Local long-term institutions, growth and cash holdings

被引：0
|
作者：
Chang, Kiyoung [1 ]
Kang, Eun [2 ]
Li, Ying [3 ]
机构：
[1] Univ South Florida Sarasota Manatee, Coll Business, Sarasota, FL 34343 USA
[2] Calif State Univ San Marcos, Coll Business Adm, San Marcos, CA 92096 USA
[3] Univ Washington, Sch Business, Bothell, WA 98011 USA
来源：
APPLIED ECONOMICS LETTERS | 2014年 / 21卷 / 06期
关键词：
local institution; cash; growth; monitor;
D O I：
10.1080/13504851.2013.861581
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We provide empirical evidence that support both outcome' and substitute' models of agency theories related to cash holding. Local long-term institutional investors are associated with lower excess cash in firms with less growth and easier access to external financing, and with higher excess cash in firms with higher growth in our US sample.
引用
收藏
页码：387 / 390
页数：4
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