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題名 Peer Effects on Corporate Cash Holdings
作者 湛可南
Chan, Konan
Chen, Yi-Wen
Chang, Yuanchen
貢獻者 財管系
關鍵詞 Cash holdings ; Peer effects ; Information asymmetry
日期 2019-05
上傳時間 27-Apr-2020 16:01:07 (UTC+8)
摘要 This paper examines peer effects on the corporate cash holdings of manufacturing firms in the U.S. market. Responding to possible preemptive moves by rivals using their cash holdings, we hypothesize that managers consider their rivals` cash levels when determining their own cash holdings. The results show that the ratio of cash to total assets is significantly influenced by peer firms’ average cash holdings and their characteristics. We also find that firms that have higher R&D expenditures are more inclined to mimic the cash holdings of their rivals. We conclude that the peer effect is an important determinant of corporate cash policies in U.S. manufacturing firms.
關聯 International Review of Economics & Finance, Vol.61, pp.213-227
資料類型 article
dc.contributor 財管系
dc.creator (作者) 湛可南
dc.creator (作者) Chan, Konan
dc.creator (作者) Chen, Yi-Wen
dc.creator (作者) Chang, Yuanchen
dc.date (日期) 2019-05
dc.date.accessioned 27-Apr-2020 16:01:07 (UTC+8)-
dc.date.available 27-Apr-2020 16:01:07 (UTC+8)-
dc.date.issued (上傳時間) 27-Apr-2020 16:01:07 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/129511-
dc.description.abstract (摘要) This paper examines peer effects on the corporate cash holdings of manufacturing firms in the U.S. market. Responding to possible preemptive moves by rivals using their cash holdings, we hypothesize that managers consider their rivals` cash levels when determining their own cash holdings. The results show that the ratio of cash to total assets is significantly influenced by peer firms’ average cash holdings and their characteristics. We also find that firms that have higher R&D expenditures are more inclined to mimic the cash holdings of their rivals. We conclude that the peer effect is an important determinant of corporate cash policies in U.S. manufacturing firms.
dc.format.extent 1371196 bytes-
dc.format.mimetype application/pdf-
dc.relation (關聯) International Review of Economics & Finance, Vol.61, pp.213-227
dc.subject (關鍵詞) Cash holdings ; Peer effects ; Information asymmetry
dc.title (題名) Peer Effects on Corporate Cash Holdings
dc.type (資料類型) article