دانلود مقاله لاتین با عنوان تاثیر اهرم مالی شرکتها بر سرمایه گذاری: شواهدی از کانادا

اختصاصی از یاری فایل دانلود مقاله لاتین با عنوان تاثیر اهرم مالی شرکتها بر سرمایه گذاری: شواهدی از کانادا دانلود با لینک مستقیم و پر سرعت .

Abstract

This study examines the impact of financial leverage on the firms’ investment decisions using

information on Canadian publicly traded companies. It shows that leverage is negatively related to investment and that this negative effect is significantly stronger for firms with low growth

opportunities than those with high growth opportunities. The paper tests the robustness of these results using alternative empirical models and, in addition, uses the instrumental variable approach to deal with the endogeneity problem inherent in the relationship between leverage and investment. The results provide support to agency theories of corporate leverage, and especially the theory that leverage has a disciplining role for firms with low growth opportunities.

Keywords: Leverage; Investment; Canada; Corporate finance