Abstract
This paper examines the effect of firm financial constraint and financial development on firm investment using data from non-financial companies in Thailand from 1999Q1 to 2015Q4. The empirical results showed a significant effect of firm financial constraint on their investment. The cash flow of firms had a positive effect on firm investment, while the leverage ratio of firms had a negative effect. Financial development also weakened the effect of firm financial constraint on firm investment. These effects were considerably higher in more financially constrained firms than less constrained ones.
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