This study examines the cash flow sensitivity of external financing (financial flexibility (FF)) of firms from the perspective of the agency by focusing on whether and how insider ownership has a modifying effect on the FF of firms. Given the documented relationship between corporate governance...

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...

The present study investigates corporate liquidity (cash holdings) in emerging markets from 1990 to 2006. During the Asian financial crisis, firms in the majority of emerging markets examined in the present study held more cash. In addition, such an increase in cash holdings was the result of...

This study examines the impact of the ratification of the Kyoto Protocol on the capital structure of nonfinancial firms in 45 countries from 2002 to 2007. Results show that in general, the Protocol ratification has a negative impact on the leverage of firms. Such negative impact is apparent in...

Purpose This paper aims to examine whether and how ownership structure and corporate governance have bearings on the investment efficiency of Chinese listed firms. Design/methodology/approach The authors measure the investment efficiency by following the work of Richardson ( ) and classify...