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Empirical Essays on Corporate Cash Holdings [PDF]
, 2019 Cash holdings is an important factor in the determination of corporate financing policy providing unconditional liquidity available at any given time. The recent Global Financial Crisis also highlights the importance of corporate cash holdings. In this thesis, we examine the marginal value of cash holdings under different economic conditions, combining
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Determinants of Corporate Cash Holdings
Global Business Review, 2017This article aims at examining the financial determinants of corporate cash holdings. The study employs panel data regression method. It uses the fixed-effects method based on Hausman test results for the estimation of panel data model. This study has implications that are beneficial for the business managers to have a better understanding and ...
Yogesh Maheshwari, K.T. Vigneswara Rao
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Corporate strategy uniqueness and cash holdings
Financial ReviewAbstractThis study examines the effect of unique strategies on corporate cash holdings. We find a U‐shaped relationship between strategy uniqueness and cash holdings. When strategy uniqueness is low, the increase in uniqueness enhances a company's competitive advantage, leading to low demand for cash reserves.
Zhenzhen Sun, Rongrong Zhang, Yifei Li
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Corporate precautionary cash holdings
Journal of Corporate Finance, 2007This paper models the precautionary motive for a firm's cash holdings. A two-period investment model shows that the cash holdings of financially constrained firms are sensitive to cash flow volatility because financial constraints create an intertemporal trade-off between current and future investments.
Seungjin Han, Jiaping Qiu
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Corporate Cash Holdings and Acquisitions
Financial Management, 2017AbstractWe find that acquirers’ announcement returns decline with their cash holdings, but only when at least part of the payment is in the form of stock. We further find evidence that acquirers that use stock payment are overvalued, especially when they have excess cash that they could have used instead.
Erik Lie, Yixin Liu
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Corporate Governance and Cash Holdings
2021Corporate cash induces the opportunistic behavior of corporate managers that can create an agency problem. A corporate governance system controls the opportunistic behavior of managers and can affect the firm's policy on holding cash. This study explains how the aspects of corporate governance, country-level and firm-level governance, can affect the ...
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Corporate cash holdings and CEO compensation incentives
Journal of Financial Economics, 2010We examine the effect of CEO compensation incentives on corporate cash holdings and the value of cash to better understand how compensation incentives designed to enhance the alignment of manager and shareholder interests may influence stockholder-bondholder conflicts.
Yixin Liu, David C. Mauer
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Cash Holdings and Corporate Diversification
The Journal of Finance, 2010ABSTRACTThis paper studies the relation between corporate liquidity and diversification. The key finding is that multidivision firms hold significantly less cash than stand‐alone firms because they are diversified in their investment opportunities. Lower cross‐divisional correlations in investment opportunity and higher correlations between investment ...
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Cash holdings and corporate diversification
2012This study documents a strong connection between corporate cash holdings and organization form, and explores why such a relation exists. Over the period 1990-2004, U.S. multi-division firms held 39 percent less cash as a fraction of assets than stand-alone firms, and the difference persists after controlling for firm size, capital structure, cash flows,
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