{"id":"https://openalex.org/W2184149685","doi":null,"title":"Interaction of real and financial flexibility: an empirical analysis","display_name":"Interaction of real and financial flexibility: an empirical analysis","publication_year":2004,"publication_date":"2004-01-01","ids":{"openalex":"https://openalex.org/W2184149685","mag":"2184149685"},"language":"en","primary_location":{"id":"pmh:oai:aaltodoc.aalto.fi:123456789/12107","doi":null,"is_oa":true,"landing_page_url":"https://aaltodoc.aalto.fi/handle/123456789/12107","pdf_url":"https://aaltodoc.aalto.fi/handle/123456789/12107","source":{"id":"https://openalex.org/S4306401662","display_name":"Aaltodoc (Aalto University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I9927081","host_organization_name":"Aalto University","host_organization_lineage":["https://openalex.org/I9927081"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"D4 Julkaistu kehitt\u00e4mis- tai tutkimusraportti tai -selvitys"},"volume":null,"type":"report","is_traditional":false,"indexed_in":[],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://aaltodoc.aalto.fi/handle/123456789/12107","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5072194231","display_name":"Ossi Lindstr\u00f6m","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Ossi Lindstr\u00f6m","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5027412817","display_name":"Almas Heshmati","orcid":"https://orcid.org/0000-0002-7902-4683","observed_orcids":["https://orcid.org/0000-0002-7902-4683"]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Almas Heshmati","raw_affiliation_strings":[],"raw_orcid":"https://orcid.org/0000-0002-7902-4683","affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":true,"cited_by_count":3,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8276000022888184,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8276000022888184,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11976","display_name":"Capital Investment and Risk Analysis","score":0.14169999957084656,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13963","display_name":"Organizational Management and Leadership","score":0.009700000286102295,"subfield":{"id":"https://openalex.org/subfields/1405","display_name":"Management of Technology and Innovation"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-flexibility","display_name":"financial flexibility","score":0.9990000128746033},{"id":"https://openalex.org/keywords/investment-decisions","display_name":"investment decision-making","score":0.8050000071525574},{"id":"https://openalex.org/keywords/financing-decisions","display_name":"financing decisions","score":0.9909999966621399},{"id":"https://openalex.org/keywords/adjustment-costs","display_name":"adjustment costs","score":0.8199999928474426},{"id":"https://openalex.org/keywords/pulp-and-paper-industry","display_name":"paper industry","score":0.7919999957084656},{"id":"https://openalex.org/keywords/multinational-corporations","display_name":"multinational corporations","score":0.7179999947547913},{"id":"https://openalex.org/keywords/profitability","display_name":"profitability","score":0.6240000128746033}],"concepts":[{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.8030946254730225},{"id":"https://openalex.org/C2780598303","wikidata":"https://www.wikidata.org/wiki/Q65921492","display_name":"Flexibility (engineering)","level":2,"score":0.6814936995506287},{"id":"https://openalex.org/C185874996","wikidata":"https://www.wikidata.org/wiki/Q269699","display_name":"Interdependence","level":2,"score":0.6652538180351257},{"id":"https://openalex.org/C158016649","wikidata":"https://www.wikidata.org/wiki/Q161726","display_name":"Multinational corporation","level":2,"score":0.6454763412475586},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5210439562797546},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5172348618507385},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.4624083340167999},{"id":"https://openalex.org/C120936955","wikidata":"https://www.wikidata.org/wiki/Q2155640","display_name":"Empirical research","level":2,"score":0.45159244537353516},{"id":"https://openalex.org/C2778865806","wikidata":"https://www.wikidata.org/wiki/Q6060850","display_name":"Investment decisions","level":3,"score":0.4428889751434326},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.43195879459381104},{"id":"https://openalex.org/C166052673","wikidata":"https://www.wikidata.org/wiki/Q83021","display_name":"Empirical evidence","level":2,"score":0.42928799986839294},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.37992575764656067},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.37185877561569214},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.3453753888607025},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.2878800332546234},{"id":"https://openalex.org/C2778348673","wikidata":"https://www.wikidata.org/wiki/Q739302","display_name":"Production (economics)","level":2,"score":0.1694779396057129},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"pmh:oai:aaltodoc.aalto.fi:123456789/12107","doi":null,"is_oa":true,"landing_page_url":"https://aaltodoc.aalto.fi/handle/123456789/12107","pdf_url":"https://aaltodoc.aalto.fi/handle/123456789/12107","source":{"id":"https://openalex.org/S4306401662","display_name":"Aaltodoc (Aalto University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I9927081","host_organization_name":"Aalto University","host_organization_lineage":["https://openalex.org/I9927081"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"D4 Julkaistu kehitt\u00e4mis- tai tutkimusraportti tai -selvitys"},{"id":"pmh:oai:jukuri.luke.fi:11111/89410","doi":null,"is_oa":true,"landing_page_url":"https://jukuri.luke.fi/items/2c90190e-0e9c-4ece-b834-58ba9d75155c","pdf_url":"https://jukuri.luke.fi/bitstreams/5f9e805b-ad85-44c3-a6f1-e56fe1dd7ff7/download","source":{"id":"https://openalex.org/S4306400569","display_name":"Jukuri (Natural Resources Institute Finland (Luke))","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I3017910207","host_organization_name":"Natural Resources Institute Finland","host_organization_lineage":["https://openalex.org/I3017910207"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"https://jukuri.luke.fi/handle/10024/441070","raw_type":"fi=D4 Julkaistu kehitt\u00e4mis- tai tutkimusraportti taikka -selvitys|sv=D4 Publicerad utvecklings- eller forskningsrapport eller -utredning|en=D4 Published development or research report or study|"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.128.1142","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.128.1142","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://img.lib.hkkk.fi/pdf/wp/w363.pdf","raw_type":"text"},{"id":"pmh:oai:CiteSeerX.psu:10.1.1.200.8374","doi":null,"is_oa":false,"landing_page_url":"http://citeseerx.ist.psu.edu/viewdoc/summary?doi=10.1.1.200.8374","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"http://www.ceistorvergata.it/conferenze%26convegni/banking%26finance/XII_conference/11DICEMBRE/Lindstrom-Hehsmati-XIITorVergata.pdf","raw_type":"text"},{"id":"pmh:oai:jukuri.luke.fi:10024/441070","doi":null,"is_oa":false,"landing_page_url":"http://jukuri.luke.fi/handle/10024/441070","pdf_url":null,"source":{"id":"https://openalex.org/S4306400569","display_name":"Jukuri (Natural Resources Institute Finland (Luke))","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I3017910207","host_organization_name":"Natural Resources Institute Finland","host_organization_lineage":["https://openalex.org/I3017910207"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"fi=D4 Julkaistu kehitt\u00e4mis- tai tutkimusraportti taikka -selvitys|sv=D4 Publicerad utvecklings- eller forskningsrapport eller -utredning|en=D4 Published development or research report or study|"},{"id":"mag:2184149685","doi":null,"is_oa":false,"landing_page_url":"http://epub.lib.aalto.fi/pdf/wp/w363.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":{"id":"pmh:oai:aaltodoc.aalto.fi:123456789/12107","doi":null,"is_oa":true,"landing_page_url":"https://aaltodoc.aalto.fi/handle/123456789/12107","pdf_url":"https://aaltodoc.aalto.fi/handle/123456789/12107","source":{"id":"https://openalex.org/S4306401662","display_name":"Aaltodoc (Aalto University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I9927081","host_organization_name":"Aalto University","host_organization_lineage":["https://openalex.org/I9927081"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"D4 Julkaistu kehitt\u00e4mis- tai tutkimusraportti tai -selvitys"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2184149685.pdf","grobid_xml":"https://content.openalex.org/works/W2184149685.grobid-xml"},"referenced_works_count":42,"referenced_works":["https://openalex.org/W1481992473","https://openalex.org/W1503547616","https://openalex.org/W1524495641","https://openalex.org/W1546523058","https://openalex.org/W1546993880","https://openalex.org/W1568102150","https://openalex.org/W1587350794","https://openalex.org/W1606527552","https://openalex.org/W1966917639","https://openalex.org/W1971394868","https://openalex.org/W1977240483","https://openalex.org/W1995503011","https://openalex.org/W2000578291","https://openalex.org/W2029330550","https://openalex.org/W2033739349","https://openalex.org/W2037841399","https://openalex.org/W2040515436","https://openalex.org/W2051898882","https://openalex.org/W2063955807","https://openalex.org/W2084310832","https://openalex.org/W2087476790","https://openalex.org/W2089052482","https://openalex.org/W2090477211","https://openalex.org/W2115846503","https://openalex.org/W2117767955","https://openalex.org/W2122529435","https://openalex.org/W2124597406","https://openalex.org/W2126804458","https://openalex.org/W2127103243","https://openalex.org/W2144470805","https://openalex.org/W2149088624","https://openalex.org/W2153524047","https://openalex.org/W2156109180","https://openalex.org/W2170790204","https://openalex.org/W2172399901","https://openalex.org/W2752617332","https://openalex.org/W2994219315","https://openalex.org/W3121131820","https://openalex.org/W3123169855","https://openalex.org/W3123889274","https://openalex.org/W3124114405","https://openalex.org/W3125353045"],"related_works":["https://openalex.org/W2126804458","https://openalex.org/W1515944725","https://openalex.org/W2049922313","https://openalex.org/W1510513796","https://openalex.org/W7111301860","https://openalex.org/W1489856902","https://openalex.org/W2063423386","https://openalex.org/W2500821576","https://openalex.org/W2234133916","https://openalex.org/W2563692426"],"abstract_inverted_index":{"This":[0],"paper":[1,57],"studies":[2],"the":[3,30,40,69,94],"interaction":[4],"of":[5,22,32,43,55],"real":[6],"and":[7,10,16,34,45,58,64,71,76,102,106],"financial":[8,79],"flexibility":[9,33],"their":[11],"effects":[12,31],"on":[13,51,93],"firm's":[14],"investment":[15,44],"financing":[17],"decisions.We":[18],"use":[19],"a":[20,52],"system":[21],"interdependent":[23,75],"dynamic":[24],"partial":[25],"adjustment":[26,80,95],"models":[27],"to":[28,84,89,99],"capture":[29],"feedback":[35],"from":[36],"firmspecific":[37],"adjustments":[38],"towards":[39],"optimal":[41],"levels":[42],"debt.The":[46],"empirical":[47],"analysis":[48],"is":[49,87],"based":[50],"large":[53],"panel":[54],"multinational":[56],"pulp":[59],"companies":[60],"observed":[61],"between":[62],"1992":[63],"2002.The":[65],"results":[66],"suggest":[67],"that":[68],"decisions":[70],"flexibilities":[72],"are":[73,82],"related,":[74],"interacting,":[77],"although":[78],"costs":[81],"likely":[83],"dominate":[85],"decision-making.Profitability":[86],"found":[88],"have":[90],"strongest":[91],"impact":[92],"costs,":[96],"which":[97],"seem":[98],"be":[100],"convex":[101],"non-constant":[103],"over":[104],"time":[105],"across":[107],"firms.":[108]},"counts_by_year":[{"year":2016,"cited_by_count":1}],"updated_date":"2026-11-11T12:16:26.678958","created_date":"2016-06-24T00:00:00"}