The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data

Detalhes bibliográficos
Autor(a) principal: Baptista, Celísia
Data de Publicação: 2013
Outros Autores: Matias, Fernanda, Pinto, Patrícia
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)
Texto Completo: http://hdl.handle.net/10400.1/4511
Resumo: In order to test the moderating role of corporate strategy and industry environment in the effect of liquidity on investment for Portuguese manufacturing firms, we developed a multiple linear regression model for panel data. It is a static model with three types of variables: financial; strategic/environmental; and interactive. The estimated model was validated through the Breusch-Pagan/Cook-Weisberg and Wald Modified tests (heteroscedasticity tests), Lagrange Multiplier (industry random effects test, using the two-digit National Classification of Economic Activities), Hausman robust test (fixed effects model vs. random effects model test) and likelihood-ratio test (joint effect of industry and time test). The statistical processing of the data revealed that a company’s strategy (diversification and innovation) and the industry environment (growth) moderate the effect of liquidity on investment, which can be explained by the effect of these factors on the cost of asymmetric information.
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spelling The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel dataLiquidityInvestmentLeverageIndustry environmentCorporate strategyIn order to test the moderating role of corporate strategy and industry environment in the effect of liquidity on investment for Portuguese manufacturing firms, we developed a multiple linear regression model for panel data. It is a static model with three types of variables: financial; strategic/environmental; and interactive. The estimated model was validated through the Breusch-Pagan/Cook-Weisberg and Wald Modified tests (heteroscedasticity tests), Lagrange Multiplier (industry random effects test, using the two-digit National Classification of Economic Activities), Hausman robust test (fixed effects model vs. random effects model test) and likelihood-ratio test (joint effect of industry and time test). The statistical processing of the data revealed that a company’s strategy (diversification and innovation) and the industry environment (growth) moderate the effect of liquidity on investment, which can be explained by the effect of these factors on the cost of asymmetric information.Escola Superior de Gestão, Hotelaria e TurismoSapientiaBaptista, CelísiaMatias, FernandaPinto, Patrícia2014-06-25T14:22:18Z20132013-01-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10400.1/4511eng2182-8458AUT: PVA00075; CBA00822; MFM00225;info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-24T10:15:40Zoai:sapientia.ualg.pt:10400.1/4511Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T19:57:47.389955Repositório 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 The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
title The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
spellingShingle The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
Baptista, Celísia
Liquidity
Investment
Leverage
Industry environment
Corporate strategy
title_short The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
title_full The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
title_fullStr The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
title_full_unstemmed The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
title_sort The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
author Baptista, Celísia
author_facet Baptista, Celísia
Matias, Fernanda
Pinto, Patrícia
author_role author
author2 Matias, Fernanda
Pinto, Patrícia
author2_role author
author
dc.contributor.none.fl_str_mv Sapientia
dc.contributor.author.fl_str_mv Baptista, Celísia
Matias, Fernanda
Pinto, Patrícia
dc.subject.por.fl_str_mv Liquidity
Investment
Leverage
Industry environment
Corporate strategy
topic Liquidity
Investment
Leverage
Industry environment
Corporate strategy
description In order to test the moderating role of corporate strategy and industry environment in the effect of liquidity on investment for Portuguese manufacturing firms, we developed a multiple linear regression model for panel data. It is a static model with three types of variables: financial; strategic/environmental; and interactive. The estimated model was validated through the Breusch-Pagan/Cook-Weisberg and Wald Modified tests (heteroscedasticity tests), Lagrange Multiplier (industry random effects test, using the two-digit National Classification of Economic Activities), Hausman robust test (fixed effects model vs. random effects model test) and likelihood-ratio test (joint effect of industry and time test). The statistical processing of the data revealed that a company’s strategy (diversification and innovation) and the industry environment (growth) moderate the effect of liquidity on investment, which can be explained by the effect of these factors on the cost of asymmetric information.
publishDate 2013
dc.date.none.fl_str_mv 2013
2013-01-01T00:00:00Z
2014-06-25T14:22:18Z
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 http://hdl.handle.net/10400.1/4511
url http://hdl.handle.net/10400.1/4511
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv 2182-8458
AUT: PVA00075; CBA00822; MFM00225;
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Escola Superior de Gestão, Hotelaria e Turismo
publisher.none.fl_str_mv Escola Superior de Gestão, Hotelaria e Turismo
dc.source.none.fl_str_mv 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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