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dc.contributor.authorNopphon Tangjitprom
dc.identifier.citationInternational Conference on Business, Economics and Management (ICBEM'15) April 9-10, 2015 Phuket (Thailand), 14-17en_US
dc.description.abstractThis 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.en_US
dc.format.extent4 pagesen_US
dc.subjectFree cash flow hypothesisen_US
dc.subjectAgency theoryen_US
dc.subjectStock exchanges -- Thailanden_US
dc.titleOver-investment and Free Cash Flow: Evidence from Thailanden_US
dc.rights.holderNopphon Tangjitpromen_US
mods.genreConference Paperen_US[Full Text] (

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