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Michael Faulkender (2002)
Cash Holdings Among Small BusinessesCorporate Finance: Capital Structure & Payout Policies
Michael Jensen (1986)
Agency Cost of Free Cash Flow, Corporate Finance, and TakeoversIndustrial Organization & Regulation eJournal
Lee Pinkowitz, Rohan Williamson (1999)
Bank Power and Cash Holdings: Evidence from JapanCorporate Finance: Capital Structure & Payout Policies
E. Fama, James MacBeth (1973)
Risk, Return, and Equilibrium: Empirical TestsJournal of Political Economy, 81
Ivalina Kalcheva, Karl Lins (2006)
International Evidence on Cash Holdings and Expected Managerial Agency Problems
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Corporate financing and investment decisions when firms have information that investors do not have
R. Morck, Andrei Shleifer, Robert Vishny (1988)
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Y. Guney, Aydin Ozkan, Neslihan Ozkan (2003)
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T. Opler, Lee Pinkowitz, René Stulz, Rohan Williamson (1997)
The Determinants and Implications of Corporate Cash HoldingsMcDonough: Finance (Topic)
This paper presents evidence on cash holdings for Japanese firms listed on the Tokyo Stock Exchange, focusing on the impact of corporate governance factors in cash holdings and the implication of cash holdings to firm value. We find that insider ownership and bank relations of firms play a significant role in determining cash holdings. Our results indicate that foreign stockholders select profitable firms to invest, and these firms have higher levels of cash. We document evidence that cash holdings lead to agency problems and impact firm value negatively, and governance characteristics affect the negative relation between cash holdings and firm value.
Review of Pacific Basin Financial Markets and Policies – World Scientific Publishing Company
Published: Dec 1, 2005
Keywords: Corporate governance cash holdings firm value Japan
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