Dissertation/ Thesis
Investment constraints facing Maltese manufacturing companies and their financial implications
| العنوان: | Investment constraints facing Maltese manufacturing companies and their financial implications |
|---|---|
| المؤلفون: | Agius, Peter Paul |
| بيانات النشر: | University of Malta Faculty of Economics, Management and Accountancy. Department of Accountancy |
| سنة النشر: | 2000 |
| مصطلحات موضوعية: | Manufacturing industries -- Malta, Investments -- Malta, Finance -- Malta, eco, manag |
| الوصف: | B.ACCTY.(HONS) ; Investment decisions are perhaps the most important decisions by which top and finance managers are faced. These decisions become more sensitive when companies are faced with various investment constraints. Investment constraints may arise due to either external or internal causes, or both. Indeed, while for some firms the amount of capital they want to invest is fixed in accordance with their organisational policy, other firms are hindered from raising more capital due to lack of financial and/or other constraints. The objective of this dissertation was to identify the investment constraints by which Maltese manufacturing companies are faced, and to analyse which are the type of companies mostly effected by these constraints. It contains two complementary studies: a survey among 110 firms (with a response rate of 59% ), and an extensive examination of the financial data of 200 firms (from which 62% contained relevant data). Subsequently, five interviews were conducted in which, the opinions of experienced officials representing the manufacturing industry and the Maltese economy were analysed. From the results of these studies, medium-sized firms seem to be the most constrained, while non-capital constraints seem to be the worst investment constraints facing Maltese manufacturing companies. Moreover, medium sized firms were identified as being more effected by the problem of capital rationing. This is due to both bank managers refusing further loan facilities, and to the unwillingness of top management in increasing the level of gearing. Postponing of projects to a later date seem to be the prevalent policy when manufacturing firms are faced with any type of investment constraint. This is mostly due to the use of inadequate investment appraisal techniques. Finally, manufacturing firms are mostly concerned about cash flow problems as a financial implication of investment constraints. However large companies tend to be more concerned of the long-term implications rather than the short-term. ... |
| نوع الوثيقة: | thesis |
| اللغة: | English |
| Relation: | https://www.um.edu.mt/library/oar/handle/123456789/81542 |
| الاتاحة: | https://www.um.edu.mt/library/oar/handle/123456789/81542 |
| Rights: | undefined |
| رقم الانضمام: | edsbas.2621E526 |
| قاعدة البيانات: | BASE |
| الوصف غير متاح. |