The influence of moral hazard on investment in financially constrained and unconstrained firms |
| |
| Institution: | 1. FGV/Sao Paulo School of Economics, Brazil;2. FGV/Sao Paulo School of Business Administration, Brazil |
| |
| Abstract: | We extend Triole (2006) to link together two seemingly different cases – firms facing potential free cash flow problems versus firms facing financial constraints. The model predicts a large number of disparate findings in the empirical literature and so demonstrates its usefulness. |
| |
| Keywords: | Investment Moral Hazard Financial constraints Free cash flow G32 G35 D21 D82 |
| 本文献已被 ScienceDirect 等数据库收录！ |
