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The Impact of Ownership on Companies' Investment Rates Using Present and Past Values of Profitability

Mykhayliv, Dariya
; 
Zauner, K.G.
Publication Date
2016
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Keywords
Investment, Ownership, Corporate governance, Investment rates, Financial constraints, Soft budget constraints
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© 2016 The Authors.Reproduced by permission from the copyright holder.
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Abstract
We empirically analyze the impact of different ownership groups on companies’ investment rates in Ukraine allowing investment rates to depend on present and past market-to-book values of equity. We relate the impact to the presence of soft and hard budget constraints, to the free cash flow and the cash constraint hypothesis and discuss over- and under-investment. Several robustness checks, in particular, the potential endogeneity of ownership variables are considered.
URI
http://hdl.handle.net/10454/11243
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Accepted manuscript
Citation
Dariya Mykhayliv and Klaus Zauner (2016) The Impact of Ownership on Companies' Investment Rates Using Present and Past Values of Profitability. Working Paper. The Authors.
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