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Epidemics, local institutional quality, and corporate cash holdings

Author

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  • Li, Xiaodan
  • Pan, Zikui
  • Ho, Kung-Cheng
  • Bo, Yu

Abstract

The increase in corporate cash holdings, particularly in the U.S., has garnered significant attention from academia, the popular press, and policymakers. While most existing studies explain this trend using endogenous microeconomic measures, there is limited empirical evidence of what may have caused corporate cash holdings to decrease. From a macroeconomic perspective, this study provides the first examination of the effects of exogenous health epidemics and local institutional quality on corporate cash holdings, using a large and unique international dataset of 380,966 companies from 39 economies. The analysis reveals a decrease in corporate cash holdings during epidemics, particularly in countries with higher local institutional quality, as indicated by their financial regulatory and governance capacity. This study conducts a robustness test, and the findings underscore the importance of local institutional quality, particularly during epidemics.

Suggested Citation

  • Li, Xiaodan & Pan, Zikui & Ho, Kung-Cheng & Bo, Yu, 2024. "Epidemics, local institutional quality, and corporate cash holdings," International Review of Economics & Finance, Elsevier, vol. 92(C), pages 193-210.
  • Handle: RePEc:eee:reveco:v:92:y:2024:i:c:p:193-210
    DOI: 10.1016/j.iref.2024.02.019
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    More about this item

    Keywords

    Epidemics; Institutional quality; Cash holding;
    All these keywords.

    JEL classification:

    • F39 - International Economics - - International Finance - - - Other
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G33 - Financial Economics - - Corporate Finance and Governance - - - Bankruptcy; Liquidation
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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