Financial Analytics: Science and Experience

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Financial Analytics: Science and Experience

1(187) - 2014 January

The effect of financial constraints and real options in company's investment policy

Vol. 7, Iss. 1, JANUARY 2014

Available online: 23 January 2014

Subject Heading: EFFECTIVENESS OF ECONOMIC POLICIES

JEL Classification:

Kuzmicheva E.E. Lecturer, the Department of Financial Economics, the National Research University "Higher School of Economics" - Nizhniy Novgorod
ekuzmicheva@hse.ru

The paper contains empirical evidence of the negative influence of financial constraints and real options on capital investment of nonfinancial public companies operating in developed nations. On the basis of the regression analysis taking into account panel character of data the assumption is confirmed that with a growth of uncertainty of environment real options strengthen a negative effect of financial restrictions on corporate investments.

Keywords: investment, decisions, financial constraints index, real, option, project

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ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

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