Investment Decisions of Nonprofit Firms: Evidence from Hospitals
研究非营利医院如何因金融资产收益带来的现金流冲击而调整资本支出，发现每增加1美元现金流，资本支出平均增加10到28美分，且财务受限的医院敏感性更高。
ABSTRACT This paper examines investment choices of nonprofit hospitals. It tests how shocks to cash flows caused by the performance of the hospitals’ financial assets affect hospital expenditures. Capital expenditures increase, on average, by 10 to 28 cents for every dollar received from financial assets. The sensitivity is similar to that found earlier for shareholder‐owned corporations. Executive compensation, other salaries, and perks do not respond significantly to cash flow shocks. Hospitals with an apparent tendency to overspend on medical procedures do not exhibit higher investment‐cash flow sensitivities. The sensitivities are higher for hospitals that appear financially constrained.