Fonte: Revista Encontros Científicos - Tourism & Management Studies; Vol 9, No 2 (2013); 71-77
Palavras-chave:
Resumo: This study aims to evaluate the moderator role of industryenvironment and business strategy on the effect of internal liquidityon firm´s investment. Recent literature suggests that the intensity ofthe relationship between internal liquidity and investment explainsfirm´s financial constraints in the access to the capital market.Applied research is conducted with a sample of non-financial firms inPortuguese manufacturing industry. It was estimated a panel datamodel composed of financial, environmental, strategic and interactivevariables.The regression of the previous model noted that industryenvironment and business strategy moderate internal liquidity'srelationship with the investment, increasing or reducing it. Thissuggests that agency and adverse selection costs are influenced byenvironmental and strategic factors, hindering or facilitating access tofunds that firms need.
