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. This result is partly due to the positive correlation that exists between governance...

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. This result is partly due to the positive correlation that exists between governance...

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. This result is partly due to the positive correlation that exists between governance...

Les entreprises européennes et américaines détiennent une part de plus en plus importante de leurs actifs sous forme de trésorerie, alors que la sophistication financière croissante devrait les aider à réduire la trésorerie. Après un état des lieux sur les niveaux de trésorerie en...

This paper investigates the determinants of the cash holdings of French firms over the period 1998- 2002, using the trade-off theory and the pecking order theory. We show that French firms increase their cash level when their activities are risky and the levels of their cash flow are high, and...

This paper investigates the determinants of the cash holdings of French firms over the period 1998- 2002, using the trade-off theory and the pecking order theory. We show that French firms increase their cash level when their activities are risky and the levels of their cash flow are high, and...

Cet article étudie la détention de la trésorerie par les entreprises françaises en utilisant un échantillon de 297 entreprises sur la période 1998- 2002. La théorie du compromis et celle du financement hiérarchique jouent un rôle important dans l'explication de la détention de la...

This paper investigates the determinants of the cash holdings of French firms over the period 1998- 2002, using the trade-off theory and the pecking order theory. We show that French firms increase their cash level when their activities are risky and the levels of their cash flow are high, and...

Open market share repurchases are strictly regulated to prevent companies from profiting from insider information. We examine compliance with these rules in France, where the mandatory disclosure of share repurchases provides detailed information on repurchases actually undertaken. Using a...