The average cash holdings of Chinese-listed firms decreased significantly after the split share structure reform in China, which specified a process that allowed previously nontradable shares held by controlling shareholders to be freely tradable on the exchanges. The reduction in cash holdings is greater for firms with weaker governance and firms facing more financial constraints prior to the ...

Abstract Faultlines can affect a board of director’s effectiveness in supervising senior managers, which turn affects the value company’s cash holdings. Based on sample data from Chinese A-share listed companies 2004 to 2016, we examine relationship between faultlines and The empirical results indicate that have significant inhibitory effect holding value. This is stronger for resulting deep-le...

We document a positive relation between firm-specific investor sentiment (FSIS) and the value of cash. also show that FSIS has stronger effect on cash than other types assets, suggesting our finding is not simple reflection firm-level overvaluation. Our robust to alternative measures change in cash, different regimes, measured by order imbalance, news tone earnings conference call transcripts c...

The management of cash requires careful considerations to allow firms benefit from proper resource allocations while mitigating agency issues. Accounting comparability can play an important role in tackling information asymmetry and cost, thus enabling managers hoard more cash. This research aims investigate the link between accounting holdings emerging market. Using a sample listed Vietnam 201...

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...