Quotation Gugler, Klaus, Peev, Evgeni. 2010. Institutional Determinants of Investment-Cash Flow Sensitivities in Transition Economies. Comparative Economic Studies 52, 62-81.


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Abstract

We estimate investment-cash flow models for a large sample of firms in 13 transition economies over the period 1993–2003, and find that (1) investment-cash flow sensitivities decline over transition years; (2) for state-owned firms, in early transition the investment-cash flow sensitivity is negative, which we interpret as being consistent with soft budget constraints; (3) privatised firms invest efficiently; and (4) foreign-controlled firms are less financially constrained than other firms.

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Publication's profile

Status of publication Published
Affiliation WU
Type of publication Journal article
Journal Comparative Economic Studies
Language English
Title Institutional Determinants of Investment-Cash Flow Sensitivities in Transition Economies
Volume 52
Year 2010
Page from 62
Page to 81
Reviewed? Y
URL https://link.springer.com/article/10.1057/ces.2009.11
DOI http://dx.doi.org/10.1057/ces.2009.11

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Gugler, Klaus (Details)
External
Peev, Evgeni (Universit├Ąt Wien, Austria)
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