Impact of Agency Costs on Investment-cash Flow Sensitivity
Firm’s cash flow as a cheap finance source, may affect the level of investment, and high investment-cash flow sensitivity may cause investment inefficiency. The agency theory implies that managers of the firms with excess cash flow may over-invest for the purpose of private benefits. Additionally, a...
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| Main Authors: | , |
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| Format: | article |
| Language: | FA |
| Published: |
Shahid Bahonar University of Kerman
2014
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| Subjects: | |
| Online Access: | https://doaj.org/article/ce0839d09437431ca74eec557ecd1ce8 |
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