From: Financial frictions and the cash flow – external financing sensitivity: evidence from a panel of Pakistani firms
Financial Constraints Criteria
Constrained firms (CF) (Firm-Year Obs.)
Unconstrained firms (UCF) (Firm-Year Obs.)
No of Obs.
KZ Indexi, t
2890
2062
4809
Debt to Asset Ratio i, t
2956
1996
Interest Coverage Ratio i, t
3920
970