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
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