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The moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel data

dc.contributor.authorBaptista, Celísia
dc.contributor.authorMatias, Fernanda
dc.contributor.authorPinto, Patrícia
dc.date.accessioned2014-06-25T14:22:18Z
dc.date.available2014-06-25T14:22:18Z
dc.date.issued2013
dc.description.abstractIn order to test the moderating role of corporate strategy and industry environment in the effect of liquidity on investment for Portuguese manufacturing firms, we developed a multiple linear regression model for panel data. It is a static model with three types of variables: financial; strategic/environmental; and interactive. The estimated model was validated through the Breusch-Pagan/Cook-Weisberg and Wald Modified tests (heteroscedasticity tests), Lagrange Multiplier (industry random effects test, using the two-digit National Classification of Economic Activities), Hausman robust test (fixed effects model vs. random effects model test) and likelihood-ratio test (joint effect of industry and time test). The statistical processing of the data revealed that a company’s strategy (diversification and innovation) and the industry environment (growth) moderate the effect of liquidity on investment, which can be explained by the effect of these factors on the cost of asymmetric information.por
dc.identifier.issn2182-8458
dc.identifier.otherAUT: PVA00075; CBA00822; MFM00225;
dc.identifier.urihttp://hdl.handle.net/10400.1/4511
dc.language.isoengpor
dc.peerreviewedyespor
dc.publisherEscola Superior de Gestão, Hotelaria e Turismopor
dc.relation.publisherversionhttp://www.tmstudies.net/index.php/ectms/article/view/551por
dc.subjectLiquiditypor
dc.subjectInvestmentpor
dc.subjectLeveragepor
dc.subjectIndustry environmentpor
dc.subjectCorporate strategypor
dc.titleThe moderating role of strategy and environment on the relationship between corporate liquidity and investment: evidence from panel datapor
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage91por
oaire.citation.issue1por
oaire.citation.startPage85por
oaire.citation.titleTourism and Management Studiespor
oaire.citation.volume9por
person.familyNameBaptista
person.familyNamePinto
person.givenNameCelísia
person.givenNamePatrícia
person.identifier.ciencia-idF310-11F9-7B9D
person.identifier.ciencia-id1215-D615-204C
person.identifier.orcid0000-0002-6495-9398
person.identifier.orcid0000-0002-3153-2830
person.identifier.ridC-3197-2018
person.identifier.scopus-author-id57200566502
rcaap.rightsopenAccesspor
rcaap.typearticlepor
relation.isAuthorOfPublication6817c8c1-5bde-4b61-b22d-f259c7f86069
relation.isAuthorOfPublication9edd3100-4c78-4492-bd19-469a31b7253a
relation.isAuthorOfPublication.latestForDiscovery9edd3100-4c78-4492-bd19-469a31b7253a

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