This research study examines the mediating role of cash holdings between economic policy uncertainty (EPU) and corporate leverage relationship. Using stepwise regression analysis annual firm-level data 2,534 U.S. firms listed at NYSE over 1995–2018, we provide novel evidence that significantly partially mediate EPU-leverage relationship, accounting for a 10.72% increase in during EPU. We discov...

What motivates a company to become politically connected and what impact does political connectedness have on corporate policies? To address this question, we exploit an exogenous Supreme Court decision (Citizens United) that lifted all restrictions on corporate political contributions. We find a significant increase in the cash holdings levels of historically politically connected firms relati...

This paper investigates the characteristics of firms that adopt persistent conservative financial policies. We are mainly interested in the determinants of the likelihood of firms adopting the persistent policies of low-leverage and high-cash holdings simultaneously. In this paper, we classify firms as financially conservative if they adopt both low-leverage and high-cash policies at the same t...

This paper provides an empirical analysis about the relationship of corporate governance and cash dividend policy in China. The results show that equity structure and the cash dividends are related. Other factors such as executive pay are related to cash dividends. This paper also analyzes the requirement of cash dividends on behalf of the corporate governance or big shareholders "Tunnel behavi...