Investment Irreversibility and Finance Constraints

Pasquale Scaramozzino

26 citations0/0 files storedOxford Bulletin of Economics and Statistics

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Corporate Finance and Governance Financial Markets and Investment Strategies Capital Investment and Risk Analysis

Abstract

This paper analyses the investment behaviour of firms in the presence of irreversibility and of a dividend payout constraint. Estimation of investment equations for a panel of UK firms shows that the Q model performs well, over regions of the sample space, where neither constraint is likely to be binding. The constraints are able to account for the empirical significance of cash flow variables for the remaining firms in the sample.

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2000What do We Know About Investment Under Uncertainty?

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2019Investment opportunities, uncertainty, and renewables in European electricity markets 2012Investment, irreversibility, and financing constraints: Evidence from a panel of transition economies 2000Capital Market Imperfections, Uncertainty and Corporate Investment in the Czech Republic

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