Resumen

BAPTISTA, Celísia; MATIAS, Fernanda  y  VALLE, Patrícia. Moderators factors of the relationship between corporate liquidity and investment. TMStudies [online]. 2013, vol.9, n.2, pp.71-77. ISSN 2182-8458.

This study aims to evaluate the moderator role of industry environment and business strategy on the effect of internal liquidity on firm´s investment. Recent literature suggests that the intensity of the relationship between internal liquidity and investment explains firm´s financial constraints in the access to the capital market. Applied research is conducted with a sample of non-financial firms in Portuguese manufacturing industry. It was estimated a panel data model composed of financial, environmental, strategic and interactive variables. The regression of the previous model noted that industry environment and business strategy moderate internal liquidity's relationship with the investment, increasing or reducing it. This suggests that agency and adverse selection costs are influenced by environmental and strategic factors, hindering or facilitating access to funds that firms need.

Palabras clave : Liquidity; investment; leverage; industry environment; corporate strategy.

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