منابع مشابه
Cash Holdings and Corporate Governance –
In this paper, we provide new and complementing international evidence on the relation between cash holdings, corporate governance, and firm value. Our sample consists of a crosssection of 1,875 firms from 46 countries in 2007. We construct eight different measures of firm-level corporate governance based on 64 individual governance attributes provided by Governance Metrics International (GMI)....
متن کاملRefinancing risk and cash holdings
Although a firm’s use of shorter-term debt can potentially help it to reduce agency costs of debt and align managers’ interests with those of shareholders, the use of this type of debt increases the firm’s refinancing risk. We hypothesize that firms with debt that has a shorter maturity hold larger cash reserves to reduce important costs they could incur if they have difficulty refinancing thei...
متن کاملDeterminants of Corporate Cash Holdings
The paper explores the driving forces behind corporate cash holdings by analyzing past literature and extending this research to the behavior of firms after the 2008 recession. I look at the cash to assets and net debt to assets ratios from October 1980 to October 2011 to obtain an understanding of the past and current state of cash holdings. A comprehensive literature review is done on agency ...
متن کاملInternational Corporate Governance and Corporate Cash Holdings
Agency problems are an important determinant of corporate cash holdings. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder protection. In addition, when shareholder protection is poor, factors that generally drive the ne...
متن کاملFirm structure and corporate cash holdings
Article history: Received 31 August 2009 Received in revised form 24 May 2010 Accepted 2 June 2010 Available online 10 June 2010 We analyze whether the organizational structure of firms (i.e., whether a firm is diversified or focused) affects their cash holdings. Using Compustat firm level and segment-level data, we find that diversified firms hold significantly less cash than their focused cou...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2015
ISSN: 1556-5068
DOI: 10.2139/ssrn.2565549