Moderators factors of the relationship between corporate liquidity and investment

Detalhes bibliográficos
Autor(a) principal: Baptista, Celísia
Data de Publicação: 2013
Outros Autores: Matias, Fernanda, Valle, Patrícia
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: https://tmstudies.net/index.php/ectms/article/view/586
Resumo: This study aims to evaluate the moderator role of industryenvironment and business strategy on the effect of internal liquidityon firm´s investment. Recent literature suggests that the intensity ofthe relationship between internal liquidity and investment explainsfirm´s financial constraints in the access to the capital market.Applied research is conducted with a sample of non-financial firms inPortuguese manufacturing industry. It was estimated a panel datamodel composed of financial, environmental, strategic and interactivevariables.The regression of the previous model noted that industryenvironment and business strategy moderate internal liquidity'srelationship with the investment, increasing or reducing it. Thissuggests that agency and adverse selection costs are influenced byenvironmental and strategic factors, hindering or facilitating access tofunds that firms need.
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spelling Moderators factors of the relationship between corporate liquidity and investmentFatores moderadores da dependência do investimento relativamente à liquidez internaLiquidityinvestmentleverageindustry environmentcorporate strategyThis study aims to evaluate the moderator role of industryenvironment and business strategy on the effect of internal liquidityon firm´s investment. Recent literature suggests that the intensity ofthe relationship between internal liquidity and investment explainsfirm´s financial constraints in the access to the capital market.Applied research is conducted with a sample of non-financial firms inPortuguese manufacturing industry. It was estimated a panel datamodel composed of financial, environmental, strategic and interactivevariables.The regression of the previous model noted that industryenvironment and business strategy moderate internal liquidity'srelationship with the investment, increasing or reducing it. Thissuggests that agency and adverse selection costs are influenced byenvironmental and strategic factors, hindering or facilitating access tofunds that firms need.Com este estudo pretende-se avaliar o papel moderador do ambienteda indústria e da estratégia empresarial na relação da liquidez internacom o investimento das empresas. Literatura recente sugere que aintensidade da relação da liquidez interna com o investimento éreveladora dos constrangimentos financeiros das empresas no acessoao mercado de capitais.A investigação aplicada é desenvolvida com uma amostra de empresasda indústria transformadora portuguesa. Foi estimado um modelo dedados em painel composto por variáveis financeiras, ambientais,estratégicas e interativas.A regressão do modelo anterior permite observar que o ambiente daindústria e a estratégia empresarial moderam a relação da liquidezinterna com o investimento, intensificando-a ou atenuando-a. Estasituação sugere que os fatores ambientais e estratégicos influenciamos custos de agência e de seleção adversa das empresas e,consequentemente, o acesso aos fundos de que necessitam.University of Algarve2013-07-31info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://tmstudies.net/index.php/ectms/article/view/586Revista Encontros Científicos - Tourism & Management Studies; v. 9 n. 2 (2013); 71-77Tourism & Management Studies; Vol. 9 N.º 2 (2013); 71-77Tourism & Management Studies; Vol. 9 No. 2 (2013); 71-77Revista Encontros Científicos - Tourism & Management Studies; Vol. 9 Núm. 2 (2013); 71-772182-8466reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAPenghttps://tmstudies.net/index.php/ectms/article/view/586https://tmstudies.net/index.php/ectms/article/view/586/984Copyright (c) 2016 Tourism & Management Studiesinfo:eu-repo/semantics/openAccessBaptista, CelísiaMatias, FernandaValle, Patrícia2023-12-27T10:25:31Zoai:ojs.pkp.sfu.ca:article/586Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T00:56:20.278364Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse
dc.title.none.fl_str_mv Moderators factors of the relationship between corporate liquidity and investment
Fatores moderadores da dependência do investimento relativamente à liquidez interna
title Moderators factors of the relationship between corporate liquidity and investment
spellingShingle Moderators factors of the relationship between corporate liquidity and investment
Baptista, Celísia
Liquidity
investment
leverage
industry environment
corporate strategy
title_short Moderators factors of the relationship between corporate liquidity and investment
title_full Moderators factors of the relationship between corporate liquidity and investment
title_fullStr Moderators factors of the relationship between corporate liquidity and investment
title_full_unstemmed Moderators factors of the relationship between corporate liquidity and investment
title_sort Moderators factors of the relationship between corporate liquidity and investment
author Baptista, Celísia
author_facet Baptista, Celísia
Matias, Fernanda
Valle, Patrícia
author_role author
author2 Matias, Fernanda
Valle, Patrícia
author2_role author
author
dc.contributor.author.fl_str_mv Baptista, Celísia
Matias, Fernanda
Valle, Patrícia
dc.subject.por.fl_str_mv Liquidity
investment
leverage
industry environment
corporate strategy
topic Liquidity
investment
leverage
industry environment
corporate strategy
description This study aims to evaluate the moderator role of industryenvironment and business strategy on the effect of internal liquidityon firm´s investment. Recent literature suggests that the intensity ofthe relationship between internal liquidity and investment explainsfirm´s financial constraints in the access to the capital market.Applied research is conducted with a sample of non-financial firms inPortuguese manufacturing industry. It was estimated a panel datamodel composed of financial, environmental, strategic and interactivevariables.The regression of the previous model noted that industryenvironment and business strategy moderate internal liquidity'srelationship with the investment, increasing or reducing it. Thissuggests that agency and adverse selection costs are influenced byenvironmental and strategic factors, hindering or facilitating access tofunds that firms need.
publishDate 2013
dc.date.none.fl_str_mv 2013-07-31
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://tmstudies.net/index.php/ectms/article/view/586
url https://tmstudies.net/index.php/ectms/article/view/586
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://tmstudies.net/index.php/ectms/article/view/586
https://tmstudies.net/index.php/ectms/article/view/586/984
dc.rights.driver.fl_str_mv Copyright (c) 2016 Tourism & Management Studies
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2016 Tourism & Management Studies
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv University of Algarve
publisher.none.fl_str_mv University of Algarve
dc.source.none.fl_str_mv Revista Encontros Científicos - Tourism & Management Studies; v. 9 n. 2 (2013); 71-77
Tourism & Management Studies; Vol. 9 N.º 2 (2013); 71-77
Tourism & Management Studies; Vol. 9 No. 2 (2013); 71-77
Revista Encontros Científicos - Tourism & Management Studies; Vol. 9 Núm. 2 (2013); 71-77
2182-8466
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron:RCAAP
instname_str Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
instacron_str RCAAP
institution RCAAP
reponame_str Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
collection Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
repository.name.fl_str_mv Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação
repository.mail.fl_str_mv
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