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Financial Flexibility as an Investment Efficiency Factor in Asian Companies
Gadjah Mada International Journal of Business Pub Date : 2018-08-30 , DOI: 10.22146/gamaijb.26239
Victoria Cherkasova , Evgeny Kuzmin

This study explores the impact of a company’s financial flexibility on the effectiveness of its investments.The number of companies that have financial flexibility was calculated with the application of thespare debt capacity method. The research identifies the impact of financial flexibility on investment activity and on the level of suboptimal investments. The data from 1,736 companies in theAsian region, during the 2005-2015time period, are presented. The Asian region has unique institutional, economic and commercial environments that present a great basis for this paper. The results of the research reveal that financially flexible companies spend more on their investment expenditure and conduct more effective investment policiesby reducing the level of over- and underinvestment. Financial flexibility helps companies to make effective investments during a crisis period, but the difference in the flexibility between developed and developing countries and between large and small companies was not observed.

中文翻译:

财务灵活性作为亚洲公司投资效率的因素

这项研究探讨了公司财务灵活性对其投资有效性的影响。使用备用债务能力方法计算了具有财务灵活性的公司数量。该研究确定了财务灵活性对投资活动和次优投资水平的影响。列出了2005年至2015年期间来自亚洲地区1,736家公司的数据。亚洲地区具有独特的制度,经济和商业环境,为本文奠定了良好的基础。研究结果表明,财务上灵活的公司通过减少过度投资和投资不足的程度,将更多的钱花在投资支出上,并执行更有效的投资政策。
更新日期:2018-08-30
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