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Impact of cash holdings and ownership concentration on firm valuation: Empirical evidence from Australia
Ameer, Rashid - In: Review of Accounting and Finance 11 (2012), pp. 448-467
Purpose – The purpose of this paper is to investigate the impact of firms' cash holdings and ownership concentration on the firms' valuation using an unbalanced panel dataset of non-financial listed firms in Australia. Design/methodology/approach – The author used a generalized method of...
Persistent link: https://www.econbiz.de/10010584016
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Real and financial tradeoffs in non-listed firms: Cash flow sensitivities and how they change with shocks to firms' main-bank
Østergaard, Charlotte; Sasson, Amir; Sørensen, Bent E. - Norges Bank - 2010
We study how non-listed firms trade off financial, real, and distributive uses of cash. We show that firms' marginal value of cash (MVC) affects the mix of external and internal finance used to absorb fluctuations in cash flows; in particular, high-MVC firms employ substantially more external...
Persistent link: https://www.econbiz.de/10008764236
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Government Deficits and Corporate Liquidity
Chen, Naiwei; Yo, Siting - In: Asian Economic and Financial Review 2 (2012) 1, pp. 59-75
This study examines the relationship between government deficit and corporate liquidity (cash holdings). Using data of … nonfinancial firms in Taiwan from 1981 to 2009, this study finds that corporate liquidity is lower when government deficit is … higher. In addition, corporate liquidity is related with other macroeconomic conditions, such as inflation, short …
Persistent link: https://www.econbiz.de/10009654269
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Financial Crisis and Corporate Liquidity: Implications for Emerging Markets
Chen, Naiwei; Chang, Meiya - In: Asia-Pacific Financial Markets 20 (2013) 1, pp. 1-30
The present study investigates corporate liquidity (cash holdings) in emerging markets from 1990 to 2006. During the …
Persistent link: https://www.econbiz.de/10010866382
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Corporate Cash Savings: Precaution versus Liquidity
Boileau, Martin; Moyen, Nathalie - Centre Interuniversitaire sur le Risque, les Politiques … - 2009
be prudent about their future prospects. The second mechanism is linked to the liquidity motive requiring firms to meet … their current liquidity needs. We find that the mechanism embedded in the liquidity motive best explains how the increased …
Persistent link: https://www.econbiz.de/10008495565
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Corporate Liquidity
Dittmar, Amy; Mahrt-Smith, Jan; Servaes, Henri - C.E.P.R. Discussion Papers - 2002
Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 … that generally drive the need for liquidity, such as investment opportunities and asymmetric information, actually become …
Persistent link: https://www.econbiz.de/10005498063
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Credit lines: The other side of corporate liquidity
Ippolito, Filippo; Orive, Ander Pérez - Department of Economics and Business, Universitat … - 2012
corporations and use it to re-examine the existing findings on corporate liquidity. We show that the availability of credit lines …-off theory of liquidity according to which firms target an optimum level of liquidity, computed as the sum of cash and undrawn … credit lines. We provide support for the existence of a liquidity target, but also show that the reasons why firms hold cash …
Persistent link: https://www.econbiz.de/10010849610
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Credit Lines: The Other Side of Corporate Liquidity
Ippolito, Filippo; Perez, Ander - Barcelona Graduate School of Economics (Barcelona GSE) - 2012
corporations and use it to re-examine the existing findings on corporate liquidity. We show that the availability of credit lines …-off theory of liquidity according to which firms target an optimum level of liquidity, computed as the sum of cash and undrawn … credit lines. We provide support for the existence of a liquidity target, but also show that the reasons why firms hold cash …
Persistent link: https://www.econbiz.de/10010851340
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Creditor rights and corporate cash holdings: International evidence
Yung, Kenneth; Nafar, Nadia A. - In: International Review of Economics & Finance 33 (2014) C, pp. 111-127
In this cross-country analysis, we find evidence of a positive relation between creditor rights and the level of corporate cash holdings. In addition, we find that the excess cash motivated by creditor rights has a significant negative impact on firm value. These relationships, however, are...
Persistent link: https://www.econbiz.de/10010930965
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The value of excess cash and corporate governance: evidence from u.s. cross-listings
Fresard, L.; Salva, C. - Vlerick Business School - 2009
We examine whether and, if so, how a U.S. cross-listing mitigates the risk that managers will squander corporate cash holdings. We find strong evidence that the value investors attach to excess cash reserves is substantially larger for foreign firms listed on U.S. exchanges and over the counter...
Persistent link: https://www.econbiz.de/10005017844