Investment‐cash flow sensitivity: Evidence from investment in identifiable intangible and tangible assets activities
研究了英国私营和上市公司对无形资产和有形资产的投资是否受现金流影响，发现现金流对无形资产投资有正向作用、对有形资产投资有负向作用，且这种敏感性因公司上市状态、内部资金可得性及公司年龄规模而异。
Abstract In this study, we examine whether investments in fixed (identifiable) intangible assets and tangible assets are sensitive to cash flow and the extent to which this sensitivity differs for firms with different levels of financial constraints. Using both UK private and public firms' data, our overall analysis shows strong positive (negative) effects of cash flow on intangible assets (tangible assets) investments. When we split the data on the basis of listing status, we observe that cash flow is positively (negatively) and significantly related to intangible assets (tangible assets) investments for private firms but not so for public firms. In addition, we further observe that both public and private firms' investments follow a similar pattern when we split our data based on the availability of internal funds. Moreover, we also find that the sensitivity of investment (identifiable intangible assets) to cash flow is higher for young and large private firms but lower for small and old ones. Our results remain similar to other econometric specifications, which account for possible endogeneity issues.