Access the full text.
Sign up today, get DeepDyve free for 14 days.
P. Rosenbaum, D. Rubin (1985)
Constructing a Control Group Using Multivariate Matched Sampling Methods That Incorporate the Propensity ScoreThe American Statistician, 39
Amy Dittmar, Jan Mahrt-Smith (2007)
Corporate Governance and the Value of Cash HoldingsFinancial Accounting eJournal
L. Riddick, Toni Whited (2007)
The Corporate Propensity to SaveS&P Global Market Intelligence Research Paper Series
Steven Kaplan, Gregor Andrade (1997)
How Costly is Financial (Not Economic) Distress? Evidence from Highly Leveraged Transactions that Became DistressedCorporate
Thomas Bates, Kathleen Kahle, René Stulz (2006)
Why Do U.S. Firms Hold so Much More Cash than They Used to?Microeconomic Theory eJournal
J. Heckman, Hidehiko Ichimura, Petra Todd (1997)
Matching As An Econometric Evaluation Estimator: Evidence from Evaluating a Job Training ProgrammeThe Review of Economic Studies, 64
Venky Nagar, K. Petroni, Daniel Wolfenzon (2009)
Governance Problems in Closely Held CorporationsJournal of Financial and Quantitative Analysis, 46
J. Harford, S. Mansi, W. Maxwell (2008)
Corporate governance and firm cash holdings in the USJournal of Financial Economics, 87
E. Fama, M. Jensen (1983)
Separation of Ownership and ControlThe Journal of Law and Economics, 26
Ivalina Kalcheva, Karl Lins (2006)
International Evidence on Cash Holdings and Expected Managerial Agency Problems
Doo-cheol Moon, K. Tandon (2007)
The influence of growth opportunities on the relationship between equity ownership and leverageReview of Quantitative Finance and Accounting, 29
Ole‐Kristian Hope, J. Langli, W. Thomas (2012)
Agency Conflicts and Auditing in Private FirmsCGN: Auditors (Sub-Topic)
James Ang, Rebel Cole, James Lin (2000)
Agency Costs and Ownership StructureJournal of Finance, 55
Kenneth Lorek, G. Willinger (2009)
New evidence pertaining to the prediction of operating cash flowsReview of Quantitative Finance and Accounting, 32
David Denis, Valeriy Sibilkov (2007)
Financial Constraints, Investment, and the Value of Cash HoldingsCorporate Finance: Valuation
W. Mikkelson, M. Partch (2003)
Do Persistent Large Cash Reserves Hinder Performance?Journal of Financial and Quantitative Analysis, 38
Omer Brav (2009)
Access to Capital, Capital Structure, and the Funding of the FirmJournal of Finance, 64
Sandy Klasa, W. Maxwell, Hernán Ortiz-Molina (2008)
The Strategic Use of Corporate Cash Holdings in Collective Bargaining with Labor UnionsCorporate Finance: Valuation
Jeffrey Smith, Petra Todd (2000)
Does Matching Overcome Lalonde's Critique of Nonexperimental Estimators?Penn Institute for Economic Research (PIER) Working Paper Series
Heitor Almeida, Murillo Campello, M. Weisbach (2003)
The Cash Flow Sensitivity of CashNew York University Stern School of Business Research Paper Series
(2000)
Theory of the Firm : Managerial Behavior , Agency Costs and Ownership Structure
(2011)
Why are Most Firms Privately Held? SSRN working paper
(1993)
Intel Corporation, 1992: Teaching Note
A. Addas, T. Bates, Edith Ginglinger, J. Harford, David Haushalter, Jean Helwege, Marcin Kacperczyk, Kathleen Kahle, Kai Li, S. Mansi, J. Rosett, Bill Schwert, Husayn Shahrur, Janet Smith, Mike Stegemoller, Marc Weidenmier (2008)
The strategic use of corporate cash holdings in collective bargaining with labor unions *
A. Saunders, Sascha Steffen (2011)
The Costs of Being Private: Evidence from the Loan MarketBanking & Insurance eJournal
Teresa John (1993)
Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial DistressFinancial Management, 22
Michael Faulkender, Rong Wang (2004)
Corporate Financial Policy and the Value of CashS&P Global Market Intelligence Research Paper Series
P. Asquith, Robert Gertner, D. Scharfstein (1991)
Anatomy of Financial Distress: An Examination of Junk-Bond IssuersS&P Global Market Intelligence Research Paper Series
Z. Tong (2010)
CEO Risk Incentives and Corporate Cash HoldingsCorporate Finance: Governance
Amir Sufi (2006)
Bank Lines of Credit in Corporate Finance: An Empirical AnalysisSPGMI: Compustat Fundamentals (Topic)
P. Rosenbaum, Donald Rubin (1983)
The central role of the propensity score in observational studies for causal effectsBiometrika, 70
Seungjin Han, Jiaping Qiu (2007)
Corporate precautionary cash holdingsJournal of Corporate Finance, 13
T. Opler, Lee Pinkowitz, René Stulz, Rohan Williamson (1997)
The Determinants and Implications of Corporate Cash HoldingsMcDonough: Finance (Topic)
Murillo Campello, John Graham, Campbell Harvey (2009)
The Real Effects of Financial Constraints: Evidence from a Financial CrisisMicroeconomics: Asymmetric & Private Information eJournal
John Asker, Joan Farre-Mensa, Alexander Ljungqvist (2011)
What Do Private Firms Look Like?ERN: Firm Behavior (Econometrics) (Topic)
Feng Chen, Ole‐Kristian Hope, Qingyuan Li, Xin Wang (2010)
Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging MarketsCGN: Disclosure & Accounting Decisions (Topic)
Kenneth Froot, D. Scharfstein, J. Stein (1992)
Risk Management: Coordinating Corporate Investment and Financing PoliciesRisk Management eJournal
Hai-Chin Yu, Ben Sopranzetti, Cheng-Few Lee (2015)
The impact of banking relationships, managerial incentives, and board monitoring on corporate cash holdings: an emerging market perspectiveReview of Quantitative Finance and Accounting, 44
E. Fama, K. French (2000)
Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?MIT Sloan School of Management Working Paper Series
Study Sector Codes Sector Names Corresponding 2-digit SIC codes
D. Cohen, Paul Zarowin (2008)
Accrual-Based and Real Earnings Management Activities Around Seasoned Equity OfferingsNew York University Stern School of Business Research Paper Series
Changsook Kim, D. Mauer, Ann Sherman (1998)
The Determinants of Corporate Liquidity: Theory and EvidenceJournal of Financial and Quantitative Analysis, 33
J. Baskin (1987)
Corporate Liquidity in Games of Monopoly PowerThe Review of Economics and Statistics, 69
Rozália Pál, Annalisa Ferrando (2006)
Financing constraints and firms’ cash policy in the euro areaThe European Journal of Finance, 16
John Campbell, M. Lettau, B. Malkiel, Yexiao Xu (2000)
Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic RiskCapital Markets: Asset Pricing & Valuation eJournal
D. Burgstahler, Luzi Hail, C. Leuz (2006)
The Importance of Reporting Incentives: Earnings Management in European Private and Public FirmsChicago Booth: Accounting Research Center Research Paper Series
R. Ball, Lakshmanan Shivakumar (2005)
EARNINGS QUALITY IN UK PRIVATE FIRMS: COMPARATIVE LOSS RECOGNITION TIMELINESSJournal of Accounting and Economics, 39
M. Bigelli, Javier Vidal (2009)
Cash Holdings in Private FirmsCorporate Governance: Capital Raising
F. Easterbrook, D. Fischel (1986)
Close Corporations and Agency CostsStanford Law Review, 38
Lee Pinkowitz, René Stulz, Rohan Williamson (2006)
Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country AnalysisJournal of Finance, 61
(1984)
Corporate financing and investment decisions when firms have information that investors do not have
(2011)
Determinants of Corporate Cash Policy: A Comparison of Private and Public Firms. SSRN working paper
Amy Dittmar, Jan Mahrt-Smith, H. Servaes (2003)
International Corporate Governance and Corporate Cash HoldingsJournal of Financial and Quantitative Analysis, 38
Q. Luo, T. Hachiya (2005)
Corporate Governance, Cash Holdings, and Firm Value: Evidence from JapanReview of Pacific Basin Financial Markets and Policies, 08
T. Mantecón, P. Thistle (2011)
The IPO market as a screening device and the going public decision: evidence from acquisitions of privately and publicly held firmsReview of Quantitative Finance and Accounting, 37
Aydin Ozkan, Neslihan Ozkan (2004)
Corporate Cash Holdings: An Empirical Investigation of UK CompaniesEFA 2002 Berlin Meetings Presentation Papers (Archive)
Research suggests that the cash ratios of private firms are lower than the ones of public firms, which is not consistent with an expectation for increased importance of the precautionary motive for firms with fewer funding options. The study provides a significant explanation on these lower ratios, attributed to differences in leverage, capital expenditures, internally generated cash flows, and corporate governance. The study finally testifies that excess cash holdings are positively associated with future operating performance for private, but not public firms, a finding which is interpreted as a manifestation of capital raising constraints for unlisted versus listed firms.
Review of Pacific Basin Financial Markets and Policies – World Scientific Publishing Company
Published: Jun 1, 2013
Keywords: Cash policy private firms liquidity performance
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.