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Excess Cash Holdings and Shareholder Value [PDF]
SSRN Electronic Journal, 2010 We examine the determinants of corporate cash holdings in Australia and the impact on shareholder wealth of holding excess cash. Our results show that a trade-off model best explains the level of a firm’s cash holdings in Australia. We find that ‘transitory’ excess cash firms earn significantly higher risk-adjusted returns compared to ‘persistent ...
Lee, Edward, Powell, Ronan
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Financial Innovation, 2019 Using a sample of 280 firms listed on the Pakistan Stock Exchange, we empirically investigate factors that determine corporate cash holdings in different periods from 2005 to 2014.
Khalil Jebran +4 more
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The Effect of Audit Quality on the Market Value of Cash Holdings: Evidence from Tehran Stock Exchange and IACPA [PDF]
International Journal of Management, Accounting and Economics, 2020 In this study, the effect of audit quality on the market value of cash holdings was investigated. The company’s auditor expertise and tenure were considered as measures of audit quality.
Moslem Tahmasbi +2 more
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Corporate financing decisions under ambiguity : pecking order and liquidity policy implications [PDF]
, 2016 This paper addresses the following unresolved questions fromthe perspective of ambiguity theory: Why do some firms issue equity instead of debt?Why did most firms retain their cash holdings instead of distributing themas dividends in recent times? How do
Agliardi +66 more
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Corporate cash holding and firm value [PDF]
Applied Economics, 2011 This study contrasts the effect of cash holding on firm value for a sample of US industrial firms during 2001-2007. The study tests empirically for the existence of an optimal cash level that maximizes firm value. Secondly, the study analyzes whether or not deviations from the optimum cash level reduce firm value.
Cristina Martinez-Sola +2 more
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THE IMPACT OF CORPORATE GOVERNANCE ON CASH HOLDINGS: A COMPARATIVE STUDY OF THE MANUFACTURING AND SERVICE INDUSTRY [PDF]
Financial Studies, 2016 In this study, a comparative analysis of manufacturing and services industry is conducted to test the relationship between corporate governance and cash holdings of non-financial listed firms in Pakistan.
Asad KHAN +2 more
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The threat of political extraction and corporate cash holdings: The case of the GCC countries
Cogent Economics & Finance, 2023 This study examines the motives of corporations in the Gulf Cooperation Council (GCC) countries to hold cash with a focus on institutional characteristics related to the threat of political extraction.
Ghada Tayem
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Value of One Rials Cash Held by the Company from a Shareholder’s Perspective [PDF]
مجله دانش حسابداری, 2018 The Tradeoff Theory explain that there is always an optimum level of cash holding in the company, in contrast to other theories about how much cash is kept, such as the hierarchy of finance theory, believes that there is no optimal level for cash holding
Hossein Sajadi (Ph.D), Reza Safikhani
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Finance and Economics Discussion Series, 1998 Cash holdings of nonfinancial firms range widely, and are related to firm size, industry and access to the public bond market. Cash holdings are positively correlated with agency proxies, suggesting that firms that cannot borrow easily due to agency problems hold greater cash stocks--perhaps as a cushion to prevent shortfalls in cash flow from ...
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Cash holdings, corporate governance and financial constraints. [PDF]
We examine the relation between cash holdings, quality of governance and financial constraints. We find that firms with strong shareholder rights hold more cash, contrary to the predictions of agency theory.
Ginglinger, Edith, Saddour, Khaoula
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