Abstract

This research provides new evidence on financing constraints on corporate fixed investment by emphasizing the role of cash holdings as a precautionary source of funds. Applying GMM estimates to a sample of 106 Jordanian firms, the results suggest that firms follow trade-off theory in financing their investments but are financially constrained. The coefficient of the cash holdings variable appears to be negative in the fixed-investment regression, suggesting that when firms face financing shocks, they draw upon their precautionary cash reserves to smooth the path of their expenditure on fixed assets.

中文翻译：

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融资限制是否会阻碍公司固定投资？来自安曼证券交易所的证据

摘要

这项研究通过强调现金持有作为预防性资金来源的作用，为公司固定投资的融资限制提供了新的证据。将GMM估计值应用于106家约旦公司的样本中，结果表明，公司在交易投资时遵循权衡理论，但在财务上受到了限制。在固定投资回归中，现金持有量变量的系数似乎为负，这表明当企业面临融资冲击时，他们会利用预防性现金储备来平滑固定资产支出的路径。