The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data
Autor(a) principal: | |
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Data de Publicação: | 2013 |
Outros Autores: | , |
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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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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1799133190872367104 |