Purpose At present, China's industrial spatial layout faces the predicament of over-agglomeration of Eastern China industries and the near disintegration of industrial structure in the central and western regions. The paper aims to discuss this issue. Design/methodology/approach Based on the...

This paper empirically analyzes the relationship between firms' competitive position and cash holdings. Firms with a low competitive position have a lower expected cash ow. Therefore, such firms set aside cash from cash flows to avoid default. We estimate a linear cash demand function using two...

We identified the impact of the expansionary monetary policy in China during the 2008–2009 global financial crisis on the credit and investment allocation among firms after controlling for the simultaneous fiscal stimulus. We utilized the extent of the exposure to the construction sector,...

We find firms which successfully obtained a bank loan in a crisis period reduced their cash holdings post-crisis, using Japanese data from the 2008 financial crisis. Firms received loans primarily from non-main banks. These in-crisis loans reduced cash holdings afterwards. We observe this...

We find firms which successfully obtained a bank loan in a crisis reduced their cash holdings post-crisis, using Japanese data from the 2008 financial crisis. Firms received loans primarily from non-main banks. This substitution between borrowing and cash holdings applies to firms with an...