Financial constraints and financial crises: the case of Portuguese listed companies
Autor(a) principal: | |
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Data de Publicação: | 2018 |
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/1822/70920 |
Resumo: | The purpose of this study is to analyze the degree of financial constraints faced by the companies included on the Portuguese Stock General Index when accessing to external financing, especially after the beginning and during the most recent financial crisis that affected the world financial markets from 2007. According to this aim, a longitudinal database is collected from the SABI database and was analyzed under panel data methodology. The final sample is panel data of 430 firm-year observations, related to 43 companies, during the period 2006-2015. In line with previous literature, our results provide evidence that the payout ratio is an efficient measure of the degree of financial constraints; companies that pay out less (or no) dividends display higher sensitivity of the investment to the cash flow. Moreover, we also found that the investment sensitivity to cash flow intensifies immediately after and during the most recent financial crisis. |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Financial constraints and financial crises: the case of Portuguese listed companiesFinancial contraintsFinancial crisisInvestmentPublic firmsThe purpose of this study is to analyze the degree of financial constraints faced by the companies included on the Portuguese Stock General Index when accessing to external financing, especially after the beginning and during the most recent financial crisis that affected the world financial markets from 2007. According to this aim, a longitudinal database is collected from the SABI database and was analyzed under panel data methodology. The final sample is panel data of 430 firm-year observations, related to 43 companies, during the period 2006-2015. In line with previous literature, our results provide evidence that the payout ratio is an efficient measure of the degree of financial constraints; companies that pay out less (or no) dividends display higher sensitivity of the investment to the cash flow. Moreover, we also found that the investment sensitivity to cash flow intensifies immediately after and during the most recent financial crisis.(undefined)Sciedu PressUniversidade do MinhoPereira, LuísaSilva, Armando Mendes Jorge NogueiraSilva, Sónia Maria da Silva Faria Nogueira da2018-042018-04-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/1822/70920eng1923-40231923-403110.5430/ijfr.v9n2p64http://www.sciedupress.com/journal/index.php/ijfr/article/view/13173info: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:RCAAP2023-07-21T11:58:16Zoai:repositorium.sdum.uminho.pt:1822/70920Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:47:58.902384Repositório 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 |
Financial constraints and financial crises: the case of Portuguese listed companies |
title |
Financial constraints and financial crises: the case of Portuguese listed companies |
spellingShingle |
Financial constraints and financial crises: the case of Portuguese listed companies Pereira, Luísa Financial contraints Financial crisis Investment Public firms |
title_short |
Financial constraints and financial crises: the case of Portuguese listed companies |
title_full |
Financial constraints and financial crises: the case of Portuguese listed companies |
title_fullStr |
Financial constraints and financial crises: the case of Portuguese listed companies |
title_full_unstemmed |
Financial constraints and financial crises: the case of Portuguese listed companies |
title_sort |
Financial constraints and financial crises: the case of Portuguese listed companies |
author |
Pereira, Luísa |
author_facet |
Pereira, Luísa Silva, Armando Mendes Jorge Nogueira Silva, Sónia Maria da Silva Faria Nogueira da |
author_role |
author |
author2 |
Silva, Armando Mendes Jorge Nogueira Silva, Sónia Maria da Silva Faria Nogueira da |
author2_role |
author author |
dc.contributor.none.fl_str_mv |
Universidade do Minho |
dc.contributor.author.fl_str_mv |
Pereira, Luísa Silva, Armando Mendes Jorge Nogueira Silva, Sónia Maria da Silva Faria Nogueira da |
dc.subject.por.fl_str_mv |
Financial contraints Financial crisis Investment Public firms |
topic |
Financial contraints Financial crisis Investment Public firms |
description |
The purpose of this study is to analyze the degree of financial constraints faced by the companies included on the Portuguese Stock General Index when accessing to external financing, especially after the beginning and during the most recent financial crisis that affected the world financial markets from 2007. According to this aim, a longitudinal database is collected from the SABI database and was analyzed under panel data methodology. The final sample is panel data of 430 firm-year observations, related to 43 companies, during the period 2006-2015. In line with previous literature, our results provide evidence that the payout ratio is an efficient measure of the degree of financial constraints; companies that pay out less (or no) dividends display higher sensitivity of the investment to the cash flow. Moreover, we also found that the investment sensitivity to cash flow intensifies immediately after and during the most recent financial crisis. |
publishDate |
2018 |
dc.date.none.fl_str_mv |
2018-04 2018-04-01T00:00:00Z |
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/1822/70920 |
url |
http://hdl.handle.net/1822/70920 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
1923-4023 1923-4031 10.5430/ijfr.v9n2p64 http://www.sciedupress.com/journal/index.php/ijfr/article/view/13173 |
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 |
Sciedu Press |
publisher.none.fl_str_mv |
Sciedu Press |
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 |
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1799132239811837952 |