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Conclusions

In: Excess Cash Flow

Author

Listed:
  • Rahul Dhumale

Abstract

The positive relationship between excess cash flow and investment is well known, but the decision environment which determines cash flow theory remains unresolved. This study tried to fill this gap by considering if decisions to use internal finance stem from the managerial/principal agent (MPAA) or the more commonly accepted asymmetric information (AIA) considerations. Evidence here supports the agency model of MPAA behaviour rather than information asymmetry which assumes perfect capital markets. This study is a fundamental departure from the evidence in the literature which rarely distinguishes between the MPAA and AIA.

Suggested Citation

  • Rahul Dhumale, 2003. "Conclusions," Palgrave Macmillan Books, in: Excess Cash Flow, chapter 7, pages 182-190, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50951-1_7
    DOI: 10.1057/9780230509511_7
    as

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