Policy uncertainty and firm cash holdings

被引：254

作者：

Phan, Hieu V. ^{[1
]}

Nguyen, Nam H. ^{[2
]}

Nguyen, Hien T. ^{[3
]}

Hegde, Shantaram ^{[4
]}

机构：

[1] Univ Massachusetts, Manning Sch Business, 72 Univ Ave, Lowell, MA 01854 USA

[2] Univ Texas Rio Grande Valley, Robert C Vackar Coll Business & Entrepreneurship, 1201 W Univ Dr, Edinburg, TX 78539 USA

[3] Vietnam Natl Univ Ho Chi Minh City, Ho Chi Minh Univ Technol, Sch Ind Management, 268 Ly Thuong Kiet St,Dist 10, Ho Chi Minh City, Vietnam

[4] Univ Connecticut, Sch Business, 2100 Hillside Rd, Storrs, CT 06269 USA

来源：

JOURNAL OF BUSINESS RESEARCH | 2019年 / 95卷

关键词：

Policy uncertainty; Cash holdings; Precautionary motives; Financial constraints; POLITICAL UNCERTAINTY; CORPORATE GOVERNANCE; FINANCIAL CONSTRAINTS; CREDIT; DETERMINANTS; INVESTMENT; LINES; DEBT; RISK;

D O I：

10.1016/j.jbusres.2018.10.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This research examines the relation between government economic policy uncertainty and firm cash holdings. We find evidence that policy uncertainty is positively related to firm cash holdings due to firms' precautionary motives and, to a lesser extent, investment delays. The relation between policy uncertainty and cash holdings is more pronounced for firms dependent on government spending and extends beyond business cyclicality. Further analysis indicates that the effects of policy uncertainty on corporate cash holdings are distinct from those of political, market, or other macroeconomic uncertainty.

引用

页码：71 / 82

页数：12

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