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Toward a conceptual framework of corporate liquidity
[Vers un cadre conceptuel du comportement des entreprises en matière de trésorerie]

Author

Listed:
  • Henri Koulayom

    (Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres)

Abstract

The issue of theory of liquidity has been the topic of endless debates among practioners and academicians but has led to few papers. This paper presents a conceptual framework to fill this theoretical gap at a time where companies hold more and more liquidity. It examines three propositions dealing with competitive advantage of cash and marketable holdings, management of liquidity constraints and avoidance of free cash flow. It focuses on the power of liquidity; greater liquidity may increase or reduce corporate value.

Suggested Citation

  • Henri Koulayom, 2001. "Toward a conceptual framework of corporate liquidity [Vers un cadre conceptuel du comportement des entreprises en matière de trésorerie]," Post-Print hal-01147854, HAL.
    • Handle: RePEc:hal:journl:hal-01147854
    Note: View the original document on HAL open archive server: https://auf.hal.science/hal-01147854
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