HIGHLIGHTS
SUMMARY
More specifically, the main purpose of the paper is to investigate to what extent credit market freedom (CMF hereafter) affects a firm`s target level of investment, cash holdings, and leverage. In model the model above, above, CASH CASH stands stands for the for ratio the ratio of holdings of holdings of cash of cash and cash and cash equivaequivaisInthe is ratio the ratio of total of total debt debt to total to total assets. assets. MTB MTB is theismarket-to-book theof value, i.e., the i.e.,ratio the ratio ofdepreciation book . . .
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