چهارشنبه 26 اردیبهشت 1403
| عنوان مقاله | |
| عنوان مقاله |
Brand perception, cash flow stability, and financial policy |
| عنوان فارسی مقاله | درک برند ، ثبات گردش پول و سیاست مالی |
| مشخصات مقاله انگلیسی | |
| نشریه: Elsevier |
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| سال انتشار |
2013 |
| عنوان مجله |
Journal of Financial Economics |
| تعداد صفحات مقاله انگلیسی | 22 |
| رفرنس | دارد |
| تعداد رفرنس | 70 |
| چکیده مقاله | |
| چکیده |
This paper demonstrates that intangible assets play an important role in financial policy. Using a proprietary database of consumer brand evaluation, I show that positive consumer attitude toward a firm's products alleviates financial frictions and provides additional net debt capacity, as measured by higher leverage and lower cash holdings. Brand perception affects financial policy through reducing overall firm riskiness, as strong consumer evaluations translate into lower future cash flow volatility as well as higher credit ratings for potentially volatile firms. The impact of brand is stronger among small firms, contradicting a number of reverse causality and omitted variables explanations. |
| کلمات کلیدی |
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| دانلود | |
