Financial frictions and substitution between internal and external funds in publicly traded Brazilian companies
The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained fir...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
| Published: |
Universidade de São Paulo
2012-04-01
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| Series: | Revista Contabilidade & Finanças |
| Subjects: | |
| Online Access: | http://www.scielo.br/scielo.php?script=sci_arttext&pid=S1519-70772012000100002&lng=en&tlng=en |