Excess Cash Flow

"Excess Cash Flow" is a specialized book that addresses the financing patterns of companies, particularly in emerging markets. It highlights the often-overlooked market conditions that influence corporate behavior regarding excess liquidity. The analysis refers to recent economic crises, such as the Asian financial crisis, and illustrates how institutional shortcomings in a liberalized financial sector can lead to challenges. The book examines the well-known positive relationship between excess cash flow and investments while simultaneously analyzing the factors that influence companies' decisions to hold cash or distribute dividends. The findings of this study provide a framework for future research in the areas of data collection, theoretical analysis, and empirical testing.