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Over-investment and Free Cash Flow: Evidence from Thailand

by Nopphon Tangjitprom

Title:

Over-investment and Free Cash Flow: Evidence from Thailand

Author(s):

Nopphon Tangjitprom

Issued date:

2015-04

Citation:

International Conference on Business, Economics and Management (ICBEM'15) April 9-10, 2015 Phuket (Thailand), 14-17

Abstract:

This paper examines whether there is a relation between over-investment and free cash flow. In perfect capital market, it is expected that investment decision should not be influenced by the level of cash flow. However, the free cash flow hypothesis predicts that firms with higher free cash flow will be vulnerable to the agency problem like over-investment. Using the data from listed firms in the Stock Exchange of Thailand during 2001-2013, the result indicates that there is a positive relation between over-investment and free cash flow. Therefore, this evidence supports the free cash flow hypothesis and it implies that corporate governance mechanism is required to mitigate the agency cost of free cash flow.

Keyword(s):

Over-investment
Free cash flow hypothesis
Agency theory
Stock exchanges -- Thailand

Resource type:

Conference Paper

Extent:

4 pages

Type:

Text

File type:

application/pdf

Language:

eng

Rights holder(s):

Nopphon Tangjitprom

URI:

http://repository.au.edu/handle/6623004553/21114
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  • Conference Papers [18]


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Copyright © Assumption University.
All Rights Reserved.

Contact Us

The St. Gabriel's Library   
Hua Mak Campus  
Ramkhamhaeng 24, Hua Mak  
Bangkok Thailand 10240  
Tel.: (662) 3004543-62 Ext. 3402  
Fax.: (662) 7191544  
E-Mail Library : library@au.edu  


The Cathedral of Learning Library
Suvarnabhumi Campus
Bang Na-Trad Km. 26 Bangsaothong
Samuthprakarn Thailand 10540
Tel.: (662) 7232024, 7232025
Fax.: (662) 7191544
E-Mail Library : library@au.edu
 

 

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