Abstract

This study investigates the possibilities for recently listed Romanian Information and Communications Technology (ICT) firms to select optimal sets of financial strategies under adverse macroeconomic conditions, with high and persistent inflation, high volatility, high cost of financing and liquidity constraints that influence investment decisions and financial resilience. Using a stochastic investment model with the Tobin’s Q factor in a dynamic framework equipped with a generalized Wiener process, this study offers an intuitive approach for simultaneously assessing corporate market value under financial constraints and formulating optimal decisions based on liquidity management. In this research, the numerical simulations in Python for a set of 16 scenarios resulting from combining technological and macroeconomic variables were performed, with a series of parameters held constant. The results highlight the decisive role of financial restrictions and macroeconomic volatility in shaping the investment behavior, as well as the importance of adjusting the timing of investments together with liquidity mechanisms capable of improving financial resilience. The main contribution of this study is the simplicity with which one can assess the impact of the risk-free rate and volatility on the main parameters of the set of strategies (earnings dynamics, liquidity risk, cost of capital, liquidation value, opportunity cost associated with holding cash) and to assess the integrated perspective on financial resilience. This procedure is simple and scalable and can also represent a practical tool to support management and investment decisions in volatile and turbulent conditions.

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