Buddhism and Taoism have been deeply rooted in China for generations both of them a profound impact on the local culture social norms. By employing 23,999 firm-year observations between 2008 2018, we examine how religious norms affect corporate cash policies. We provide strong evidence that religiosity significantly reduces level holdings, by mitigating financial constraints earnings management...

We show that after the revelation of corporate frauds in a state, the equity holdings of households in that state decrease significantly both in the extensive and the intensive margins. Using an exogenous shock to fraud detection and exogenous variation in households’ lifetime experiences of corporate fraud, we are able to establish that the impact of fraud revelation in local companies on hous...

This paper investigates to what extent cultural dimensions, based on Hofstede’s model, can clarify differences in cash holding levels. The sample includes 395 banks across 19 countries the Middle East and North Africa region over a period of 16 years (1999–2014). findings indicate that when uncertainty avoidance masculinity decrease, holdings increase, whereas power distance, long-term orientat...

this study investigates empirically the value investors place in excess cash holdingand how managerial ability impact on the value of cash holding for iranianfirms from 2006 to 2014. in this research, managerial ability calculated by usingthe data envelopment analysis (dea). following the approach of faulkender andwang, we find that the relation between managerial ability and value of cash hold...

In this study, the effect of management entrenchments on the speed of cash holding adjustment in Iran has been investigated. After designing the management entrenchment evaluation indicators, the transaction information was collected from the Stock Exchange in the five-year period of 2011-2015. The statistical sample consists of 155 companies selected by systematic deletion method. In this rese...