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

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    Publication date
    2016
    Author
    Mykhayliv, Dariya
    Zauner, K.G.
    Keyword
    Investment; Ownership; Corporate governance; Investment rates; Financial constraints; Soft budget constraints
    Rights
    © 2016 The Authors.Reproduced by permission from the copyright holder.
    Peer-Reviewed
    n/a
    
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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
    Version
    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.
    Type
    Working Paper
    Collections
    Management and Law Publications

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