The proportion of assets held by the average Canadian firm in the form of cash has increased steadily since the early 1990s, and is now roughly twice as large as in 1990. The literature has established that the cash-holding behaviour of firms is highly correlated with financial constraints and...

The effect of excess cash holding on the value of a firm has attracted the attention of researchers as well as activist shareholders as in the case of Apple Inc. This paper attempts to address the question in the Canadian context. Tobin's Q is sued as a measure of firm value and the effect of...

We investigate the relationship between Environmental, Social and Governance (ESG) practices and firm value by comparing the market value of an extra dollar of cash for non-financial publicly traded Canadian firms with high and low ESG ratings, as measured by the Sustainalytics responsible...