Investment decisions of companies in financial distress.

ABSTRACT: This paper analyzes the influence of financial distress on the investment behavior of companies. The analysis includes companies from Germany, Canada, Spain, France, Italy, UK and USA, which cover a wide spectrum of different institutional environments. The methodology used is panel data e...

ver descrição completa

Detalhes bibliográficos
Autores: López Gutiérrez, Carlos|||0000-0003-1703-6440, Sanfilippo Azofra, Sergio|||0000-0001-8941-2033, Torre Olmo, Begoña|||0000-0001-6081-9868
Tipo de documento: artigo
Data de publicação:2015
País:España
Recursos:Universidad de Cantabria (UC)
Repositório:UCrea Repositorio Abierto de la Universidad de Cantabria
Idioma:inglês
OAI Identifier:oai:repositorio.unican.es:10902/9620
Acesso em linha:http://hdl.handle.net/10902/9620
Access Level:Acceso aberto
Palavra-chave:Financial distress
Over-investment
Under-investment
Tobin’s q
id ES_a9257af20a6ff8afcee8c03b875a01ca
oai_identifier_str oai:repositorio.unican.es:10902/9620
network_acronym_str ES
network_name_str España
repository_id_str
spelling Investment decisions of companies in financial distress.López Gutiérrez, Carlos|||0000-0003-1703-6440Sanfilippo Azofra, Sergio|||0000-0001-8941-2033Torre Olmo, Begoña|||0000-0001-6081-9868Financial distressOver-investmentUnder-investmentTobin’s qABSTRACT: This paper analyzes the influence of financial distress on the investment behavior of companies. The analysis includes companies from Germany, Canada, Spain, France, Italy, UK and USA, which cover a wide spectrum of different institutional environments. The methodology used is panel data estimation using the Generalized Method of Moments (System-GMM), thereby allowing control of both unobservable heterogeneity and the problems of endogeneity in explanatory variables. The results show that the influence of financial distress on investment is different according to the investment opportunities available to companies. So, companies in difficulties with fewer opportunities have the greatest propensity to under-invest, while firms in difficulties with better opportunities do not present different investment behavior than healthy companies.ElsevierUniversidad de Cantabria20152015-01-01journal articlehttp://purl.org/coar/resource_type/c_6501NAhttp://purl.org/coar/version/c_be7fb7dd8ff6fe43info:eu-repo/semantics/articlehttp://hdl.handle.net/10902/9620BRQ Business research quarterly, Volume 18, Issue 3, 1 July 2015, Pages 174-187reponame:UCrea Repositorio Abierto de la Universidad de Cantabriainstname:Universidad de Cantabria (UC)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Atribución-NoComercial-SinDerivadas 3.0 Españahttp://creativecommons.org/licenses/by-nc-nd/3.0/es/info:eu-repo/semantics/openAccessoai:repositorio.unican.es:10902/96202026-06-02T12:39:31Z
dc.title.none.fl_str_mv Investment decisions of companies in financial distress.
title Investment decisions of companies in financial distress.
spellingShingle Investment decisions of companies in financial distress.
López Gutiérrez, Carlos|||0000-0003-1703-6440
Financial distress
Over-investment
Under-investment
Tobin’s q
title_short Investment decisions of companies in financial distress.
title_full Investment decisions of companies in financial distress.
title_fullStr Investment decisions of companies in financial distress.
title_full_unstemmed Investment decisions of companies in financial distress.
title_sort Investment decisions of companies in financial distress.
dc.creator.none.fl_str_mv López Gutiérrez, Carlos|||0000-0003-1703-6440
Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
Torre Olmo, Begoña|||0000-0001-6081-9868
author López Gutiérrez, Carlos|||0000-0003-1703-6440
author_facet López Gutiérrez, Carlos|||0000-0003-1703-6440
Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
Torre Olmo, Begoña|||0000-0001-6081-9868
author_role author
author2 Sanfilippo Azofra, Sergio|||0000-0001-8941-2033
Torre Olmo, Begoña|||0000-0001-6081-9868
author2_role author
author
dc.contributor.none.fl_str_mv Universidad de Cantabria
dc.subject.none.fl_str_mv Financial distress
Over-investment
Under-investment
Tobin’s q
topic Financial distress
Over-investment
Under-investment
Tobin’s q
description ABSTRACT: This paper analyzes the influence of financial distress on the investment behavior of companies. The analysis includes companies from Germany, Canada, Spain, France, Italy, UK and USA, which cover a wide spectrum of different institutional environments. The methodology used is panel data estimation using the Generalized Method of Moments (System-GMM), thereby allowing control of both unobservable heterogeneity and the problems of endogeneity in explanatory variables. The results show that the influence of financial distress on investment is different according to the investment opportunities available to companies. So, companies in difficulties with fewer opportunities have the greatest propensity to under-invest, while firms in difficulties with better opportunities do not present different investment behavior than healthy companies.
publishDate 2015
dc.date.none.fl_str_mv 2015
2015-01-01
dc.type.none.fl_str_mv journal article
http://purl.org/coar/resource_type/c_6501
NA
http://purl.org/coar/version/c_be7fb7dd8ff6fe43
dc.type.openaire.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv http://hdl.handle.net/10902/9620
url http://hdl.handle.net/10902/9620
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Atribución-NoComercial-SinDerivadas 3.0 España
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Atribución-NoComercial-SinDerivadas 3.0 España
http://creativecommons.org/licenses/by-nc-nd/3.0/es/
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Elsevier
publisher.none.fl_str_mv Elsevier
dc.source.none.fl_str_mv BRQ Business research quarterly, Volume 18, Issue 3, 1 July 2015, Pages 174-187
reponame:UCrea Repositorio Abierto de la Universidad de Cantabria
instname:Universidad de Cantabria (UC)
instname_str Universidad de Cantabria (UC)
reponame_str UCrea Repositorio Abierto de la Universidad de Cantabria
collection UCrea Repositorio Abierto de la Universidad de Cantabria
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869415977977905152
score 15.301629

Registros relacionados