Measuring firms´ financial constraints: a rough guide

Silva, Filipe; Carreira, Carlos

doi:10.14195/2183-203x_36_2

Cited by 26 publications

(27 citation statements)

References 62 publications

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“…Akses firma kepada kewangan semakin menjadi topik perbincangan bagi para penyelidik dan pembuat dasar (Silva & Carreira 2012). Hal ini demikian kerana kebolehcapaian firma kepada kewangan luar akan berkurang jika berlaku kekangan kewangan.…”

Section: Pendahuluanunclassified

“…Pembuat dasar tidak boleh mengambil satu kajian khusus untuk dijadikan sebagai panduan asas kepada tindakan dasar dan dalam penggubalan instrumen dasar (Silva & Carreira 2012). Antara langkah yang boleh diambil oleh pihak kerajaan ialah membuat peruntukan kewangan dengan menubuhkan tabung-tabung baru untuk menampung dan membantu firma-firma yang menghadapi kekangan kewangan.…”

Section: Kesimpulan Dan Implikasi Dasarunclassified

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Kesan Kekangan Kewangan ke atas Produktiviti Firma di Malaysia

Ismail¹,

Annuar²

2015

JEM

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Section: Pendahuluanunclassified

Section: Kesimpulan Dan Implikasi Dasarunclassified

Kesan Kekangan Kewangan ke atas Produktiviti Firma di Malaysia

Ismail¹,

Annuar²

2015

JEM

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“…The issue of financing constraints has been on the research agenda of academics for a long period. The extant literature tried to ascertain the causes and effects of financing constraint, however measuring the concept of 'financing constraints' itself is still unresolved research agenda (Silva and Carreira, 2012). Beyond the interest of academicians, the issue is also highly relevant to policy makers and practitioners.…”

Section: Introductionmentioning

confidence: 99%

“…Empirical evidence by Musso and Schiavo (2008) for France and by Cowling and Mitchell (2003) for the United Kingdom shows that financing constraints has a serious impact on firm survival and many firms exit out of the market due to financing constraints. In the past, many attempts were made by different authors to measure firm-level financing constraints (Silva & Carreira, 2012). Some of these measures include indirect measures such as the different cash flow sensitivities, direct measures such as company reports, selfevaluation survey data and the use of indexes.…”

Section: Introductionmentioning

confidence: 99%

“…The different cash flow sensitivities are further classified as investment-cash flow sensitivities (ICFS), growth-cash flow sensitivities (GCFS) and cash-cash flow sensitivities (CCFS). Silva and Carreira (2012) are of the view that no measure is better than the other because each measure has its own shortcomings. Despite the criticism to all measures, these authors are of the view that the ICFS, as developed by the seminal contributors to this field, Fazzari, Hubbard and Peterson (1988), is the leading approach used in the measurement of financing constraints, and many authors have tested its validity in a variety of settings.…”

Section: Introductionmentioning

confidence: 99%

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Investment Cash Flow Sensitivity as a Measure of Financing Constraints: Evidence from Selected African Countries

Wale¹

2014

JEBS

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The use of investment cash flow sensitivity as a measure of financing constraints is an unresolved research agenda. This paper endeavors to explain the conflicting evidence by using proxies for both internal financial constraint and external financial constraint measures. Data is taken from selected six African countries, a region where no previous studies are conducted. It is observed that the investment curve is Ushaped when firms are classified on the basis of internal financial constraint measure (i.e. cash flow). Using external financial constraint proxies (age, size and payout) it is found that all category of firms show positive and significant investment cash flow sensitivity. This suggests that the sampled African firms are externally financial constrained. It is concluded that the way firms are a priori classified as internal vs. external financial constrained matters. This raises the issue of whether the term financial constraints itself is a multidimensional construct.

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The impact of corporate social responsibility on innovation in small and medium‐sized enterprises: The mediating role of debt terms and human capital

Jaén

Guijarro

García‐Pérez‐de‐Lema

2021

Corp Soc Responsibility Env

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The aim of this paper is to study the influence of corporate social responsibility (CSR) over small and medium-sized enterprise (SME) innovation and the effect of two mediating variables, debt terms and human capital. Based on a sample of 2825 Spanish SMEs and applying a structural equations modeling, the results demonstrate that the effect of CSR on innovation is mediated by debt terms and by good human resource practices. Part of the positive effect of CSR on innovation occurs through these two variables, which, alone, positively and significantly affect innovation in SMEs. Consequently, the positive effect of CSR practices on debt terms through a decrease in asymmetric information goes further, also having repercussions on innovation. Additionally, the suitable development of human resource practices based on strategies oriented toward CSR allow companies to carry out greater and more efficient innovative activities. This paper contributes to the CSR literature considering the human resource management and the debt access in the relationship between CSR and innovation. The findings reveal important implications for policy makers and managers. For the former, the results show that it would be interesting to carry out actions aimed at assisting SMEs, especially those with fewer resources available, to implement a suitable CSR strategy, supporting sustainable development in SMEs.And, for the latter, CSR-oriented innovation has proven to be a valuable strategy for more efficient SMEs management because of the multiple competitive advantages it generates.

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Measuring firms´ financial constraints: a rough guide

Cited by 26 publications

References 62 publications

Kesan Kekangan Kewangan ke atas Produktiviti Firma di Malaysia

Kesan Kekangan Kewangan ke atas Produktiviti Firma di Malaysia

Investment Cash Flow Sensitivity as a Measure of Financing Constraints: Evidence from Selected African Countries

The impact of corporate social responsibility on innovation in small and medium‐sized enterprises: The mediating role of debt terms and human capital

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