Business strategy’s impact on firm cash holdings and dividend payouts has largely remained unexplored. We identify a fundamental and direct link between a firm’s business strategy and its cash holdings and dividend payouts. Analysing two large samples of data on U.S. firms over the period...

I estimate a dynamic game where firms make external financing decisions and hold cash taking into account the corresponding behavior of their peers. A key advantage of this approach is that I can obtain an empirical measure of peer effects that stem from decision makers' dynamic optimization...

Recently, debate on corporate cash holdings has received greater attention in the corporate finance literature. Corporate finance theories provide competing hypotheses on the relationship between cash holdings and corporate performance. This study empirically examines the relationship between...

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...

Based on the data of A-share listed companies in Shanghai and Shenzhen from 2013 to 2017 and the air quality monitoring data released by the China National Environmental Monitoring Centre, this paper conducts an empirical test on the relationship between air pollution and corporate cash...

We investigate how the value of cash holdings changes following the mandatory adoption of International Financial Reporting Standards (IFRS), which is viewed as an exogenous shock to information asymmetry between firms and outside investors. Using firm-level data from 47 countries, we find that...

This paper examines the impact of earnings transparency on corporate cash holdings. Motivated by Barth et al. (2013), who show that firms with less earnings transparency tend to have higher cost of equity, this paper shows that the cross-section differences in earnings transparency cause...

We study the financial determinants of cash holdings and discuss the importance of firm size in the post-crisis period. We employ panel data regression analysis on a sample of 6629 non-financial and non-utility listed companies in the United Kingdom from 2010 to 2018. We focus on the comparative...

In this paper, we examine how auditors respond in terms of audit fees, to cash holdings that are a growing concern in corporate America. Holding everything else constant, we find that cash holdings are positively related to audit fees, reflecting that auditors' react to the level of firms' cash...

This study assesses the extent to which cash holding affects the financial performance of quoted insurance firms in Nigeria. Three hypotheses were formulated in line with the objective of the study; Ex-post facto research design and time-series data were adopted and the data for the study were...