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PAKISTAN SOCIAL SCIENCES REVIEW (PSSR)

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RESEARCH OF SOCIAL SCIENCES (SMC-PRIVATE) LIMITED(ROSS) & PAKISTAN SOCIAL SCIENCES REVIEW (PSSR) adheres to Creative Commons Attribution-Non Commercial 4.0 International License. The authors submitting and publishing in PSSR agree to the copyright policy under creative common license 4.0 (Attribution-Non Commercial 4.0 International license). Under this license, the authors published in PSSR retain the copyright including publishing rights of their scholarly work and agree to let others remix, tweak, and build upon their work non-commercially. All other authors using the content of PSSR are required to cite author(s) and publisher in their work. Therefore, RESEARCH OF SOCIAL SCIENCES (SMC-PRIVATE) LIMITED(ROSS) & PAKISTAN SOCIAL SCIENCES REVIEW (PSSR) follow an Open Access Policy for copyright and licensing.

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How to Cite

Significance of Internal Cash Flows on Investment of a Firm and Use of Cash Flow Sensitivity as Financial Constraints: A panel data Analysis

Abstract

This paper tested the sensitivity of investment to the cash flow in non-financial (manufacturing and utility/service) companies listed at KSE from 2004 to 2011, using fixed effect model and GMM. Investment decisions in real assets of an organization are very crucial and are treated at the hub of an organization. Investments are financed by internal and external sources of financing. The internal source of financing is basically cash flows generated by a firm from its operations. The results reveal that the sensitivity is significantly higher for younger and low dividend payout companies. However, sensitivity with respect to size was not found significant, which means size of a firm has no impact on investment sensitivity due to its internal cash flows in Pakistan.

Authors

  • Dr. Allah Bakhsh
  • Assistant Professor, Department of Commerce, Bahauddin Zakariya University, Multan, Pakistan
  • Dr. Syed Zulfiqar Ali Shah
  • Associate Professor, Faculty of Management Sciences, International Islamic University, Islamabad, Pakistan
  • Muhammad Arif Nawaz
  • Ph. D Scholar, Department of Commerce, Bahauddin Zakariya University, Multan, Pakistan

Keywords

Investment, Cash-flow, Tobin’s q, financial constraints

DOI Number

10.35484/pssr.2018(2-II)06

DOI Link

http://doi.org/10.35484/pssr.2018(2-II)06

Page Nos

65-78

Volume & Issue

v2-2

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Creative Commons License
Pakistan Social Sciences Review (PSSR) by RESEARCH OF SOCIAL SCIENCES (SMC-PRIVATE) LIMITED(ROSS) is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.
Based on a work at https://pssr.org.pk/

Copyright 2016 PSSR Journal, Developed by M. Yaseen

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