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

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