Advertising and corporate cash holdings

被引：1
|
作者：
Luo, Haohan [1 ]
Wang, Haijun [2 ]
Wu, Ying [3 ]
机构：
[1] Chengdu Univ Technol, Business Sch, 1 East Third Rd, Chengdu 610059, Peoples R China
[2] Beijing Wuzi Univ, Sch Econ, 321 Fuhe St, Beijing 101149, Peoples R China
[3] Nanjing Normal Univ, Sch Business, 1 Wenyuan Rd, Nanjing 210023, Jiangsu Provinc, Peoples R China
来源：
FINANCE RESEARCH LETTERS | 2023年 / 58卷
关键词：
Advertising; Cash holdings; Analyst coverage; GOVERNANCE;
D O I：
10.1016/j.frl.2023.104475
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This study investigates the effect of advertising on corporate cash holdings. Using a comprehensive sample of Chinese listed firms from the 2011-2022 period, we find that advertising increases corporate cash holdings. This finding remains valid across various robustness measures and is attenuated for state-owned enterprises. Mechanism tests show that advertising affects cash holdings by improving analyst coverage. Our study is the first to examine the role of advertising in corporate cash holdings and substantiates the perspective that firms with superior corporate governance maintain greater cash reserves.
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页数：7
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