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Corporate Life-Cycle Dynamics of Cash Holdings

Drobetz, Wolfgang - 2016

This paper shows that the corporate life-cycle is an important dimension for the dynamics and valuations of cash holdings. Our results indicate that firms' cash policies are markedly interacted with their strategy choices. While firms in early stages and post-maturity stages hold large amounts...

Persistent link: https://www.econbiz.de/10013005099

Corporate Cash Holdings and Exposure to Macroeconomic Uncertainty

Ki, YoungHa - 2020

What factors determine a firm's cash holdings has been a popular topic of research in finance, especially in light of surging cash holdings by US corporations in recent years. The bulk of such research has focused primarily on firm-specific factors occasionally sprinkled with macroeconomic...

Persistent link: https://www.econbiz.de/10012855445

Cost of Carry, Financial Constraints, and the Dynamics of Corporate Cash Holdings

Eskandari, Ruhollah - 2019

This paper provides new evidence on the link between financial constraints and corporate cash policy. Using time-series data for US public and private manufacturing firms, we find negative correlation between cash holdings and cost-of-carry for large firms. We find no evidence of such a relation...

Persistent link: https://www.econbiz.de/10012861623

Financial Hedging and Corporate Cash Policy

Sun, Wenyi - 2020

We study the implications of financial hedging for corporate cash policy. Using a web crawler program to collect data on the use of financial derivatives, we find that firms with financial hedging programs have smaller cash reserves but a higher value of cash than firms without hedging contracts...

Persistent link: https://www.econbiz.de/10012837400

Trade Credit, Cash Holdings, and Product Market Competition

Zhang, Rongrong - 2019

We explore how trade credit complements cash holdings in product market competition. First, similar to cash to cash flow sensitivity (Almeida, Campello, and Weisbach 2004), we report that trade credit is sensitive to internal cash flows and this sensitivity is moderated by firms' financial...

Persistent link: https://www.econbiz.de/10012871737

An Optimal Cash Conversion Cycle

Nobanee, Haitham - 2017

The traditional link between the cash conversion cycle and the firm's profitability is that shortening the cash conversion cycle increases firm's profitability. On the other hand shortening the cash conversion cycle could harm the firm's operations and reduce profitability. This could happen...

Persistent link: https://www.econbiz.de/10012975064

Cash Holdings and Financing Decisions Under Ambiguity

Agliardi, Elettra - 2014

This paper addresses the following unresolved questions: Why do some firms issue equity instead of debt? Why did most firms retain their cash holdings instead of distributing them as dividends in recent times? How do firms change their financing policies during a period of severe financial...

Persistent link: https://www.econbiz.de/10013043789

Cash holdings and financing decisions under ambiguity

Agliardi, Elettra; Agliardi, Rossella; Spanjers, Willy - 2014

Persistent link: https://www.econbiz.de/10011715949

A Theory of Operational Cash Holding, Endogenous Financial Constraints and Credit Rationing

Kling, Gerhard - 2013

The paper develops a theory of operational cash holding considering short-term liquidity shocks due to uncertain net … constraints endogenous. Debt holders have an incentive to impose constraints to force firms to hold cash. The theory shows that … credit rationing can occur in the absence of market frictions. The paper illustrates the theory using US data from 1989 to …

Persistent link: https://www.econbiz.de/10013093785

A Note on Stakeholder Theory and Risk : Implications for Corporate Cash Holdings and Dividend Policy

Speckbacher, Gerhard - 2014

incentives for firm-specific investments in the face of high total firm risk. Hence stakeholder theory contributes to answering …

Persistent link: https://www.econbiz.de/10013069748

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