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현금관리상 재무제약의 긍정적 측면

Author
이찬호, 변종국
Journal Title
재무관리연구
Publication Year
2017
Summary

This study empirically examines whether financial constraints play a disciplinary role in cash usage in the presence of agency problems. The results show that managers in financially constrained firms are less likely to spend cash on negative NPV investments, leading to improved future firm performance. This positive effect is attributed to the disciplinary role of financial constraints themselves, rather than differences in corporate governance.

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