Amir Rafique, M. U. Quddoos, Shujat Ali, Faheem Aslam, M. Ahmad
{"title":"货币政策传导:巴基斯坦企业资产负债表渠道与投资行为","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":"{\"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}","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}
Monetary policy transmission: Balance sheet channel and investment behavior of firms in Pakistan
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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