The Evolution of Corporate Cash

被引：66
|
作者：
Graham, John R. [1 ,2 ]
Leary, Mark T. [2 ,3 ]
机构：
[1] Duke Univ, Fuqua Sch Business, Durham, NC 27706 USA
[2] NBER, Cambridge, MA 02138 USA
[3] Washington Univ, Olin Sch Business, St Louis, MO 63130 USA
来源：
REVIEW OF FINANCIAL STUDIES | 2018年 / 31卷 / 11期
关键词：
US FIRMS HOLD; FINANCIAL CONSTRAINTS; DETERMINANTS; INVESTMENT; GOVERNANCE; DIVIDENDS; DEMAND;
D O I：
10.1093/rfs/hhy075
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We study time-series and cross-firm variation in corporate cash holdings from 1920 to 2014. The recent increase in cash is not unique in magnitude. However, the recent divergence between average and aggregate cash is new and entirely driven by a shift in cash policies of newly public firms, whereas within-firm changes have been negative or flat since the 1940s. Cross-sectional relations between cash holdings and firm characteristics are stable throughout the century, though characteristics explain little of the trends in aggregate cash. Macroeconomic conditions, corporate profitability and investment, and (since 2000) repatriation taxes explain aggregate cash over the last century.
引用
收藏
页码：4288 / 4344
页数：57
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