Effects of Cash Flow Volatility on Investment with Restricted Financing Sources

Change in operating cash flows along with uncertainty about rate of the change in future cause variation in firm’s investment. This study aims to examine the effects of cash flow volatility on firm’s investment, regarding restriction in financing sources. To test the hypotheses, data from a sample o...

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Autores principales:	Seyyed Abbas Hashemi (Ph.D), Hadi Amiri (Ph.D), Alireza Afyouni
Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2017
Materias:	operating cash flow volatility investment sensitivity financial constrained firm Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/c553dbdd3636433697e3c473d71a5d82
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spelling	oai:doaj.org-article:c553dbdd3636433697e3c473d71a5d822021-11-04T19:52:37ZEffects of Cash Flow Volatility on Investment with Restricted Financing Sources2008-89142476-292X10.22103/jak.2017.1646https://doaj.org/article/c553dbdd3636433697e3c473d71a5d822017-05-01T00:00:00Zhttps://jak.uk.ac.ir/article_1646_743b96ea49906dced87ae00f14402169.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XChange in operating cash flows along with uncertainty about rate of the change in future cause variation in firm’s investment. This study aims to examine the effects of cash flow volatility on firm’s investment, regarding restriction in financing sources. To test the hypotheses, data from a sample of 129 firms listed in the Tehran Stock Exchange in the years 2006 to 2013 were collected, using GLS method of regression estimation. Findings showed that in the firms with restricted sources of financing and the growth rate of operating cash flow, changing from positive to negative rates, or vice versa, the operating cash flow volatility decreases firm’s investment. Also, it was found that the negative growth rates have greater effects on firm's investment, than the positive growth rates. However, in the firms with no restriction in financing, there is no relationship between operating cash flow volatility and firms’ investment.Seyyed Abbas Hashemi (Ph.D)Hadi Amiri (Ph.D)Alireza AfyouniShahid Bahonar University of Kermanarticleoperating cash flow volatilityinvestment sensitivityfinancial constrained firmAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 8, Iss 1, Pp 29-49 (2017)
institution	DOAJ
collection	DOAJ
language	FA
topic	operating cash flow volatility investment sensitivity financial constrained firm Accounting. Bookkeeping HF5601-5689
spellingShingle	operating cash flow volatility investment sensitivity financial constrained firm Accounting. Bookkeeping HF5601-5689 Seyyed Abbas Hashemi (Ph.D) Hadi Amiri (Ph.D) Alireza Afyouni Effects of Cash Flow Volatility on Investment with Restricted Financing Sources
description	Change in operating cash flows along with uncertainty about rate of the change in future cause variation in firm’s investment. This study aims to examine the effects of cash flow volatility on firm’s investment, regarding restriction in financing sources. To test the hypotheses, data from a sample of 129 firms listed in the Tehran Stock Exchange in the years 2006 to 2013 were collected, using GLS method of regression estimation. Findings showed that in the firms with restricted sources of financing and the growth rate of operating cash flow, changing from positive to negative rates, or vice versa, the operating cash flow volatility decreases firm’s investment. Also, it was found that the negative growth rates have greater effects on firm's investment, than the positive growth rates. However, in the firms with no restriction in financing, there is no relationship between operating cash flow volatility and firms’ investment.
format	article
author	Seyyed Abbas Hashemi (Ph.D) Hadi Amiri (Ph.D) Alireza Afyouni
author_facet	Seyyed Abbas Hashemi (Ph.D) Hadi Amiri (Ph.D) Alireza Afyouni
author_sort	Seyyed Abbas Hashemi (Ph.D)
title	Effects of Cash Flow Volatility on Investment with Restricted Financing Sources
title_short	Effects of Cash Flow Volatility on Investment with Restricted Financing Sources
title_full	Effects of Cash Flow Volatility on Investment with Restricted Financing Sources
title_fullStr	Effects of Cash Flow Volatility on Investment with Restricted Financing Sources
title_full_unstemmed	Effects of Cash Flow Volatility on Investment with Restricted Financing Sources
title_sort	effects of cash flow volatility on investment with restricted financing sources
publisher	Shahid Bahonar University of Kerman
publishDate	2017
url	https://doaj.org/article/c553dbdd3636433697e3c473d71a5d82
work_keys_str_mv	AT seyyedabbashashemiphd effectsofcashflowvolatilityoninvestmentwithrestrictedfinancingsources AT hadiamiriphd effectsofcashflowvolatilityoninvestmentwithrestrictedfinancingsources AT alirezaafyouni effectsofcashflowvolatilityoninvestmentwithrestrictedfinancingsources
_version_	1718444618085826560

Effects of Cash Flow Volatility on Investment with Restricted Financing Sources

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