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, Oom do 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/551
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 dataO papel moderador da estratégia e do ambiente na relação entre a liquidez e o investimento das empresas: um modelo com dados em painelliquidityinvestmentleverageindustry 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.Com o objetivo de testar o papel moderador da estratégia e do ambiente da indústria na relação da liquidez com o investimento da indústria transformadora portuguesa foi desenvolvido um modelo de regressão linear múltipla para dados em painel. Trata-se de um modelo estático com três tipos de variáveis: financeiras; estratégicas/ambientais; e interactivas. O modelo estimado foi validado através dos testes de Breusch-Pagan/Cook-Weisberg e Wald Modificado (testes de heterocedasticidade) do multiplicador de Lagrange (teste aos efeitos aleatórios da indústria, tendo-se utilizado a Classificação Portuguesa das Atividades Económicas a dois dígitos), teste robusto de Hausman (teste do modelo de efeitos fixos vs. o modelo de efeitos aleatórios) e teste likelihood ratio (teste ao efeito conjunto da indústria e do tempo). O tratamento estatístico dos dados revelou que a estratégia da empresa (diversificação e inovação) e o ambiente da indústria (crescimento) influenciam a intensidade da relação da liquidez com o investimento o que pode dever-se ao facto destes fatores influenciarem os custos de informação assimétrica das empresas.University of Algarve2013-05-29info:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttps://tmstudies.net/index.php/ectms/article/view/551Revista Encontros Científicos - Tourism & Management Studies; v. 9 n. 1 (2013); 85-91Tourism & Management Studies; Vol. 9 N.º 1 (2013); 85-91Tourism & Management Studies; Vol. 9 No. 1 (2013); 85-91Revista Encontros Científicos - Tourism & Management Studies; Vol. 9 Núm. 1 (2013); 85-912182-8466reponame: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/551https://tmstudies.net/index.php/ectms/article/view/551/953Copyright (c) 2016 Tourism & Management Studiesinfo:eu-repo/semantics/openAccessBaptista, CelísiaMatias, FernandaOom do Valle, Patrícia2023-12-27T10:25:26Zoai:ojs.pkp.sfu.ca:article/551Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T00:56:19.486409Repositório 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
O papel moderador da estratégia e do ambiente na relação entre a liquidez e o investimento das empresas: um modelo com dados em painel
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
Oom do Valle, Patrícia
author_role author
author2 Matias, Fernanda
Oom do Valle, Patrícia
author2_role author
author
dc.contributor.author.fl_str_mv Baptista, Celísia
Matias, Fernanda
Oom do Valle, 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 2013-05-29
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/551
url https://tmstudies.net/index.php/ectms/article/view/551
dc.language.iso.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv https://tmstudies.net/index.php/ectms/article/view/551
https://tmstudies.net/index.php/ectms/article/view/551/953
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. 1 (2013); 85-91
Tourism & Management Studies; Vol. 9 N.º 1 (2013); 85-91
Tourism & Management Studies; Vol. 9 No. 1 (2013); 85-91
Revista Encontros Científicos - Tourism & Management Studies; Vol. 9 Núm. 1 (2013); 85-91
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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