from previous studies the sensitivity of investment to cash flow is inverse basin-shaped. We provide an understanding of …

, it remains unclear whether such sustainable behavior shapes firms cash policy. Using Chinese listed firms during the … period from 2010 to 2021, this paper investigates the effect of green revenues on corporate cash holdings. We find that green … revenues decrease corporate cash holdings. This result holds for several robustness analyses that address endogeneity concerns …

We explore the forces that drive cash savings in equity issuance using the average cash-savings rate instead of the … marginal cash-savings rate that overstates individual issuers’ cash savings. Equity issuers with high investment opportunities … save more cash in anticipation of greater cash needs from fast post-issue growth. The precautionary motive, cash shortfalls …

We find that most IPO firms will run out of cash soon if they did not receive proceeds from IPOs, suggesting that cash … shortage may be one of the most important motives for IPOs. The cash shortfalls persist during the 5 years after IPO. Firms … with more initial cash shortfalls also have lower net cash flows in the next 5 years but are not valued lower in the IPO …