摘要：The paper focuses on evaluating whether Brazilian listed firms have faced financial constraints on their investments. Relying on balance-sheet and stock price data over the period 2001-2005, a panel data analysis is carried out, revealing results different from those initially expected: large firms are more sensitive to cash flows to undertake their investment than smaller ones. Nonetheless, the recent literature provides theoretical rationale to deal with those findings as well as empirical evidence consistent with them.
其他摘要：The paper focuses on evaluating whether Brazilian listed firms have faced financial constraints on their investments. Relying on balance-sheet and stock price data over the period 2001-2005, a panel data analysis is carried out, revealing results different from those initially expected: large firms are more sensitive to cash flows to undertake their investment than smaller ones. Nonetheless, the recent literature provides theoretical rationale to deal with those findings as well as empirical evidence consistent with them.
