{"id":"https://openalex.org/W2802364243","doi":"https://doi.org/10.1108/cfri-06-2017-0103","title":"Investment-internal capital sensitivity, investment-cash flow sensitivity and dividend payment","display_name":"Investment-internal capital sensitivity, investment-cash flow sensitivity and dividend payment","publication_year":2018,"publication_date":"2018-05-10","ids":{"openalex":"https://openalex.org/W2802364243","doi":"https://doi.org/10.1108/cfri-06-2017-0103","mag":"2802364243"},"language":"en","primary_location":{"id":"doi:10.1108/cfri-06-2017-0103","doi":"https://doi.org/10.1108/cfri-06-2017-0103","is_oa":false,"landing_page_url":"https://doi.org/10.1108/cfri-06-2017-0103","pdf_url":null,"source":{"id":"https://openalex.org/S2764509274","display_name":"China Finance Review International","issn_l":"2044-1398","issn":["2044-1398","2044-1401"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1","poland-40","russia-white-list-1"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"China Finance Review International","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5038499674","display_name":"Xiaodong Xu","orcid":"https://orcid.org/0000-0001-7158-1023","observed_orcids":["https://orcid.org/0000-0001-7158-1023","https://orcid.org/0000-0001-9148-7595"]},"institutions":[{"id":"https://openalex.org/I183067930","display_name":"Shanghai Jiao Tong University","ror":"https://ror.org/0220qvk04","country_code":"CN","type":"education","lineage":["https://openalex.org/I183067930"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Xiaodong Xu","raw_affiliation_strings":["Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China","institution_ids":["https://openalex.org/I183067930"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5020316778","display_name":"Huifeng Xu","orcid":"https://orcid.org/0000-0001-7187-4387","observed_orcids":["https://orcid.org/0000-0001-7187-4387"]},"institutions":[{"id":"https://openalex.org/I183067930","display_name":"Shanghai Jiao Tong University","ror":"https://ror.org/0220qvk04","country_code":"CN","type":"education","lineage":["https://openalex.org/I183067930"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Huifeng Xu","raw_affiliation_strings":["Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China","institution_ids":["https://openalex.org/I183067930"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I183067930"],"apc_list":null,"apc_paid":null,"fwci":4.4129,"has_fulltext":false,"cited_by_count":18,"citation_normalized_percentile":{"value":0.94002142,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"9","issue":"2","first_page":"183","last_page":"207"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9990000128746033,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"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/investment-cash-flow-sensitivity","display_name":"investment-cash flow sensitivity","score":0.800000011920929},{"id":"https://openalex.org/keywords/internal-capital","display_name":"internal capital","score":0.6700000166893005},{"id":"https://openalex.org/keywords/dividend-payout","display_name":"dividend payout","score":0.6480000019073486},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.7039999961853027},{"id":"https://openalex.org/keywords/agency-costs","display_name":"agency costs","score":0.8199999928474426},{"id":"https://openalex.org/keywords/overinvestment","display_name":"overinvestment","score":0.8939999938011169},{"id":"https://openalex.org/keywords/underinvestment","display_name":"underinvestment","score":0.9990000128746033},{"id":"https://openalex.org/keywords/information-costs","display_name":"information costs","score":0.5640000104904175},{"id":"https://openalex.org/keywords/liquidity-reserves","display_name":"liquidity reserves","score":0.6209999918937683},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.41499999165534973}],"concepts":[{"id":"https://openalex.org/C116168712","wikidata":"https://www.wikidata.org/wiki/Q181201","display_name":"Dividend","level":2,"score":0.7501867413520813},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.6223846673965454},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5926921367645264},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.5838397741317749},{"id":"https://openalex.org/C21200559","wikidata":"https://www.wikidata.org/wiki/Q7451068","display_name":"Sensitivity (control systems)","level":2,"score":0.5494722723960876},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5455150604248047},{"id":"https://openalex.org/C145097563","wikidata":"https://www.wikidata.org/wiki/Q1148747","display_name":"Payment","level":2,"score":0.5412573218345642},{"id":"https://openalex.org/C59399099","wikidata":"https://www.wikidata.org/wiki/Q5284040","display_name":"Dividend policy","level":3,"score":0.5405105948448181},{"id":"https://openalex.org/C200707436","wikidata":"https://www.wikidata.org/wiki/Q1053211","display_name":"Principal\u2013agent problem","level":3,"score":0.5085521936416626},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.4498273432254791},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.43142324686050415},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.42147788405418396},{"id":"https://openalex.org/C125889939","wikidata":"https://www.wikidata.org/wiki/Q2294672","display_name":"Dividend payout ratio","level":4,"score":0.41659173369407654},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.4102252721786499},{"id":"https://openalex.org/C162118730","wikidata":"https://www.wikidata.org/wiki/Q1128453","display_name":"Actuarial science","level":1,"score":0.39414358139038086},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.35215455293655396},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.08457142114639282},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.07155993580818176},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","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},{"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/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"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/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C24326235","wikidata":"https://www.wikidata.org/wiki/Q126095","display_name":"Electronic engineering","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1108/cfri-06-2017-0103","doi":"https://doi.org/10.1108/cfri-06-2017-0103","is_oa":false,"landing_page_url":"https://doi.org/10.1108/cfri-06-2017-0103","pdf_url":null,"source":{"id":"https://openalex.org/S2764509274","display_name":"China Finance Review International","issn_l":"2044-1398","issn":["2044-1398","2044-1401"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a","anvur-scientific","cwts-core","erih-plus","jufo-1","norway-1","poland-40","russia-white-list-1"],"host_organization":"https://openalex.org/P4310319811","host_organization_name":"Emerald Publishing Limited","host_organization_lineage":["https://openalex.org/P4310319811"],"host_organization_lineage_names":["Emerald Publishing Limited"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"China Finance Review International","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":54,"referenced_works":["https://openalex.org/W887107004","https://openalex.org/W1552065055","https://openalex.org/W1966917639","https://openalex.org/W1970563188","https://openalex.org/W1976675673","https://openalex.org/W1981896168","https://openalex.org/W2007155646","https://openalex.org/W2031779801","https://openalex.org/W2039248778","https://openalex.org/W2040515436","https://openalex.org/W2040619202","https://openalex.org/W2072806856","https://openalex.org/W2074928461","https://openalex.org/W2122791489","https://openalex.org/W2124115302","https://openalex.org/W2124597406","https://openalex.org/W2131921554","https://openalex.org/W2136164403","https://openalex.org/W2136456638","https://openalex.org/W2140037540","https://openalex.org/W2149088624","https://openalex.org/W2160860931","https://openalex.org/W2172399901","https://openalex.org/W2187965655","https://openalex.org/W2341795385","https://openalex.org/W2379076252","https://openalex.org/W2396645775","https://openalex.org/W2554053969","https://openalex.org/W2752617332","https://openalex.org/W2890683563","https://openalex.org/W2944240366","https://openalex.org/W3021087184","https://openalex.org/W3121131820","https://openalex.org/W3121250421","https://openalex.org/W3121687559","https://openalex.org/W3121720731","https://openalex.org/W3121786372","https://openalex.org/W3121986562","https://openalex.org/W3122349187","https://openalex.org/W3122596295","https://openalex.org/W3122711915","https://openalex.org/W3123027734","https://openalex.org/W3123951774","https://openalex.org/W3124012175","https://openalex.org/W3124046399","https://openalex.org/W3124114405","https://openalex.org/W3124284666","https://openalex.org/W3124422916","https://openalex.org/W3124578327","https://openalex.org/W3125011515","https://openalex.org/W3125011891","https://openalex.org/W3125140669","https://openalex.org/W3125353045","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W4405351180","https://openalex.org/W2363242045","https://openalex.org/W1855485721","https://openalex.org/W3124284666","https://openalex.org/W2794082448","https://openalex.org/W2299184407","https://openalex.org/W48292317","https://openalex.org/W2996684775","https://openalex.org/W2889388061","https://openalex.org/W2145157968"],"abstract_inverted_index":{"Purpose":[0],"On":[1],"the":[2,10,34,38,46,51,58,65,71,73,76,81,96,103,109,115,119,124,128,135,139,146,152,161,166,171,174,177,223,227,235,249,257,261,300,309,315,340,345,355,367,389,392,396,409,412],"basis":[3],"of":[4,12,33,37,142,157,179,195,206,222,226,251,269,302,311,333,347,361,411,426],"principal-agent":[5],"and":[6,25,30,43,201,209,219,232,238,243,278,281,287,295,298,305,384,395,406,432],"financing":[7,136,167,196,285,363,393],"constraints":[8,137,307,364,394],"theories,":[9],"purpose":[11],"this":[13,55,270,273,323,379],"paper":[14,56,271,324],"is":[15,95,106,138,149,190],"to":[16,26,62,68,79,419],"construct":[17],"a":[18,28,217,240,330,348,359,403,422],"unified":[19],"research":[20,401],"framework":[21,242,405],"via":[22],"mathematical":[23,53],"models":[24],"provide":[27],"logical":[29,218],"consistent":[31,220],"explanation":[32,221,407],"contradictory":[35,224],"discovery":[36,225],"relationship":[39,228],"between":[40,229],"dividend":[41,112,180,188,230,276,288,397],"payment":[42,156,189,231,398],"I-CFO":[44,183,199,233,356,385],"in":[45,234,436,440],"previous":[47,236],"literature.":[48,414],"Design/methodology/approach":[49],"Establishing":[50],"economic":[52,375],"models,":[54],"uses":[57],"comparative":[59],"static":[60,376],"analysis":[61,377],"figure":[63],"out":[64],"equilibrium":[66],"results,":[67],"further":[69],"testify":[70],"conclusions,":[72],"authors":[74,87,175],"initiate":[75],"empirical":[77,438],"tests":[78,439],"make":[80],"discussion":[82],"more":[83,342],"realistic.":[84],"Findings":[85],"The":[86,155,266,400,415],"observe":[88],"that":[89,187],"overinvestment":[90,116],"caused":[91,117,133,164],"by":[92,118,134,165,372],"agency":[93,120,207,254,303,390],"problems":[94],"primary":[97,140],"reason":[98],"for":[99,245,283,314,424],"I-C":[100,143,202,312,327,383],"sensitivity":[101,144,200,203,313,328,357],"when":[102,145],"investment":[104,147,162],"expenditure":[105,148],"less":[107],"than":[108,151],"internal":[110,129,153,262,337,430],"capital;":[111],"payout":[113],"suppresses":[114],"problem,":[121],"thus":[122,169],"alleviating":[123],"investment\u2019s":[125,258,334,427],"dependence":[126,259,335,428],"on":[127,182,248,256,260,308,336,408,429],"capital.":[130,154,263],"However,":[131],"underinvestment":[132],"cause":[141],"greater":[150],"cash":[158],"dividends":[159],"increases":[160],"shortage":[163],"constraints,":[168,253],"increasing":[170],"sensitivity.":[172,184],"Further,":[173],"explore":[176],"impact":[178,250],"payments":[181],"They":[185],"argue":[186],"not":[191],"an":[192,374],"appropriate":[193],"measure":[194,332,360],"constraints.":[197,370],"Both":[198],"are":[204,417],"functions":[205],"cost":[208,255,304],"information":[210],"cost.":[211],"Research":[212],"limitations/implications":[213],"This":[214,292],"study":[215,293,380],"provides":[216,239,279,402],"literature":[237],"clear":[241],"reference":[244,280],"future":[246,441],"studies":[247],"financial":[252,306,369],"Practical":[264],"implications":[265],"theoretical":[267],"model":[268],"supports":[272],"differentiated":[274],"mandatory":[275],"policy":[277],"evidence":[282],"China's":[284],"policies":[286],"distribution":[289],"policies.":[290],"Originality/value":[291],"theoretically":[294],"empirically":[296],"analyzes":[297,381],"verifies":[299],"roles":[301],"determinants":[310],"first":[316],"time.":[317],"First,":[318],"different":[319],"from":[320],"earlier":[321,413],"literature,":[322],"puts":[325],"forward":[326],"as":[329,358,421],"new":[331],"capital,":[338],"making":[339],"measurement":[341],"accurate.":[343],"In":[344],"case":[346],"firm":[349],"with":[350,388],"positive":[351],"liquidity":[352],"reserves,":[353],"using":[354],"external":[362],"could":[365],"overestimate":[366],"firm\u2019s":[368],"Second,":[371],"constructing":[373],"framework,":[378],"how":[382],"sensitivities":[386],"change":[387],"cost,":[391],"ratio.":[399],"basic":[404],"contradictions":[410],"results":[416],"supposed":[418],"serve":[420],"foundation":[423],"estimations":[425],"capital":[431],"should":[433],"be":[434],"embedded":[435],"general":[437],"research.":[442]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":3},{"year":2020,"cited_by_count":2},{"year":2019,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2018-05-17T00:00:00"}