Investment and Corporate Financial Constraints: The Case of European Union Listed Companies

• Autorzy: Leszek Czerwonka , Andrzej Poszewiecki

Warianty tytułu

Inwestycje a ograniczenia finansowe przedsiębiorstw: przypadek spółek notowanych na giełdach w Unii Europejskiej

• Języki publikacji: EN

Abstrakty

EN

The purpose of this study is to identify the factors that influence the investment decisions of companies. Particular focus is put on the direction of the relationships studied, taking into account the division between companies that may face financial constraints and those that have no problem with access to capital. The examined entities are non-financial companies listed on stock exchanges in 26 European Union countries between 2011 and 2019. Panel data models were used to empirically identify factors influencing investment decisions. The results indicate that factors such as cash flow size, debt, share of fixed assets in total assets, growth opportunities, operational risk, or country economic growth have a positive impact on corporate investment, while company size has a negative impact. However, when the entire research sample is divided into financially constrained and unconstrained companies, the direction of the relationship reverses in financially constrained companies for cash flow and debt. The study contributes to the literature with strong evidence of a change in the relationship between cash flow and investment volume depending on the financial situation of companies in European countries. Similar studies have been conducted on a countrywide basis. The presented study covers a large block of countries that are of particular importance to the global economy. (original abstract)

Decyzje inwestycyjne przedsiębiorstw stanowią jedno z kluczowych zagadnień w ramach zarządzania finansami podmiotów gospodarczych. Celem niniejszego badania jest identyfikacja czynników wpływających na decyzje inwestycyjne przedsiębiorstw, ze szczególnym uwzględnieniem kierunku badanych zależności, biorąc pod uwagę podział na przedsiębiorstwa, które mogą napotykać ograniczenia finansowe, oraz te, które nie mają problemów z dostępem do kapitału. Badanymi podmiotami są przedsiębiorstwa niefinansowe notowane na giełdach papierów wartościowych w krajach Unii Europejskiej w latach 2011-2019. Do empirycznej identyfikacji czynników wpływających na decyzje inwestycyjne wykorzystano modele danych panelowych. Wyniki wskazują, że czynniki takie jak wielkość przepływów pieniężnych, dług, udział aktywów trwałych w aktywach ogółem, możliwości wzrostu, ryzyko operacyjne czy wzrost gospodarczy kraju mają pozytywny wpływ na inwestycje przedsiębiorstw, podczas gdy wielkość przedsiębiorstwa ma wpływ negatywny. Jednakże, gdy całą próbę badawczą podzieli się na przedsiębiorstwa ograniczone finansowo i nieograniczone, kierunek związku odwraca się w przedsiębiorstwach ograniczonych finansowo dla przepływów pieniężnych i długu. Badanie wnosi do literatury mocne dowody na zmianę związku między przepływami pieniężnymi a wielkością inwestycji w zależności od sytuacji finansowej przedsiębiorstw w krajach europejskich. Podobne badania były przeprowadzane na poziomie krajowym. (abstrakt oryginalny)

Słowa kluczowe

EN

Enterprises investments; Financial limitations; Stock market companies

PL

Inwestycje przedsiębiorstw; Ograniczenia finansowe; Spółki giełdowe

• Czasopismo: Ekonomia Międzynarodowa
• Rocznik: 2023
• Numer: nr 44
• Strony: 27--46

Twórcy

autor

Leszek Czerwonka

• Uniwersytet Gdański

autor

Andrzej Poszewiecki

• Uniwersytet Gdański

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Identyfikatory

DOI

10.18778/2082-4440.44.02