Uncertainty and the value of cash holdings

被引：64
|
作者：
Im, Hyun Joong [1 ]
Park, Heungju [2 ]
Zhao, Gege [1 ]
机构：
[1] Peking Univ, HSBC Business Sch, Shenzhen 518055, Peoples R China
[2] Sungkyunkwan Univ, SKK Business Sch, Seoul 03063, South Korea
来源：
ECONOMICS LETTERS | 2017年 / 155卷
关键词：
Uncertainty; Cash holdings; Real options; Financial constraints; Agency costs; FINANCIAL CONSTRAINTS; INVESTMENT;
D O I：
10.1016/j.econlet.2017.03.005
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We find that a firm facing higher uncertainty has a higher value of cash. This effect is attributed to the increased value of the option to wait and see as well as the aggravated financial constraints and mitigated agency conflicts. (C) 2017 Elsevier B.V. All rights reserved.
引用
收藏
页码：43 / 48
页数：6
相关论文
共 50 条
  • [21] Cash holdings and bank profits in periods of uncertainty
    Van Dan Dang
    JOURNAL OF ECONOMIC STUDIES, 2022, : 343 - 356
  • [22] Cash holdings and oil price uncertainty exposures
    Wu, Xi
    Wang, Yudong
    Tong, Xinle
    ENERGY ECONOMICS, 2021, 99
  • [23] CEO overconfidence and the value of corporate cash holdings
    Aktas, Nihat
    Louca, Christodoulos
    Petmezas, Dimitris
    JOURNAL OF CORPORATE FINANCE, 2019, 54 : 85 - 106
  • [24] Political Favoritism and Value of Corporate Cash Holdings
    Panta, Humnath
    Adhikari, Ramesh
    Narayanasamy, Arun
    JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2024,
  • [25] Do Foreign Cash Holdings Generate Uncertainty for Analysts?
    Fabrizi, Michele
    Ipino, Elisabetta
    Magnan, Michel
    Parbonetti, Antonio
    EUROPEAN ACCOUNTING REVIEW, 2023, 32 (01) : 169 - 196
  • [26] Fair value accounting and corporate cash holdings
    Bick, Patty
    Orlova, Svetlana
    Sun, Li
    ADVANCES IN ACCOUNTING, 2018, 40 : 98 - 110
  • [27] Financial Constraints, Investment, and the Value of Cash Holdings
    Denis, David J.
    Sibilkov, Valeriy
    REVIEW OF FINANCIAL STUDIES, 2010, 23 (01): : 247 - 269
  • [28] Hierarchical Political Power and the Value of Cash Holdings
    Liu, Jia
    Talavera, Oleksandr
    Yin, Shuxing
    Zhang, Mao
    BRITISH JOURNAL OF MANAGEMENT, 2025,
  • [29] Product Innovation and the Value of Corporate Cash Holdings
    Park, Cheong Kyu
    ADVANCED SCIENCE LETTERS, 2016, 22 (11) : 3589 - 3592
  • [30] Corporate cash holdings, uncertainty avoidance, and the multinationality of firms
    Ramirez, Andres
    Tadesse, Solomon
    INTERNATIONAL BUSINESS REVIEW, 2009, 18 (04) : 387 - 403
12345