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Cash Flow and Capital Spending: Evidence from Capital Expenditure Announcements

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  • Stephen C. Vogt
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    Abstract

    Pecking-order and free-cash-flow behavior are two explanations for the reliance of US corporations on cash flow from operations to finance capital expenditures. However, each explanation has different implications for financial management; cash flow hoarding for the former and cash flow payout for the latter. The empirical findings in this article suggest that firm size plays a significant role in determining appropriate financial policy for corporations.

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    Bibliographic Info

    Article provided by Financial Management Association in its journal Financial Management.

    Volume (Year): 26 (1997)
    Issue (Month): 2 (Summer)
    Pages:

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    Handle: RePEc:fma:fmanag:vogt97

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    Cited by:
    1. Jian, Ming & Lee, Kin Wai, 2011. "Does CEO reputation matter for capital investments?," Journal of Corporate Finance, Elsevier, vol. 17(4), pages 929-946, September.
    2. Deshmukh, Sanjay & Vogt, Stephen C., 2005. "Investment, cash flow, and corporate hedging," Journal of Corporate Finance, Elsevier, vol. 11(4), pages 628-644, September.
    3. Thierry Poulain-Rehm, 2005. "L’impact de l’affectation du free cash flow sur la création de valeur actionnariale : le cas de la politique d’endettement et de dividendes des entreprises françaises cotées," Revue Finance Contrôle Stratégie, revues.org, vol. 8(4), pages 205-238, December.

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