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Financial constraints and firm investment in Malaysia: an investigation of investment-cash flow relationship

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dc.contributor.authorMohd Adib Ismail
dc.contributor.authorMohammed Yusoff
dc.contributor.authorMohd-Pisal Zainal
dc.contributor.authorMansor H. Ibrahim
dc.date.accessioned2016-06-06
dc.date.accessioned2016-07-25T20:05:52Z
dc.date.available2016-06-06
dc.date.available2016-07-25T20:05:52Z
dc.date.disclosure2016-06-10
dc.date.issued2010
dc.description.abstractThis paper investigates the presence of financial constraints among firms in Malaysia using firm level panel data analysis. The empirical results based on panel GMM demonstrate that financial constraints are present in the market, which indicate that the firms are unable to access to external forms of financing. In addition, the presence also signifies the presence of asymmetric information problem between the firm and its financer. Thus, the neoclassical investment theory which based on assumption of complete information such that only factor prices and technology determine firm’s desired capital stock is simply rejected. Eventually, their investments are much affected by fluctuations in their cash flows or retained earnings.
dc.identifier.citationIsmail, M. A., Ibrahim, M. H., Yusoff, M., & Zainal, M. (2010). Financial constraints and firm investment in Malaysia: an investigation of investment-cash flow relationship. International Journal of Economics and Management, 4 (1), pp. 29-44.
dc.identifier.issn1823-836X
dc.identifier.urihttps://ikr.inceif.edu.my/handle/INCEIF/1466
dc.languageEnglish
dc.language.isoeng
dc.publisherUPM Press
dc.rights2010. UPM Press
dc.sourceCRP
dc.subjectFinancial constraints
dc.subjectInvestment
dc.subjectCash flow
dc.subjectimperfect market
dc.subjectPanel data
dc.titleFinancial constraints and firm investment in Malaysia: an investigation of investment-cash flow relationship
dc.typeJournal Article
dlc.maintopicConventional finance
dlc.subtopicEconomics
dspace.entity.typePublication
ikr.doctypeScholarly Works
ikr.topic.maintopicConventional finance
ikr.topic.subtopicConventional finance
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