Access the full text.
Sign up today, get DeepDyve free for 14 days.
Loading next page...
/lp/wiley/cultural-and-macroeconomic-determinants-of-cash-holdings-management-0MANfeJIi2
References (56)
-
Bruce Costa, Anthony Crawford, Keith Jakob (2013)
Does culture influence IPO underpricingJournal of Multinational Financial Management, 23
-
Yangyang Chen, Yiwen Dou, S. Rhee, Cameron Truong, M. Veeraraghavan (2011)
National Culture and Corporate Cash Holdings around the World2012 Financial Markets & Corporate Governance Conference (Archive)
-
Amy Dittmar, Jan Mahrt-Smith (2007)
Corporate Governance and the Value of Cash HoldingsFinancial Accounting eJournal
-
M. Lemmon, Michael Roberts, Jaime Zender (2006)
Back to the Beginning: Persistence and the Cross-Section of Corporate Capital StructureCorporate Finance: Valuation
-
Thomas Bates, Kathleen Kahle, René Stulz (2006)
Why Do U.S. Firms Hold so Much More Cash than They Used to?Microeconomic Theory eJournal
-
Michael Faulkender, M. Flannery, K. Hankins, Jason Smith (2011)
Cash Flows and Leverage AdjustmentsTrends in Empirical Capital Structure
-
Huasheng Gao, J. Harford, Kai Li (2013)
Determinants of Corporate Cash Policy: Insights from Private FirmsEconometric Modeling: Corporate Finance & Governance eJournal
-
Gennaro Bernile, Vineet Bhagwat, P. Rau (2015)
What Doesn't Kill You Will Only Make You More Risk-Loving: Early-Life Disasters and CEO BehaviorSPGMI: Compustat Fundamentals (Topic)
-
K. Ahern, D. Daminelli, Cesare Fracassi (2012)
Lost in Translation? The Effect of Cultural Values on Mergers Around the WorldThe Stephen M. Ross School of Business at the University of Michigan Research Paper Series
-
M. Arellano, O. Bover (1995)
Another look at the instrumental variable estimation of error-components modelsJournal of Econometrics, 68
-
Daphne Wang, Omar Esqueda (2014)
National Cultural Effects on Leverage Decisions: Evidence from Emerging Market ADRsResearch in International Business and Finance, 31
-
Vinod Venkiteshwaran (2011)
Partial adjustment toward optimal cash holding levelsReview of Financial Economics, 20
-
M. Flannery, K. Hankins (2012)
Estimating Dynamic Panel Models in Corporate FinanceCorporate Finance: Valuation
-
Y. Guney, Aydin Ozkan, Neslihan Ozkan (2003)
Additional International Evidence on Corporate Cash HoldingsEuropean Finance eJournal
-
G. Hofstede (1983)
The Cultural Relativity of Organizational Practices and TheoriesJournal of International Business Studies, 14
-
S. H. Schwartz (2004)
Comparing cultures, dimensions of culture in a comparative perspective -
Martin Lievenbrück, Thomas Schmid (2014)
Why do firms (not) hedge? — Novel evidence on cultural influenceJournal of Corporate Finance, 25
-
Kiyoung Chang, Abbas Noorbakhsh (2009)
Does national culture affect international corporate cash holdingsJournal of Multinational Financial Management, 19
-
A. Ramirez, S. Tadesse (2009)
Corporate cash holdings, uncertainty avoidance, and the multinationality of firmsInternational Business Review, 18
-
(2002)
Testing Trade-Off and Pecking Order Predictions About Dividends and Debt -
L. Shao, C. Kwok, O. Guedhami (2010)
National culture and dividend policyJournal of International Business Studies, 41
-
R. Chakrabarti, Swasti Gupta-Mukherjee, Narayanan Jayaraman (2009)
Mars–Venus marriages: Culture and cross-border M&AJournal of International Business Studies, 40
-
S. Orlova, R. Rao, T. Kang (2017)
National culture and cash holdings valuation, 44
-
Thomas Bates, Ching-Hung Chang, J. Chi (2017)
Why Has the Value of Cash Increased Over Time?Journal of Financial and Quantitative Analysis, 53
-
R. Bhagat (2002)
Culture's Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across NationsAcademy of Management Review, 27
-
(2020)
How to cite this article: Orlova SV. Cultural and macroeconomic determinants of cash holdings management -
Kai Li, D. Griffin, Heng Yue, Longkai Zhao (2012)
How Does Culture Influence Corporate Risk-Taking?Cultural Dimensions & Organizational Behavior eJournal
-
R. Blundell, Stephen Bond (1998)
Initial Conditions and Moment Restrictions in Dynamic Panel Data Models -
Andy Chui, S. Titman, K. Wei (2009)
Individualism and Momentum Around the WorldInternational Corporate Finance eJournal
-
T. Opler, L. Pinkowitz, R. Stulz, R. Williamson (1999)
The determinants and implications of cash holdings, 52
-
Tor-Erik Bakke, Tiantian Gu (2016)
Diversification and Cash DynamicsS&P Global Market Intelligence Research Paper Series
-
Z. Tong (2010)
CEO Risk Incentives and Corporate Cash HoldingsCorporate Finance: Governance
-
L. Shao, C. Kwok, O. Guedhami (2013)
DIVIDEND POLICY: BALANCING SHAREHOLDERS' AND CREDITORS' INTERESTSJournal of Financial Research, 36
-
T. Opler, Lee Pinkowitz, René Stulz, Rohan Williamson (1997)
The Determinants and Implications of Corporate Cash HoldingsMcDonough: Finance (Topic)
-
S. Shalom (2004)
Mapping and interpreting cultural differences around the worldComparing Cultures
-
(2008)
The law and economics of self-dealing -
Xiaolan Zheng, Sadok Ghoul, O. Guedhami, C. Kwok (2011)
National Culture and Corporate Debt MaturityS&P Global Market Intelligence Research Paper Series
-
M. Rieger, Mei Wang, T. Hens (2015)
Risk Preferences Around the WorldManag. Sci., 61
-
L. Guiso, Paola Sapienza, Luigi Zingales (2005)
Trusting the Stock MarketFEN: Behavioral Finance (Topic)
-
C. Foley, Jay Hartzell, S. Titman, Garry Twite (2006)
Why Do Firms Hold so Much Cash? A Tax-Based ExplanationTax Law: Tax Law & Policy eJournal
-
Stephen Ferris, Narayanan Jayaraman, Sanjiv Sabherwal (2011)
CEO Overconfidence and International Merger and Acquisition ActivityJournal of Financial and Quantitative Analysis, 48
-
Andy Chui, A. Lloyd, C. Kwok (2002)
The Determination of Capital Structure: Is National Culture a Missing Piece to the Puzzle?Journal of International Business Studies, 33
-
Todd Gormley, David Matsa (2016)
Playing It Safe? Managerial Preferences, Risk, and Agency ConflictsCorporate Governance & Law eJournal
-
Rafael Porta, Florencio López‐de‐Silanes, Andrei Shleifer, Robert Vishny (1996)
Law and FinanceJournal of Political Economy, 106
-
S. Orlova, R. Rao, Tony Kang (2017)
National Culture and the Valuation of Cash HoldingsARN Wiley-Blackwell Publishers Journals
-
Özde Öztekin (2013)
Capital Structure Decisions around the World: Which Factors Are Reliably Important?Journal of Financial and Quantitative Analysis, 50
-
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
-
Amy Dittmar, R. Duchin (2010)
The Dynamics of Cash -
M. Flannery, Kasturi Rangan (2004)
Partial Adjustment Toward Target Capital StructuresS&P Global Market Intelligence Research Paper Series
-
Alma Mintu (1992)
Cultures and Organizations: Software of the MindJournal of International Business Studies, 23
-
S. Gregory (1982)
Culture's consequences: international differences in work-related valuesDesign Studies, 3
-
Amy Dittmar, Jan Mahrt-Smith, H. Servaes (2003)
International Corporate Governance and Corporate Cash HoldingsJournal of Financial and Quantitative Analysis, 38
-
J. Harford, S. Mansi, W. Maxwell (2008)
Corporate governance and firm cash holding, 87
-
Özde Öztekin, M. Flannery (2008)
Institutional Determinants of Capital Structure Adjustment SpeedsInternational Corporate Finance eJournal
-
Aydin Ozkan, Neslihan Ozkan (2004)
Corporate Cash Holdings: An Empirical Investigation of UK CompaniesEFA 2002 Berlin Meetings Presentation Papers (Archive)
-
B. Nikolov, Toni Whited (2013)
Agency Conflicts and Cash: Estimates from a Dynamic ModelSPGMI: Compustat Fundamentals (Topic)
- Publisher
- Wiley
- Copyright
- Copyright © 2020 John Wiley & Sons Ltd
- ISSN
- 0954-1314
- eISSN
- 1467-646X
- DOI
- 10.1111/jifm.12121
- Publisher site
- See Article on Publisher Site
Abstract
This study examines patterns in cash management, particularly cash holdings speed of adjustment (CH‐SOA), across 48 countries. I find that managerial cultural characteristics and country‐level macroeconomic factors influence the persistence of cash reserve levels, deviation from target, and the speed with which firms in different countries adjust their cash holdings. The findings support the idea that agency costs as well as market frictions influence CH‐SOA and other aspects of cash management. The findings are robust to the inclusion of a wide range of firm‐level characteristics, country‐level corporate‐governance variables, and an alternative cultural index.
Journal
Journal of International Financial Management & Accounting – Wiley
Published: Oct 1, 2020
Keywords: ; ; ;