Amir Rafique, M. U. Quddoos, Shujat Ali, Faheem Aslam, M. Ahmad
{"title":"Monetary policy transmission: Balance sheet channel and investment behavior of firms in Pakistan","authors":"Amir Rafique, M. U. Quddoos, Shujat Ali, Faheem Aslam, M. Ahmad","doi":"10.20885/EJEM.VOL13.ISS1.ART1","DOIUrl":null,"url":null,"abstract":"Findings ─ The result indicates a positive relationship between cash flows and investment during periods of monetary tightness. The impact on cash flows is visibly more pronounced than that of the quantitative effect of an increase in capital cost, which gives rise to a balance sheet channel. Three financial constraints, namely size, leverage, and dividend policy, are used to segregate firms into financially constrained and unconstrained firms.","PeriodicalId":41472,"journal":{"name":"Economic Journal of Emerging Markets","volume":null,"pages":null},"PeriodicalIF":0.7000,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"6","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Journal of Emerging Markets","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.20885/EJEM.VOL13.ISS1.ART1","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 6
Abstract
Findings ─ The result indicates a positive relationship between cash flows and investment during periods of monetary tightness. The impact on cash flows is visibly more pronounced than that of the quantitative effect of an increase in capital cost, which gives rise to a balance sheet channel. Three financial constraints, namely size, leverage, and dividend policy, are used to segregate firms into financially constrained and unconstrained firms.
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