Cash flow volatility and intangible investment: Evidence from Nigerian publicly quoted firms

Itiri Idam Okpara *, Frankline Onyekachi Orji, Nkeiruka Prisca Nzekwe (Sr) and Temple Akpa

Department of Business Education, Federal College of Education (Technical), Isu Ebonyi, Nigeria.
Review Article
World Journal of Advanced Research and Reviews, 2024, 22(03), 1338–1350
Article DOI10.30574/wjarr.2024.22.3.1772
Publication history: 
Received on 03 May 2024; revised on 19 June 2024; accepted on 22 June 2024
This study examined the effect of cash flow volatility on intangible investment of publicly quoted firms in Nigeria. The study finds that cash flow volatility had a positive and significant influence on intangible investment. In the sub-sample of high levered, low levered, constraint, unconstraint, older, and younger firms, we recorded related and mixed outcomes. The results showed that the sensitivity of intangible investment to cash flow volatility does not matter whether the firms are highly or lowly levered and older or younger firms. The sensitivity of this effect is a matter of financial constraint confronting the firms.
JEL classification: G31, G32
Cash flow volatility; Investment; Leverage; Growth opportunity
Full text article in PDF: 
Share this