This paper examines the impact of corporate environmental, social and governance (ESG) disclosure on cash holdings, specifically during various stages firm life cycle S&P 1500 indexed firms. Using a sample 9811 firm-year observations from 2006 to 2015, we document significantly negative relation between ESG holdings in introduction, growth shake-out/decline stages, those lower are associated wi...

The work presented in this thesis is, to the best of my knowledge and belief, original, except as acknowledged in the text. The material has not been submitted, either in whole or in part, for a degree at this or any other university. I Acknowledgements I would like to express my deepest gratitude towards Dr. Kelvin Tan, whose insightful guidance, generous help and encouragement have helped me ...

Abstract Since the early 1980s, composition of US public firms has progressively shifted toward less profitable with high growth potential (Fama and French, 2004). We estimate a dynamic corporate finance model to quantify role this selection mechanism for secular trend in cash holdings among firms. find that an increase precautionary savings motive—primarily driven by decline initial profitabil...