Information Asymmetry and Corporate Cash Holdings

Autor:	Young Sang Kim, Kee H. Chung, Hao Zhang, Jang-Chul Kim
Rok vydání:	2015
Předmět:	Financial system Monetary economics Cash flow forecasting Information asymmetry Operating cash flow Negative relationship Accounting Cash holdings Business Management and Accounting (miscellaneous) Cash flow statement Business Closure (psychology) Cash management Finance
Zdroj:	Journal of Business Finance & Accounting. 42:1341-1377
ISSN:	0306-686X
DOI:	10.1111/jbfa.12173
Popis:	This study analyzes the effect of information asymmetry on corporate cash holdings. Using various measures of information asymmetry, this study shows that companies that operate in environments with higher information asymmetry have smaller cash holdings. This study continues to find a negative relationship between information asymmetry and corporate cash holdings from a battery of sensitivity analyses, including the tests using different regression methods and the difference-in-difference tests employing brokerage-firm merger and closure events. On the whole, the results support the monitoring cost hypothesis of cash holdings over the investment opportunities hypothesis.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::62759a82b7d22ae65dbc62eb05b8f3f2 https://doi.org/10.1111/jbfa.12173 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
Nepřihlášeným uživatelům se plný text nezobrazuje	K zobrazení výsledku je třeba se přihlásit.