Information asymmetry and investment-cash flow sensitivity

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The impact of country-level corporate governance on research and development (2011, background): “opacity, which will likely lead to lower R&D investment-cash flow sensitivity (Ascioglu et al., 2008), and are better at interfacing with the external environment (Pfeffer & Salancik, 1978).”
R&D sensitivity to asset sale proceeds: New evidence on financing constraints and intangible investment (2013, background): “…Bond and Meghir (1994), Gilchrist and Himmelberg (1995), Hubbard, Kashyap, and Whited (1995), Hovakimian and Titman (2006), Rauh (2006), Almeida and Campello (2007), Ağca and Mozumdar (2008), Ascioglu, Hegde, and McDermott (2008), 3 remarkably limited and the findings are far from conclusive.”
Why has the investment-cash flow sensitivity declined so sharply? Rising R&D and equity market developments (2009, unknown): “4 Ascioglu et al. (2008) report a decline in the ICF sensitivity for firms with high”
Institutional Investment Horizon and Investment-Cash Flow Sensitivity (2012, methodology): “We find that our previous results remain unchanged when we: simply exclude Q from the regression, as in Ascioglu et al. (2008) (Panel A); replace Q with sales growth (Panel B); replace Q with future stock returns (Panel C); and replace Q with the ratio of future investment to current investment…”