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What determines cash holdings at privately held and publicly traded firms? : evidence from 20 emerging markets

Hall, Thomas W.; Mateus, Cesario; Mateus, Irina Bezhentseva - In: International review of financial analysis 33 (2014), pp. 104-116

Persistent link: https://www.econbiz.de/10010520067

Cash holdings of German open-end equity funds : does ownership matter?

Dötz, Niko; Weth, Mark - 2013

In the light of the recent financial crisis, the discussion on the nature of runs and on the stabilizing role of liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the period between 2005 and 2010. Since ownership structures...

Persistent link: https://www.econbiz.de/10010202775

State Ownership and Corporate Cash Holdings

Chen, Ruiyuan (Ryan) - 2017

Using a unique sample of newly privatized firms from 59 countries, this study provides new evidence about the agency costs of state ownership and new insight into the corporate governance role of country-level institutions. Consistent with agency theory, we find strong and robust evidence that...

Persistent link: https://www.econbiz.de/10012970406

Where do institutional investors seek shelter when disaster strikes? : evidence from COVID-19

Glossner, Simon; Matos, Pedro; Ramelli, Stefano; … - 2020

During the COVID-19 market crash, U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and more exposed institutions -- performed worse. Portfolio changes through the first quarter of 2020 reveal that institutional investors prioritized...

Persistent link: https://www.econbiz.de/10012271074

Do business groups affect corporate cash holdings? : evidence from a transition economy

Cai, Weixing; Zeng, Cheng; Lee, Edward; Ozkan, Neslihan - In: China journal of accounting research : CJAR 9 (2016) 1, pp. 1-24

. Group affiliation facilitates related-party transactions, increases debt capacity and decreases investment …

Persistent link: https://www.econbiz.de/10011844586

Assets expropriation via cash dividends? : free cash flow or tunneling

Chiou, Jeng-Ren; Chen, Yenn-Ru; Huang, Ting-Chiao - In: China journal of accounting research : CJAR 3 (2010), pp. 71-93

This study solves the dispute between the free cash flow and tunneling hypotheses in explaining the role of cash dividends on asset expropriation of the controlling shareholders in Chinese listed firms. Investors value more the cash dividends and the cash holdings of firms with lower ownership...

Persistent link: https://www.econbiz.de/10011823464

Corruption, networking and foreign ownership : recent evidence from CEE countries

Pal, Sarmistha - 2013

The present paper argues that the effect of corruption on foreign ownership is not necessarily linear and depends on the level of host corruption. So long as the expected returns from foreign investments exceed its expected costs, higher host corruption will be associated with higher foreign...

Persistent link: https://www.econbiz.de/10010195528

Family ownership, workplace closure and the recession

Bryson, Alex; Dale-Olsen, Harald; Gulbrandsen, Trygve - 2016

Using nationally representative Norwegian data we show family-owned workplaces are less likely to close than observationally similar non-family-owned workplaces. But this changed during the Crisis when the family businesses' closure hazard soared. This hike in 2009 was not related to performance...

Persistent link: https://www.econbiz.de/10011457366

Bank ownership, lending relationships and capital structure : evidence from Spain

Fernández Méndez, Carlos; González Méndez, Víctor … - In: Business research quarterly : BRQ 22 (2019) 2, pp. 137-154

information and reduce the agency costs of debt, as it has a positive relationship with the maturity of debt and a negative … relationship with the cost of debt. These results are consistent with the predominance of the monitoring effect in bank ownership … over the expropriation effect. The role of banks as shareholders and lenders also contributes to reduce agency cost of debt …

Persistent link: https://www.econbiz.de/10012015937

Endogenous ownership structure: Factors affecting the post-privatisation equity in largest Hungarian firms

Bishop, Kate; Filatotchev, Igor; Mickiewicz, Tomasz - 2002

Using a data set for 162 largest Hungarian firms during the period of 1994-1999 this paper explores the determinants of equity shares held by both foreign investors and by Hungarian corporations. We find evidence of a post-privatisation evolution towards more homogeneous equity structures, where...

Persistent link: https://www.econbiz.de/10011335737

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