메뉴 건너뛰기




Volumn 17, Issue 3, 2011, Pages 725-740

The determinants of corporate cash management policies: Evidence from around the world

Author keywords

Cash management policy; Financial constraints; Hedging needs; Legal protection

Indexed keywords


EID: 79954570077     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2010.12.002     Document Type: Article
Times cited : (96)

References (38)
  • 1
    • 34648830566 scopus 로고    scopus 로고
    • Is cash negative debt? A hedging perspective on corporate financial policies
    • Acharya Viral, Almeida Heitor, Campello Murillo Is cash negative debt? A hedging perspective on corporate financial policies. J. Financ. Intermed. 2007, 16:515-554.
    • (2007) J. Financ. Intermed. , vol.16 , pp. 515-554
    • Acharya, V.1    Almeida, H.2    Campello, M.3
  • 2
    • 4344602136 scopus 로고    scopus 로고
    • The cash flow sensitivity of cash
    • Almeida Heitor, Campello Murillo, Weisbach Michael The cash flow sensitivity of cash. J. Finance 2004, 59:1777-2084.
    • (2004) J. Finance , vol.59 , pp. 1777-2084
    • Almeida, H.1    Campello, M.2    Weisbach, M.3
  • 3
    • 79954579718 scopus 로고    scopus 로고
    • Almeida, Heitor, Campello, Murillo, Weisbach, Michael, forthcoming. Corporate financial policies and investment policies when future financing is not frictionless. J. Corp. Finance.
    • Almeida, Heitor, Campello, Murillo, Weisbach, Michael, forthcoming. Corporate financial policies and investment policies when future financing is not frictionless. J. Corp. Finance.
  • 4
    • 0041360394 scopus 로고    scopus 로고
    • When does the market matter? Stock prices and the investment of equity-dependent firms
    • Baker Malcolm, Stein Jeremy C., Wurgler Jeffrey When does the market matter? Stock prices and the investment of equity-dependent firms. Quarterly Journal of Economics 2003, 118:969-1006.
    • (2003) Quarterly Journal of Economics , vol.118 , pp. 969-1006
    • Baker, M.1    Stein, J.C.2    Wurgler, J.3
  • 5
    • 27744481307 scopus 로고    scopus 로고
    • Legal institutions and financial development
    • the Netherlands, Springer, C. Menard, M. Shirley (Eds.)
    • Beck Thornsten, Levine Ross Legal institutions and financial development. The Handbook of Institutional Economics 2005, the Netherlands, Springer. C. Menard, M. Shirley (Eds.).
    • (2005) The Handbook of Institutional Economics
    • Beck, T.1    Levine, R.2
  • 7
    • 34248225915 scopus 로고    scopus 로고
    • Global growth opportunities and market integration
    • Bekaert Geert, Harvey Campbell R., Lundblad Christian, Siegel Stephan Global growth opportunities and market integration. J. Finance 2007, 62:1081-1137.
    • (2007) J. Finance , vol.62 , pp. 1081-1137
    • Bekaert, G.1    Harvey, C.R.2    Lundblad, C.3    Siegel, S.4
  • 9
    • 64649087278 scopus 로고    scopus 로고
    • Legal protection of investors, corporate governance, and the cost of equity capital in emerging markets
    • Chen Kevin C.W., Chen Zhihong, John Wei K.C. Legal protection of investors, corporate governance, and the cost of equity capital in emerging markets. J. Corp. Finance 2009, 15:273-289.
    • (2009) J. Corp. Finance , vol.15 , pp. 273-289
    • Chen, K.C.W.1    Chen, Z.2    John Wei, K.C.3
  • 10
    • 75449107160 scopus 로고    scopus 로고
    • Financial constraints, investment, and the value of cash holdings
    • Denis David J., Sibilkov Valeriy Financial constraints, investment, and the value of cash holdings. Rev. Financ. Stud. 2010, 23:247-269.
    • (2010) Rev. Financ. Stud. , vol.23 , pp. 247-269
    • Denis, D.J.1    Sibilkov, V.2
  • 11
    • 33847233238 scopus 로고    scopus 로고
    • Corporate governance and the value of cash holdings
    • Dittmar Amy, Mahrt-Smith Jahn Corporate governance and the value of cash holdings. J. Financ. Econ. 2007, 83:599-634.
    • (2007) J. Financ. Econ. , vol.83 , pp. 599-634
    • Dittmar, A.1    Mahrt-Smith, J.2
  • 12
    • 0037347041 scopus 로고    scopus 로고
    • International corporate governance and corporate cash holdings
    • Dittmar Amy, Mahrt-Smith Jahn, Servaes Henri International corporate governance and corporate cash holdings. J. Financ. Quant. Anal. 2003, 38:111-134.
    • (2003) J. Financ. Quant. Anal. , vol.38 , pp. 111-134
    • Dittmar, A.1    Mahrt-Smith, J.2    Servaes, H.3
  • 14
    • 0031066567 scopus 로고    scopus 로고
    • Industry cost of equity
    • Fama Eugene, French Kenneth Industry cost of equity. J. Financ. Econ. 1997, 43:153-193.
    • (1997) J. Financ. Econ. , vol.43 , pp. 153-193
    • Fama, E.1    French, K.2
  • 15
    • 0038831386 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities are useful: a comment on Kaplan and Zingales
    • Fazzari Steven M., Hubbard R.Glenn, Petersen Bruce C. Investment-cash flow sensitivities are useful: a comment on Kaplan and Zingales. Q. J. Econ. 2000, 115:695-705.
    • (2000) Q. J. Econ. , vol.115 , pp. 695-705
    • Fazzari, S.M.1    Hubbard, R.G.2    Petersen, B.C.3
  • 16
    • 0000318873 scopus 로고    scopus 로고
    • The theory and practice of corporate finance: evidence from the field
    • Graham John R., Harvey Campbell R. The theory and practice of corporate finance: evidence from the field. J. Financ. Econ. 2001, 60:187-243.
    • (2001) J. Financ. Econ. , vol.60 , pp. 187-243
    • Graham, J.R.1    Harvey, C.R.2
  • 17
    • 33745302208 scopus 로고    scopus 로고
    • International differences in cost of capital: do legal institutions and securities regulation matter?
    • Hail Luzi, Leuz Christian International differences in cost of capital: do legal institutions and securities regulation matter?. J. Acc. Res. 2006, 44:485-531.
    • (2006) J. Acc. Res. , vol.44 , pp. 485-531
    • Hail, L.1    Leuz, C.2
  • 18
    • 40849133912 scopus 로고    scopus 로고
    • Corporate governance and firm cash holdings in the US
    • Harford Jarrad, Mansi Satter A., Maxwell William F. Corporate governance and firm cash holdings in the US. J. Financ. Econ. 2008, 87:535-555.
    • (2008) J. Financ. Econ. , vol.87 , pp. 535-555
    • Harford, J.1    Mansi, S.A.2    Maxwell, W.F.3
  • 19
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen Michael C. Agency costs of free cash flow, corporate finance and takeovers. Am. Econ. Rev. 1986, 76:323-329.
    • (1986) Am. Econ. Rev. , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 20
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen Michael C., Meckling William H. Theory of the firm: managerial behavior, agency costs and ownership structure. J. Financ. Econ. 1976, 3:305-360.
    • (1976) J. Financ. Econ. , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 21
    • 34547744379 scopus 로고    scopus 로고
    • International evidence on cash holdings and expected managerial agency problems
    • Kalcheva Ivalina, Lins Karl International evidence on cash holdings and expected managerial agency problems. Rev. Financ. Stud. 2007, 20:1087-1112.
    • (2007) Rev. Financ. Stud. , vol.20 , pp. 1087-1112
    • Kalcheva, I.1    Lins, K.2
  • 22
    • 0003112060 scopus 로고    scopus 로고
    • Do investment-cash flow sensitivities provide useful measures of financing constraints?
    • Kaplan Steven N., Zingales Luigi Do investment-cash flow sensitivities provide useful measures of financing constraints?. Q. J. Econ. 1997, 112:169-216.
    • (1997) Q. J. Econ. , vol.112 , pp. 169-216
    • Kaplan, S.N.1    Zingales, L.2
  • 23
    • 0039011997 scopus 로고    scopus 로고
    • Investment-cash flow sensitivities are not valid measures of financing constraints
    • Kaplan Steven N., Zingales Luigi Investment-cash flow sensitivities are not valid measures of financing constraints. Q. J. Econ. 2000, 115:707-712.
    • (2000) Q. J. Econ. , vol.115 , pp. 707-712
    • Kaplan, S.N.1    Zingales, L.2
  • 25
    • 33846127439 scopus 로고    scopus 로고
    • Financial development and the cash flow sensitivity of cash
    • Khurana Inder K., Martin Xiumin, Pereira Raynolde Financial development and the cash flow sensitivity of cash. J. Financ. Quant. Anal. 2006, 41:787-807.
    • (2006) J. Financ. Quant. Anal. , vol.41 , pp. 787-807
    • Khurana, I.K.1    Martin, X.2    Pereira, R.3
  • 26
    • 0040083077 scopus 로고    scopus 로고
    • The determinants of corporate liquidity: theory and evidence
    • Kim Chang-Soo, Mauer David C., Sherman Ann The determinants of corporate liquidity: theory and evidence. J. Financ. Quant. Anal. 1998, 33:305-334.
    • (1998) J. Financ. Quant. Anal. , vol.33 , pp. 305-334
    • Kim, C.-S.1    Mauer, D.C.2    Sherman, A.3
  • 30
    • 0003093394 scopus 로고    scopus 로고
    • Financial intermediation and growth: causality and causes
    • Levine Ross, Loayza Norman, Beck Thorsten Financial intermediation and growth: causality and causes. J. Monet. Econ. 2000, 46:31-77.
    • (2000) J. Monet. Econ. , vol.46 , pp. 31-77
    • Levine, R.1    Loayza, N.2    Beck, T.3
  • 31
    • 77955271696 scopus 로고    scopus 로고
    • What drives corporate liquidity? An international survey of cash holdings and lines of credit
    • Lins Karl, Servaes Henri, Tufano Peter What drives corporate liquidity? An international survey of cash holdings and lines of credit. J. Financ. Econ. 2010, 98:160-176.
    • (2010) J. Financ. Econ. , vol.98 , pp. 160-176
    • Lins, K.1    Servaes, H.2    Tufano, P.3
  • 32
    • 0012813351 scopus 로고    scopus 로고
    • Financial development and financing constraints: international evidence from the structural investment model
    • Love Inessa Financial development and financing constraints: international evidence from the structural investment model. Rev. Financ. Stud. 2003, 16:765-791.
    • (2003) Rev. Financ. Stud. , vol.16 , pp. 765-791
    • Love, I.1
  • 33
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers Stewart C. The capital structure puzzle. J. Finance 1984, 56:575-592.
    • (1984) J. Finance , vol.56 , pp. 575-592
    • Myers, S.C.1
  • 34
    • 48549110620 scopus 로고
    • Corporate financings and investment decisions when firms have information the investors do not have
    • Myers Stewart C., Majluf Nicholas A. Corporate financings and investment decisions when firms have information the investors do not have. J. Financ. Econ. 1984, 13:187-221.
    • (1984) J. Financ. Econ. , vol.13 , pp. 187-221
    • Myers, S.C.1    Majluf, N.A.2
  • 35
    • 0001775095 scopus 로고    scopus 로고
    • The determinants and implications of corporate cash holdings
    • Opler Tim, Pinkowitz Lee, Stulz Rene, Williamson Rohan The determinants and implications of corporate cash holdings. J. Financ. Econ. 1999, 52:3-46.
    • (1999) J. Financ. Econ. , vol.52 , pp. 3-46
    • Opler, T.1    Pinkowitz, L.2    Stulz, R.3    Williamson, R.4
  • 36
    • 19744374458 scopus 로고    scopus 로고
    • The political economy of corporate governance
    • Pagano Marco, Volpin Paulo F. The political economy of corporate governance. Am. Econ. Rev. 2005, 96:1005-1030.
    • (2005) Am. Econ. Rev. , vol.96 , pp. 1005-1030
    • Pagano, M.1    Volpin, P.F.2
  • 37
    • 33746845873 scopus 로고    scopus 로고
    • Does the contribution of cash holdings and dividends to firm value depend on governance? A cross-country analysis
    • Pinkowitz Lee, Stulz Rene, Williamson Rohan Does the contribution of cash holdings and dividends to firm value depend on governance? A cross-country analysis. J. Finance 2006, 61:2725-2751.
    • (2006) J. Finance , vol.61 , pp. 2725-2751
    • Pinkowitz, L.1    Stulz, R.2    Williamson, R.3
  • 38
    • 68249159913 scopus 로고    scopus 로고
    • The corporate propensity to save
    • Riddick Leigh, Whited Toni The corporate propensity to save. J. Finance 2009, 64:1729-1766.
    • (2009) J. Finance , vol.64 , pp. 1729-1766
    • Riddick, L.1    Whited, T.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.