Abstract The study examines firm’s investment behaviour sensitivity to cash flow before, during and after the recent global financial crisis using the data of 28 firms listed on the Nigerian Stock Market during the period from 2001 to 2012. The contribution of the study to the existing literature rests on using financial crisis as basis for classifying firms as either financially constrained or unconstrained. Employing the panel data and instrumental variable estimation techniques, the study finds that firms’ investment behaviour sensitivity to cash flow was higher during the financial crisis than before or after the financial crisis. In other words, Nigerian firms were highly financially constrained during the last financial crisis.

中文翻译：

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企业的财务状况和投资行为：来自尼日利亚制造企业的证据

摘要该研究使用2001年至2012年期间在尼日利亚股票市场上上市的28家公司的数据，考察了公司在最近的全球金融危机之前，之中和之后对现金流量的投资行为敏感性。该研究对现有文献的贡献依靠以金融危机为基础将公司分类为受财务约束或不受约束的公司。利用面板数据和工具变量估计技术，研究发现，金融危机期间企业对现金流量的投资行为敏感性高于金融危机之前或之后。换句话说，在上次金融危机期间，尼日利亚公司在财务上受到了严重限制。