Investment-Cash Flow Sensitivity under Financial Constraints Case of Tunisia

Fadoua Marouene, Ezzeddine Abaoub


Is investment cash flow sensitivity an adequate measure of a firm’s financial constraints? The answer to this
question is an unresolved puzzle. This paper theoretically and empirically examines investment cash flow
sensitivity and its ability to measure a firm's financial constraints. The empirical study focuses on an unbalanced
panel of 88 Tunisian firms observed over the 1997 to 2007 period.

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