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Excess Cash Flow

A Signal for Institutional and Corporate Governance

Excess Cash Flow by Rahul Dhumale
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Economic studies which examine the financing patterns of firms, particularly in emerging markets seldom consider the market environment in which they operate. The most recent Asian financial crisis and its exposure of institutional failures in the context of financial sector liberalization show that these market conditions are vital. The positive relationship between a firms excess cash flow and investment are well known but the environment which determines retention of cash as opposed to paying dividends remains unresolved. The results of this survey suggest a framework by which future research in data collection, theoretical analysis and empirical testing may be undertaken.
Palgrave Macmillan; October 2002
235 pages; ISBN 9780230509511
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Title: Excess Cash Flow
Author: Rahul Dhumale
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