We show that an increase in financial flexibility results in… read more here.
Keywords: financial flexibility; flexibility; flexibility payout; payout policy ... See more keywords
Valuing firm’s financial flexibility under default risk and bankruptcy costs: a WACC based approach
Sign Up to like & getrecommendations! Published in 2019 at "International Journal of Managerial Finance"
DOI: 10.1108/ijmf-05-2018-0151
Abstract: PurposeThe purpose of this paper is to present a model to value leveraged firms in the presence of default risk and bankruptcy costs under a flexible firm’s debt structure.Design/methodology/approachThe authors assume that the total debt… read more here.
Keywords: bankruptcy costs; debt; financial flexibility; approach ... See more keywords
COVID-19 Shock, Financial Flexibility, and Hotels' Performance Nexus
Sign Up to like & getrecommendations! Published in 2022 at "Frontiers in Public Health"
DOI: 10.3389/fpubh.2022.792946
Abstract: This study investigates the nexus of coronavirus disease 2019 (COVID-19) shock, financial flexibility (FF), and firm performance (FP) in Taiwan listed hotel firms. Quantile regression (QR) methods were used to analyze the data from Taiwan… read more here.
Keywords: hotel firms; covid; hotel; shock financial ... See more keywords
Do Companies Need Financial Flexibility for Sustainable Development?
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DOI: 10.3390/su12051811
Abstract: Reserve financial flexibility relates to the long-term development of enterprises. Enterprise managers pay more and more attention to the financial flexibility of reserves, which, however, will cause problems such as insufficient investment and inefficient use… read more here.
Keywords: social responsibility; substitution effect; financial flexibility; flexibility ... See more keywords
Financial Flexibility and Innovation Efficiency: Pathways and Mechanisms in Chinese A-Share Listed Firms (2013–2022)
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DOI: 10.3390/su17135787
Abstract: Applying the resource-based view and dynamic capability theory, this study employs panel data analysis to examine how financial flexibility influences corporate innovation efficiency from an integrated resource-capability perspective. Analyzing data from Chinese A-share listed companies… read more here.
Keywords: innovation efficiency; financial flexibility; innovation; chinese share ... See more keywords