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

Mykhayliv, Dariya; Zauner, K.G.

dc.contributor.author	Mykhayliv, Dariya	*
dc.contributor.author	Zauner, K.G.	*
dc.date.accessioned	2017-02-02T12:28:30Z
dc.date.available	2017-02-02T12:28:30Z
dc.date.issued	2016
dc.identifier.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.	en_US
dc.identifier.uri	http://hdl.handle.net/10454/11243
dc.description	Yes
dc.description.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.	en_US
dc.language.iso	en	en_US
dc.rights	© 2016 The Authors.Reproduced by permission from the copyright holder.	en_US
dc.subject	Investment
dc.subject	Ownership
dc.subject	Corporate governance
dc.subject	Investment rates
dc.subject	Financial constraints
dc.subject	Soft budget constraints
dc.title	The Impact of Ownership on Companies' Investment Rates Using Present and Past Values of Profitability	en_US
dc.status.refereed	No
dc.type	Working Paper
dc.type.version	Accepted manuscript
refterms.dateFOA	2018-07-26T09:45:05Z
dc.openaccess.status	openAccess