메뉴 건너뛰기




Volumn 40, Issue 1, 2013, Pages 59-72

Governance mechanisms, investment opportunity set and SMEs cash holdings

Author keywords

Governance mechanisms; Investment opportunity set; Ownership structure; SMEs

Indexed keywords


EID: 84874208165     PISSN: 0921898X     EISSN: 15730913     Source Type: Journal    
DOI: 10.1007/s11187-011-9366-z     Document Type: Article
Times cited : (67)

References (55)
  • 1
    • 39449092525 scopus 로고    scopus 로고
    • The investment opportunity set and its proxy variables
    • Adam, T., & Goyal, V. (2008). The investment opportunity set and its proxy variables. Journal of Financial Research, 31(1), 41-63.
    • (2008) Journal of Financial Research , vol.31 , Issue.1 , pp. 41-63
    • Adam, T.1    Goyal, V.2
  • 2
    • 84937315308 scopus 로고
    • Large shareholder activism, risk sharing, and financial market equilibrium
    • Admati, A., Pfleiderer, P., & Zechner, J. (1994). Large shareholder activism, risk sharing, and financial market equilibrium. Journal of Political Economy, 102(6), 1097-1130.
    • (1994) Journal of Political Economy , vol.102 , Issue.6 , pp. 1097-1130
    • Admati, A.1    Pfleiderer, P.2    Zechner, J.3
  • 3
    • 79955756025 scopus 로고    scopus 로고
    • Corporate cash holdings and dividend payments: Evidence from simultaneous analysis
    • Al-Najjar, B., & Belghitar, Y. (2011). Corporate cash holdings and dividend payments: Evidence from simultaneous analysis. Managerial and Decision Economics, 32(4), 231-241.
    • (2011) Managerial and Decision Economics , vol.32 , Issue.4 , pp. 231-241
    • Al-Najjar, B.1    Belghitar, Y.2
  • 4
    • 0008431493 scopus 로고
    • Corporate liquidity in games of monopoly power
    • Baskin, J. (1987). Corporate liquidity in games of monopoly power. Review of Economics and Statistics, 69(2), 312-319.
    • (1987) Review of Economics and Statistics , vol.69 , Issue.2 , pp. 312-319
    • Baskin, J.1
  • 5
    • 0001202725 scopus 로고    scopus 로고
    • The economics of small business finance: the roles of private equity and debt markets on the financial growth cycle
    • Berger, A., & Udell, G. (1998). The economics of small business finance: the roles of private equity and debt markets on the financial growth cycle. Journal of Banking & Finance, 22(6), 613-673.
    • (1998) Journal of Banking & Finance , vol.22 , Issue.6 , pp. 613-673
    • Berger, A.1    Udell, G.2
  • 7
    • 84874212287 scopus 로고    scopus 로고
    • Company Act, London: HMSO. Available at
    • Company Act. (2006). London: HMSO. Available at http://www. legislation. gov. uk/ukpga/2006/46/pdfs/ukpga_20060046_en. pdf.
    • (2006)
  • 8
  • 9
    • 33847233238 scopus 로고    scopus 로고
    • Corporate governance and the value of cash holdings
    • Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634.
    • (2007) Journal of Financial Economics , vol.83 , Issue.3 , pp. 599-634
    • Dittmar, A.1    Mahrt-Smith, J.2
  • 11
    • 0011266712 scopus 로고    scopus 로고
    • Do occupational pension funds monitor companies in which they hold large stakes?
    • Faccio, M., & Lasfer, A. (2000). Do occupational pension funds monitor companies in which they hold large stakes? Journal of Corporate Finance, 6(1), 71-110.
    • (2000) Journal of Corporate Finance , vol.6 , Issue.1 , pp. 71-110
    • Faccio, M.1    Lasfer, A.2
  • 12
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama, E. (1980). Agency problems and the theory of the firm. Journal of Political Economy, 88(2), 134-145.
    • (1980) Journal of Political Economy , vol.88 , Issue.2 , pp. 134-145
    • Fama, E.1
  • 13
    • 0000172445 scopus 로고
    • Separation of ownership and control
    • Fama, E., & Jensen, M. (1983). Separation of ownership and control. Journal of Law and Economics, 26(2), 327-349.
    • (1983) Journal of Law and Economics , vol.26 , Issue.2 , pp. 327-349
    • Fama, E.1    Jensen, M.2
  • 14
    • 28944452202 scopus 로고    scopus 로고
    • Working paper, SSRN Electronic Library. Available at. Accessed 3 June 2010
    • Faulkender, M. (2002). Cash holdings among small businesses. Working paper, SSRN Electronic Library. Available at: http://papers. ssrn. com/sol3/papers. cfm?abstract_id=305179. Accessed 3 June 2010.
    • (2002) Cash holdings among small businesses
    • Faulkender, M.1
  • 15
    • 0039626490 scopus 로고
    • Working capital and fixed investment: New evidence on financing constraints
    • Fazzari, M., & Peterson, B. (1993). Working capital and fixed investment: New evidence on financing constraints. Rand Journal of Economics, 24(3), 328-342.
    • (1993) Rand Journal of Economics , vol.24 , Issue.3 , pp. 328-342
    • Fazzari, M.1    Peterson, B.2
  • 16
    • 34548091164 scopus 로고    scopus 로고
    • Why do firms hold cash? Evidence form EMU countries
    • Ferreira, M., & Vilela, M. (2004). Why do firms hold cash? Evidence form EMU countries. European Finance Management, 10(2), 295-319.
    • (2004) European Finance Management , vol.10 , Issue.2 , pp. 295-319
    • Ferreira, M.1    Vilela, M.2
  • 17
    • 3042804160 scopus 로고    scopus 로고
    • Financial Reporting Council, London: Financial Reporting Council
    • Financial Reporting Council. (2003). The combined code on corporate governance. London: Financial Reporting Council.
    • (2003) The Combined Code on Corporate Governance
  • 18
    • 0035193031 scopus 로고    scopus 로고
    • Who disciplines management in poorly performing companies?
    • Franks, J., Mayer, C., & Renneboog, L. (2001). Who disciplines management in poorly performing companies? Journal of Financial Intermediation, 10(3), 209-248.
    • (2001) Journal of Financial Intermediation , vol.10 , Issue.3 , pp. 209-248
    • Franks, J.1    Mayer, C.2    Renneboog, L.3
  • 20
    • 43949176471 scopus 로고
    • Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies
    • Gaver, J., & Gaver, K. (1993). Additional evidence on the association between the investment opportunity set and corporate financing, dividend and compensation policies. Journal of Accounting and Economics, 16, 125-160.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 125-160
    • Gaver, J.1    Gaver, K.2
  • 21
    • 0040426295 scopus 로고    scopus 로고
    • Corporate cash reserves and acquisitions
    • Harford, J. (1999). Corporate cash reserves and acquisitions. Journal of Finance, 54(6), 1969-1997.
    • (1999) Journal of Finance , vol.54 , Issue.6 , pp. 1969-1997
    • Harford, J.1
  • 22
    • 40849133912 scopus 로고    scopus 로고
    • Corporate governance and firm cash holdings in the US
    • Harford, J., Mansi, S., & Maxwell, W. (2008). Corporate governance and firm cash holdings in the US. Journal of Financial Economics, 87(3), 535-555.
    • (2008) Journal of Financial Economics , vol.87 , Issue.3 , pp. 535-555
    • Harford, J.1    Mansi, S.2    Maxwell, W.3
  • 23
    • 2342583454 scopus 로고    scopus 로고
    • Investment opportunity set, corporate governance practices and firm performance
    • Hutchinson, M., & Gul, F. (2004). Investment opportunity set, corporate governance practices and firm performance. Journal of Corporate Finance, 10(4), 595-614.
    • (2004) Journal of Corporate Finance , vol.10 , Issue.4 , pp. 595-614
    • Hutchinson, M.1    Gul, F.2
  • 24
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen, M. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76(2), 323-329.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323-329
    • Jensen, M.1
  • 25
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit and the failure of internal control systems
    • Jensen, M. (1993). The modern industrial revolution, exit and the failure of internal control systems. Journal of Finance, 43(3), 831-880.
    • (1993) Journal of Finance , vol.43 , Issue.3 , pp. 831-880
    • Jensen, M.1
  • 26
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behaviour, agency costs and ownership structure
    • Jensen, M., & Meckling, W. (1976). Theory of the firm: Managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 27
    • 0000785968 scopus 로고
    • Outside directorships and corporate performance
    • Kaplan, S., & Reishus, D. (1990). Outside directorships and corporate performance. Journal of Financial Economics, 27(2), 389-410.
    • (1990) Journal of Financial Economics , vol.27 , Issue.2 , pp. 389-410
    • Kaplan, S.1    Reishus, D.2
  • 30
    • 43049088410 scopus 로고    scopus 로고
    • Changes in insider ownership and changes in the market value of the firm
    • McConnell, J. J., Servaes, H., & Lins, K. V. (2008). Changes in insider ownership and changes in the market value of the firm. Journal of Corporate Finance, 14(2), 92-106.
    • (2008) Journal of Corporate Finance , vol.14 , Issue.2 , pp. 92-106
    • McConnell, J.J.1    Servaes, H.2    Lins, K.V.3
  • 31
    • 64649094760 scopus 로고    scopus 로고
    • Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis
    • McKnight, P., & Weir, C. (2009). Agency costs, corporate governance mechanisms and ownership structure in large UK publicly quoted companies: A panel data analysis. Quarterly Review of Economics and Finance, 49(2), 139-158.
    • (2009) Quarterly Review of Economics and Finance , vol.49 , Issue.2 , pp. 139-158
    • McKnight, P.1    Weir, C.2
  • 33
    • 0033472983 scopus 로고    scopus 로고
    • The impact of cash flow volatility and discretionary investment and the cost of debt financing
    • Minton, B., & Schrand, C. (1999). The impact of cash flow volatility and discretionary investment and the cost of debt financing. Journal of Financial Economics, 54(3), 423-460.
    • (1999) Journal of Financial Economics , vol.54 , Issue.3 , pp. 423-460
    • Minton, B.1    Schrand, C.2
  • 34
    • 0000294096 scopus 로고
    • The cost of capital, corporation finance and the theory of investment
    • Modigliani, F., & Miller, M. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261-297.
    • (1958) American Economic Review , vol.48 , Issue.3 , pp. 261-297
    • Modigliani, F.1    Miller, M.2
  • 35
    • 0000687546 scopus 로고
    • Corporate income taxes and the cost of capital: A correction
    • Modigliani, F., & Miller, M. (1963). Corporate income taxes and the cost of capital: A correction. American Economic Review, 53(4), 433-443.
    • (1963) American Economic Review , vol.53 , Issue.4 , pp. 433-443
    • Modigliani, F.1    Miller, M.2
  • 36
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., Shleifer, A., & Vishny, R. (1988). Management ownership and market valuation: An empirical analysis. Journal of Financial Economics, 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 37
    • 0031409017 scopus 로고    scopus 로고
    • Scale economies, the value of time, and the demand for money: Longitudinal evidence for firms
    • Mulligan, C. (1997). Scale economies, the value of time, and the demand for money: Longitudinal evidence for firms. Journal of Political Economy, 105(5), 1061-1079.
    • (1997) Journal of Political Economy , vol.105 , Issue.5 , pp. 1061-1079
    • Mulligan, C.1
  • 38
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers, S. (1984). The capital structure puzzle. Journal of Finance, 39(3), 572-592.
    • (1984) Journal of Finance , vol.39 , Issue.3 , pp. 572-592
    • Myers, S.1
  • 39
    • 11844296839 scopus 로고    scopus 로고
    • OECD, Paris: OECD Publication Service
    • OECD. (2004). Principles of corporate governance. Paris: OECD Publication Service.
    • (2004) Principles of Corporate Governance
  • 41
    • 3242885273 scopus 로고    scopus 로고
    • Corporate cash holdings: An empirical investigation of UK companies
    • Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134.
    • (2004) Journal of Banking & Finance , vol.28 , Issue.9 , pp. 2103-2134
    • Ozkan, A.1    Ozkan, N.2
  • 42
    • 0013590421 scopus 로고
    • Proxy contests and the efficiency of shareholder oversight
    • Pound, J. (1988). Proxy contests and the efficiency of shareholder oversight. Journal of Financial Economics, 20, 237-265.
    • (1988) Journal of Financial Economics , vol.20 , pp. 237-265
    • Pound, J.1
  • 43
    • 70350622452 scopus 로고    scopus 로고
    • Are the determinants of capital structure country or firm specific?
    • Psillaki, M., & Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific? Small Business Economics, 33(3), 319-333.
    • (2009) Small Business Economics , vol.33 , Issue.3 , pp. 319-333
    • Psillaki, M.1    Daskalakis, N.2
  • 44
    • 21144440707 scopus 로고    scopus 로고
    • Determinants of board size and composition: A theory of corporate boards
    • Raheja, C. G. (2005). Determinants of board size and composition: A theory of corporate boards. Journal of Financial and Quantitative Analysis, 40(2), 283-306.
    • (2005) Journal of Financial and Quantitative Analysis , vol.40 , Issue.2 , pp. 283-306
    • Raheja, C.G.1
  • 45
    • 84993839747 scopus 로고
    • What do we know about capital structure? Some evidence from international data
    • Rajan, R., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50(5), 1421-1460.
    • (1995) Journal of Finance , vol.50 , Issue.5 , pp. 1421-1460
    • Rajan, R.1    Zingales, L.2
  • 46
    • 0042164210 scopus 로고    scopus 로고
    • Ownership structure, founder leadership, and performance in Norwegian SMEs: Implications for financing entrepreneurial opportunities
    • Randøy, T., & Goel, S. (2003). Ownership structure, founder leadership, and performance in Norwegian SMEs: Implications for financing entrepreneurial opportunities. Journal of Business Venturing, 18(5), 619-637.
    • (2003) Journal of Business Venturing , vol.18 , Issue.5 , pp. 619-637
    • Randøy, T.1    Goel, S.2
  • 47
    • 84936823587 scopus 로고
    • Large shareholders and corporate control
    • Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 95(3), 461-488.
    • (1986) Journal of Political Economy , vol.95 , Issue.3 , pp. 461-488
    • Shleifer, A.1    Vishny, R.2
  • 48
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend and compensation policies
    • Smith, C., & Watts, R. (1992). The investment opportunity set and corporate financing, dividend and compensation policies. Journal of Financial Economics, 32(3), 509-522.
    • (1992) Journal of Financial Economics , vol.32 , Issue.3 , pp. 509-522
    • Smith, C.1    Watts, R.2
  • 49
    • 28244497618 scopus 로고    scopus 로고
    • How SME uniqueness affects capital structure: Evidence from a 1994-1998 Spanish data panel
    • Sogorb-Mira, F. (2005). How SME uniqueness affects capital structure: Evidence from a 1994-1998 Spanish data panel. Small Business Economics, 25(5), 447-457.
    • (2005) Small Business Economics , vol.25 , Issue.5 , pp. 447-457
    • Sogorb-Mira, F.1
  • 50
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43(1), 1-19.
    • (1988) Journal of Finance , vol.43 , Issue.1 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 52
    • 0001574842 scopus 로고
    • Bankruptcy costs: Some evidence
    • Warner, J. (1977). Bankruptcy costs: Some evidence. Journal of Finance, 32(2), 337-347.
    • (1977) Journal of Finance , vol.32 , Issue.2 , pp. 337-347
    • Warner, J.1
  • 53
    • 0347102857 scopus 로고    scopus 로고
    • Internal and external governance mechanisms: Their impact on performance of large UK public companies
    • Weir, C., Laing, D., & McKnight, P. (2002). Internal and external governance mechanisms: Their impact on performance of large UK public companies. Journal of Business Finance and Accounting, 29(5), 579-611.
    • (2002) Journal of Business Finance and Accounting , vol.29 , Issue.5 , pp. 579-611
    • Weir, C.1    Laing, D.2    McKnight, P.3
  • 54
    • 84977734564 scopus 로고
    • Debt, liquidity constraints, and corporate investment: Evidence form panel data
    • Whited, T. (1992). Debt, liquidity constraints, and corporate investment: Evidence form panel data. Journal of Finance, 47(4), 1425-1460.
    • (1992) Journal of Finance , vol.47 , Issue.4 , pp. 1425-1460
    • Whited, T.1
  • 55
    • 0030078208 scopus 로고    scopus 로고
    • Higher market valuation of companies with a small board of directors
    • Yermack, D. (1996). Higher market valuation of companies with a small board of directors. Journal of Financial Economics, 40(2), 185-211.
    • (1996) Journal of Financial Economics , vol.40 , Issue.2 , pp. 185-211
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.