CORPORATE INVESTMENT AND CASH-FLOW SENSITIVITY: EVIDENCE FROM A JASMIN REVOLUTION PERIOD IN TUNISIAN MARKET
Journal Title: Asian Economic and Financial Review - Year 2016, Vol 6, Issue 11
Abstract
This study investigates the impact of financial constraints on investment decisions and corporate cash holding of Tunisian firms over the period of 2003-2013. We will investigate this task in a particular context which is the Jasmine Revolution. Our results show that the investment decisions of firms with financial constraints are significantly sensitive to the availability and the level of internal funds versus unconstrained ones. Generally, our results suggest that financial constraints significantly influence the decisions of Tunisian companies. In particular, these financial constraints are considered more handicapping during negative cash years and after the revolution.
Authors and Affiliations
Basty Nadia| Department of Finance Higher Institute of Management of Sousse Rue Abedelaziz El Bahi, Tunisia
Keywords
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