Media coverage and cash holding adjustments*

被引：7

作者：

Cho, Hyungjin ^{[1
]}

Cho, Meeok ^{[2
]}

Kim, Sehee ^{[2
]}

机构：

[1] Inha Univ, Coll Business Adm, Incheon, South Korea

[2] Seoul Natl Univ, Business Sch, 1 Gwanak Ro, Seoul 08826, South Korea

来源：

ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES | 2021年 / 50卷 / 06期

关键词：

Media attention; Cash holdings; Adjustment speed; Partial adjustment model; External monitoring; CORPORATE GOVERNANCE ROLE; BUSINESS PRESS; MARGINAL VALUE; INFORMATION; DETERMINANTS; MARKETS; FIRMS;

D O I：

10.1111/ajfs.12354

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper investigates how companies adjust their cash holdings in response to media coverage. We find that firms with more media coverage and more negative tone of media coverage move the level of cash holdings faster toward the target level. More importantly, the association between media attention and cash holding adjustment speed is weaker for firms affiliated with business groups, indicating that close relationship between media and business groups impairs the monitoring role of media. These findings support the monitoring role of media in improving the efficiency in cash management.

引用

页码：690 / 717

页数：28

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