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29 results

Page 1 of 2

  • Employment, Corporate Investment, and Cash-Flow Risk

  • Saad Alnahedh, Sanjai Bhagat, Iulian Obreja
  • Journal:
    Journal of Financial and Quantitative Analysis / Volume 54 / Issue 4 / August 2019
    Published online by Cambridge University Press:
    10 June 2019, pp. 1855-1898
    Print publication:
    August 2019

  • We highlight the role of cash-flow uncertainty on corporate employment and investment. We find that a 1% increase in cash-flow uncertainty leads to a 0.62% decrease in tangible investment, a 1.39% decrease in intangible investment, and a 3.67% decrease in corporate employment growth. Our results are statistically and economically significant. We further find that these relationships are stronger during economic recessions. Our findings have significant policy implications. To wit, if policy makers would like corporations to increase their employment and investment, they should focus on policies that decrease corporate cash-flow uncertainty.

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