AFM - Financial Development, Macro Uncertainty and Saving-Cash Flow Sensitivity

Alexander Vadilyev    Alexander Vadilyev
26 Oct 2017
Categories: Macroeconomics, Corporate Finance

Country or region: Asia Pacific (Overall)

This paper shows that (1) the sensitivity of corporate saving to cash flow does not systematically decrease with a country’s financial development, and (2) the sensitivity systematically increases with macro uncertainty. The first result occurs because income variability matters more for saving than external finance constraints and because income variability ......

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