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Investment, alternative measures of fundamentals and revenue indicators

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  • Nihal Bayraktar

Abstract

This article investigates the significance of revenue management in determining firm-level fixed capital investment when investment opportunities are controlled for by two of the recent empirical fundamentals: profitability shocks and the mandated investment rate. The data set includes US-based manufacturing firms. The results show that financial variables are important determinants of investment but they are not as significant as claimed by some studies. The explanatory power of financial variables in the investment process declines with increasing significance of fundamentals. Another result is that investment by expected to be financially constrained firms tends to be less sensitive to changes in financial variables.

Suggested Citation

  • Nihal Bayraktar, 2009. "Investment, alternative measures of fundamentals and revenue indicators," International Journal of Revenue Management, Inderscience Enterprises Ltd, vol. 3(2), pages 148-178.
    • Handle: RePEc:ids:ijrevm:v:3:y:2009:i:2:p:148-178
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    Cited by:

    1. Hanna Mysaka & Ivan Derun, 2021. "Corporate Financial Performance and Tobin’s Q in Dividend and Growth Investing," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 15(3), September.
    2. Bayraktar, Nihal, 2014. "Fixed investment/fundamental sensitivities under financial constraints," Journal of Economics and Business, Elsevier, vol. 75(C), pages 25-59.

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