Economic studies which examine the financing patterns of firms,
particularly in emerging markets seldom consider the market
environment in which they operate. The most recent Asian financial
crisis and its exposure of institutional failures in the context of
financial sector liberalization show that these market conditions
are vital. The positive relationship between a firms excess cash
flow and investment are well known but the environment which
determines retention of cash as opposed to paying dividends remains
unresolved. The results of this survey suggest a framework by which
future research in data collection, theoretical analysis and
empirical testing may be undertaken.
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