The Impact of Ownership on Companies' Investment Rates Using Present and Past Values of Profitability

Description

Yes / We empirically analyze the impact of different ownership groups on companies’ investment rates in Ukraine allowing investment rates to depend on present and past market-to-book values of equity. We relate the impact to the presence of soft and hard budget constraints, to the free cash flow and the cash constraint hypothesis and discuss over- and under-investment. Several robustness checks, in particular, the potential endogeneity of ownership variables are considered.

Links & Downloads

1. Dariya Mykhayliv and Klaus Zauner (2016) The Impact of Ownership on Companies' Investment Rates Using Present and Past Values of Profitability. Working Paper. The Authors.
2. http://hdl.handle.net/10454/11243

Tags

Investment

Ownership

Corporate governance

Investment rates

Financial constraints

Soft budget constraints

Additional Fields

Identifer	oai:union.ndltd.org:BRADFORD/oai:bradscholars.brad.ac.uk:10454/11243
Date	January 2016
Creators	Mykhayliv, Dariya, Zauner, K.G.
Source Sets	Bradford Scholars
Language	English
Detected Language	English
Type	Working Paper, Accepted manuscript
Rights	© 2016 The Authors.Reproduced by permission from the copyright holder.