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Excerpt from Corporate Structure, Liquidity, and Investment: Evidence From Japanese Panel Data
The remainder of Section 5 considers the possibility that the stock of cash (in addition to the flow) is a determinant of investment. We find a large positive effect for independent firms and a very small positive effect for affiliated firms. Again this is consistent with the view that independent firms face significantly greater difficulty raising capital.
In Section 6, we discuss alternative explanations of our results.
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