Similar Search Results

Cash holdings, firm size and access to external finance. Evidence for the euro area

Martínez-Carrascal, Carmen - Banco de España - 2010

funds (debt repayment, in the empirical specification presented in this paper) is higher for larger firms, something that …

Persistent link: https://www.econbiz.de/10008725821

Product market competition and the value of corporate cash: Evidence from trade liberalization

Alimov, Azizjon - In: Journal of Corporate Finance 25 (2014) C, pp. 122-139

This paper uses the 1989 Canada–U.S. Free Trade Agreement as a source of exogenous variation in product markets to establish the impact of increased competition on the market valuation of corporate cash reserves. I find that the trade liberalization leads to a significant increase in the value...

Persistent link: https://www.econbiz.de/10010753527

Firm cash holdings and CEO inside debt

Liu, Yixin; Mauer, David C.; Zhang, Yilei - In: Journal of Banking & Finance 42 (2014) C, pp. 83-100

We examine the effect of CEO pensions and deferred compensation (inside debt) on firm cash holdings and the value of … cash. We document a positive relation between CEO inside debt and firm cash holdings. This positive effect is magnified by … shareholders declines as CEO inside debt increases. Our evidence supports the view that inside debt tilts managerial incentives …

Persistent link: https://www.econbiz.de/10010753675

Banking sector consolidation and corporate financial policies

Potì, Valerio; Wang, William - 2023

We exploit variation in the timing of bank mergers and acquisitions (M&As) and adopt a difference- in-differences approach to examine how bank consolidation affects financial policies of corporate borrowers. We find that firms increase leverage ratios after their lending banks are involved in...

Persistent link: https://www.econbiz.de/10014238123

The impact of the global financial crisis on corporate cash holdings : evidence from Eastern European countries

Batuman, Billur; Yildiz, Yilmaz; Karan, Mehmet Baha - In: Borsa Istanbul Review 22 (2022) 4, pp. 678-687

This study investigates the impact of the global financial crisis on the determinants of corporate cash holdings and adjustments towards target cash levels using a sample of Eastern European firms. Employing panel fixed effects and GMM estimations, the results reveal that firm-level determinants...

Persistent link: https://www.econbiz.de/10013334815

Economic policy uncertainty, value of cash and financial crisis

Quoc Trung Tran - In: European journal of management and business economics : … 32 (2023) 1, pp. 24-46

Purpose This paper investigates the effect of economic policy uncertainty on value of cash before and after the global financial crisis. Design/methodology/approach We investigate the relationship between economic policy uncertainty and value of excess cash based on the valuation model of Fama...

Persistent link: https://www.econbiz.de/10014318752

Modeling Managers As EPS Maximizers

Ben-David, Itzhak; Chinco, Alex - 2023

Textbook theory assumes that firm managers maximize the net present value of future cash flows. But when you ask them, the people running large public corporations say that they are maximizing something else entirely: earnings per share (EPS). Perhaps this is a mistake. No matter. We take...

Persistent link: https://www.econbiz.de/10014351328

Corporate sector cash holding : optimal levels, macro context, or external shocks?

Berent, Tomasz; Śniechowski, Maciej - In: International journal of management and economics 59 (2023) 4, pp. 297-314

The objective of this paper is to validate the existence of an extensively documented secular upward trend in corporate cash holding. To do this, we use the new data for Poland and review original datasets from Bates et al. [2009] for the U.S. We find no trace of a trend for Poland and believe...

Persistent link: https://www.econbiz.de/10014476839

The threat of political extraction and corporate cash holdings : the case of the GCC countries

Tayem, Ghada - In: Cogent economics & finance 11 (2023) 1, pp. 1-17

This study examines the motives of corporations in the Gulf Cooperation Council (GCC) countries to hold cash with a focus on institutional characteristics related to the threat of political extraction. Using firm-level financial data and macro-level and institutional data and applying the GMM...

Persistent link: https://www.econbiz.de/10014500521

Economic policy uncertainty and corporate leverage : does cash holdings matter? : evidence from the U.S.

Jumah, Zahid; Younas, Zahid Irshad; Safdar, Nabeel; … - In: Cogent economics & finance 11 (2023) 1, pp. 1-28

in a firm's leverage decision during economic uncertainty and recommends increasing debt financing to incentivize value …

Persistent link: https://www.econbiz.de/10014500896