Based on climate change data of local cities and cash holding Chinese listed companies from 2011 to 2019, this article studies the impact level corporate holdings analyzes path level. The results show that under influence change, enterprises hold a high cope with risks variables carry out robustness tests; meanwhile, remain consistent. By analyzing source channels enterprise cash, it is found i...

We investigate a firm’s joint decision to hold cash and to hedge in the presence of financial constraints. The predictions are tested using a sample of manufacturing firms. We confirm the existing evidence of a positive sensitivity of cash holdings to cash flow for financially constrained firms. More importantly, we find a positive sensitivity of hedging to cash flow for constrained firms and, ...

We investigate the determinants of cash holdings and firm value of Latin American firms during the Mexican crisis of 1994-1995 and the Brazilian crisis of 1999. We find that each crisis alters the determinants of cash and firm value differently. Larger firms increase their cash holdings during the Mexican crisis, while cross-listed firms increase their holdings of cash during the Brazilian cris...

In this paper we offer the first large sample evidence on the availability and usage of credit lines in U.S. public corporations and use it to re-examine the existing findings on corporate liquidity. We show that the availability of credit lines is widespread and that average undrawn credit is of the same order of magnitude as cash holdings. We test the trade-off theory of liquidity according t...