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Funds Flow Analysis and Determinants of Fixed Assets

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Author Info
Ayub, Mehar

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Abstract

The core objective of this study is to ascertain a link between the investment in fixed assets and the changing in the patterns of working capital. The relation between the flow of funds and the fixed assets is a central issue of the study. It is concluded in this study that funds from different sources determine the investment in fixed assets by different ways. With the help of this model, corporate planners and financial analysts can quantify the impacts of the flows of various funds on the assets holding patterns. Important conclusion of the model is that “fixed assets and working capital are complements. Working capital of a firm will increase with the enhancement in fixed assets”. The model is based on a single behavioral equation. The study is a mixture of the financial accounting postulates and econometric techniques.

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File URL: http://mpra.ub.uni-muenchen.de/363/
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Publisher Info
Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 363.

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Date of creation: 2000
Date of revision: 2001
Publication status: Published in Accounting and Finance in Transition 3.1(2004): pp. 587-603
Handle: RePEc:pra:mprapa:363

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Related research
Keywords: Working Capital Employed Capital Simulation Analysis Above the Line Multiple regression

Find related papers by JEL classification:
M41 - Business Administration and Business Economics; Marketing; Accounting - - Accounting - - - Accounting
G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Investment Policy

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. de Bandt, Olivier & Jacquinot, Pascal, 1992. "The financing of corporate firms in France : An econometric model," Economic Modelling, Elsevier, vol. 9(3), pages 253-269, July. [Downloadable!] (restricted)
  2. Myers, Stewart C, 1984. " The Capital Structure Puzzle," Journal of Finance, American Finance Association, vol. 39(3), pages 575-92, July. [Downloadable!] (restricted)
  3. Ghartey, Edward E. & Rao, U. L. G., 1990. "A short-run forecasting model of Ghana," Economic Modelling, Elsevier, vol. 7(3), pages 291-308, July. [Downloadable!] (restricted)
  4. Myers, Stewart C., 1984. "Capital structure puzzle," Working papers 1548-84., Massachusetts Institute of Technology (MIT), Sloan School of Management. [Downloadable!]
  5. Ivo Welch, 1994. "The Cross-sectional Determinants of Corporate Capital Expenditures: A Multinational Comparison," Finance _002, University of California at Los Angeles. [Downloadable!]
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  6. Stewart C. Myers, 1984. "Capital Structure Puzzle," NBER Working Papers 1393, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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