Country-level foreign institutional investment horizons, excess cash holdings, and firm value: International evidence
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Xuemin (Sterling) Yan & Zhe Zhang, 2009. "Institutional Investors and Equity Returns: Are Short-term Institutions Better Informed?," The Review of Financial Studies, Society for Financial Studies, vol. 22(2), pages 893-924, February.
- Elyasiani, Elyas & Jia, Jingyi, 2010. "Distribution of institutional ownership and corporate firm performance," Journal of Banking & Finance, Elsevier, vol. 34(3), pages 606-620, March.
- Gaspar, Jose-Miguel & Massa, Massimo & Matos, Pedro, 2005. "Shareholder investment horizons and the market for corporate control," Journal of Financial Economics, Elsevier, vol. 76(1), pages 135-165, April.
- Stewart C. Myers & Raghuram G. Rajan, 1998.
"The Paradox of Liquidity,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(3), pages 733-771.
- Stewart C. Myers & Raghuram G. Rajan, 1995. "The Paradox of Liquidity," NBER Working Papers 5143, National Bureau of Economic Research, Inc.
- Stewart C. Myers & Raghuram G. Rajan, 1998. "The Paradox of Liquidity," CRSP working papers 339, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
- Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
- Kalev, Petko S. & Nguyen, Anh H. & Oh, Natalie Y., 2008. "Foreign versus local investors: Who knows more? Who makes more?," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2376-2389, November.
- Christian Leuz & Karl V. Lins & Francis E. Warnock, 2010.
"Do Foreigners Invest Less in Poorly Governed Firms?,"
The Review of Financial Studies, Society for Financial Studies, vol. 23(3), pages 3245-3285, March.
- Christian Leuz & Karl V. Lins & Francis E. Warnock, 2009. "Do Foreigners Invest Less in Poorly Governed Firms?," The Review of Financial Studies, Society for Financial Studies, vol. 22(8), pages 3245-3285, August.
- Christian Leuz & Karl V. Lins & Francis E. Warnock, 2010. "Do Foreigners Invest Less in Poorly Governed Firms?," NBER Chapters, in: Corporate Governance, National Bureau of Economic Research, Inc.
- Christian Leuz & Karl V. Lins & Francis E. Warnock, 2006. "Do Foreigners Invest Less in Poorly Governed Firms?," NBER Working Papers 12222, National Bureau of Economic Research, Inc.
- Leuz, Christian & Lins, Karl V. & Warnock, Francis E., 2007. "Do Foreigners Invest Less in Poorly Governed Firms?," Working Papers 07-2, University of Pennsylvania, Wharton School, Weiss Center.
- Opler, Tim & Pinkowitz, Lee & Stulz, Rene & Williamson, Rohan, 1999.
"The determinants and implications of corporate cash holdings,"
Journal of Financial Economics, Elsevier, vol. 52(1), pages 3-46, April.
- Tim Opler & Lee Pinkowitz & Rene Stulz & Rohan Williamson, 1997. "The Determinants and Implications of Corporate Cash Holdings," NBER Working Papers 6234, National Bureau of Economic Research, Inc.
- Dittmar, Amy & Mahrt-Smith, Jan, 2007. "Corporate governance and the value of cash holdings," Journal of Financial Economics, Elsevier, vol. 83(3), pages 599-634, March.
- Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer & Robert Vishny, 2002.
"Investor Protection and Corporate Valuation,"
Journal of Finance, American Finance Association, vol. 57(3), pages 1147-1170, June.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert Vishny, 1999. "Investor Protection and Corporate Valuation," Harvard Institute of Economic Research Working Papers 1882, Harvard - Institute of Economic Research.
- La Porta, Rafael & Lopez-De-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert, 2002. "Investor Protection and Corporate Valuation," Scholarly Articles 30747191, Harvard University Department of Economics.
- Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1999. "Investor Protection and Corporate Valuation," NBER Working Papers 7403, National Bureau of Economic Research, Inc.
- repec:eme:mfppss:mf-05-2021-0201 is not listed on IDEAS
- Frésard, Laurent & Salva, Carolina, 2010. "The value of excess cash and corporate governance: Evidence from US cross-listings," Journal of Financial Economics, Elsevier, vol. 98(2), pages 359-384, November.
- Laurent Fresard & Carolina Salva, 2010. "The value of excess cash and corporate governance: evidence from U.S. cross-listings," Post-Print hal-00537080, HAL.
- Aggarwal, Reena & Erel, Isil & Ferreira, Miguel & Matos, Pedro, 2011.
"Does governance travel around the world? Evidence from institutional investors,"
Journal of Financial Economics, Elsevier, vol. 100(1), pages 154-181, April.
- Aggarwal, Reena & Erel, Isil & Ferreira, Miguel & Matos, Pedro, 2009. "Does Governance Travel around the World? Evidence from Institutional Investors," Working Paper Series 2009-8, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- Ruth V. Aguilera & Kurt A. Desender & Mónica López-Puertas Lamy & Jun Ho Lee, 2017. "The governance impact of a changing investor landscape," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 48(2), pages 195-221, February.
- Fama, Eugene F. & French, Kenneth R., 1997. "Industry costs of equity," Journal of Financial Economics, Elsevier, vol. 43(2), pages 153-193, February.
- Jarrad Harford & Sattar A. Mansi & William F. Maxwell, 2012.
"Corporate Governance and Firm Cash Holdings in the U.S,"
Springer Books, in: Sabri Boubaker & Bang Dang Nguyen & Duc Khuong Nguyen (ed.), Corporate Governance, edition 127, pages 107-138,
Springer.
- Harford, Jarrad & Mansi, Sattar A. & Maxwell, William F., 2008. "Corporate governance and firm cash holdings in the US," Journal of Financial Economics, Elsevier, vol. 87(3), pages 535-555, March.
- Bena, Jan & Ferreira, Miguel A & Matos, Pedro & Pires, Pedro, 2017. "Are foreign investors locusts? The long-term effects of foreign institutional ownership," Journal of Financial Economics, Elsevier, vol. 126(1), pages 122-146.
- repec:bla:jfinan:v:59:y:2004:i:4:p:1777-1804 is not listed on IDEAS
- repec:eme:mfppss:mf-11-2019-0568 is not listed on IDEAS
- Loncan, Tiago, 2020. "Foreign institutional ownership and corporate cash holdings: Evidence from emerging economies," International Review of Financial Analysis, Elsevier, vol. 71(C).
- Ward, Charles & Yin, Chao & Zeng, Yeqin, 2018. "Institutional investor monitoring motivation and the marginal value of cash," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 49-75.
- 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 Analysis," Journal of Finance, American Finance Association, vol. 61(6), pages 2725-2751, December.
- Ferreira, Miguel A. & Matos, Pedro, 2008. "The colors of investors' money: The role of institutional investors around the world," Journal of Financial Economics, Elsevier, vol. 88(3), pages 499-533, June.
- Attig, Najah & Cleary, Sean & El Ghoul, Sadok & Guedhami, Omrane, 2012. "Institutional investment horizon and investment–cash flow sensitivity," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 1164-1180.
- Simon Döring & Wolfgang Drobetz & Sadok El Ghoul & Omrane Guedhami & Henning Schröder, 2021. "Institutional investment horizons and firm valuation around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 212-244, March.
- Driss, Hamdi & Drobetz, Wolfgang & El Ghoul, Sadok & Guedhami, Omrane, 2021. "Institutional investment horizons, corporate governance, and credit ratings: International evidence," Journal of Corporate Finance, Elsevier, vol. 67(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Rahim, Imad & Mian, Rehman U. & Mian, Affan, 2024. "Country-level heterogeneity in foreign institutional investment horizons and firm value," International Review of Financial Analysis, Elsevier, vol. 92(C).
- Mian, Rehman U. & Irfan, Saadia & Mian, Affan, 2023. "Foreign institutional investment horizon and earnings management: Evidence from around the world," International Review of Financial Analysis, Elsevier, vol. 86(C).
- Cui, Di & Ding, Mingfa & Han, Yikai & Suardi, Sandy, 2022. "Foreign shareholders, relative foreign policy uncertainty and corporate cash holdings," International Review of Financial Analysis, Elsevier, vol. 84(C).
- Loncan, Tiago, 2020. "Foreign institutional ownership and corporate cash holdings: Evidence from emerging economies," International Review of Financial Analysis, Elsevier, vol. 71(C).
- Smith, Deborah Drummond & Gleason, Kimberly C. & Kannan, Yezen H., 2021. "Auditor liability and excess cash holdings: Evidence from audit fees of foreign incorporated firms," International Review of Financial Analysis, Elsevier, vol. 78(C).
- Driss, Hamdi & Drobetz, Wolfgang & El Ghoul, Sadok & Guedhami, Omrane, 2021. "Institutional investment horizons, corporate governance, and credit ratings: International evidence," Journal of Corporate Finance, Elsevier, vol. 67(C).
- Lin, Tsui-Jung & Tsai, Han-Fang & Imamah, Nur & Hung, Jung-Hua, 2016. "Does the identity of multiple large shareholders affect the value of excess cash? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 40(PA), pages 173-190.
- Audrey Wenhsin Hsu & Sophia Hsintsai Liu, 2018. "Parent-subsidiary investment layers and the value of corporate cash holdings," Review of Quantitative Finance and Accounting, Springer, vol. 51(3), pages 651-681, October.
- Chinmoy Ghosh & Fan He, 2015. "Investor Protection, Investment Efficiency and Value: The Case of Cross-Listed Firms," Financial Management, Financial Management Association International, vol. 44(3), pages 499-546, September.
- Simon Döring & Wolfgang Drobetz & Sadok El Ghoul & Omrane Guedhami & Henning Schröder, 2021. "Institutional investment horizons and firm valuation around the world," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(2), pages 212-244, March.
- Xin Chen & Chang Yang, 2021. "Vertical interlock and the value of cash holdings," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 561-593, March.
- Mohamed Arouri & Guillaume Pijourlet, 2017.
"CSR Performance and the Value of Cash Holdings: International Evidence,"
Journal of Business Ethics, Springer, vol. 140(2), pages 263-284, January.
- Mohamed Arouri & Guillaume Pijourlet, 2017. "CSR Performance and the Value of Cash Holdings: International Evidence," Post-Print hal-01653159, HAL.
- Amess, Kevin & Banerji, Sanjay & Lampousis, Athanasios, 2015. "Corporate cash holdings: Causes and consequences," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 421-433.
- Huang, Ying & Elkinawy, Susan & Jain, Pankaj K., 2013. "Investor protection and cash holdings: Evidence from US cross-listing," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 937-951.
- Bastian von Beschwitz, 2016. "Cash Windfalls and Acquisitions," International Finance Discussion Papers 1159, Board of Governors of the Federal Reserve System (U.S.).
- Belkhir, Mohamed & Boubaker, Sabri & Derouiche, Imen, 2014.
"Control–ownership wedge, board of directors, and the value of excess cash,"
Economic Modelling, Elsevier, vol. 39(C), pages 110-122.
- Mohamed Belkhir & Sabri Boubaker & Derouiche Imen, 2014. "Control–ownership wedge, board of directors, and the value of excess cash," Post-Print hal-01155486, HAL.
- Chen, Tao & Harford, Jarrad & Lin, Chen, 2015. "Do analysts matter for governance? Evidence from natural experiments," Journal of Financial Economics, Elsevier, vol. 115(2), pages 383-410.
- Xiaoqiong Wang & Siqi Wei & Xiaoyang Zhu, 2024. "Economic policy uncertainty and heterogeneous institutional investor horizons," Review of Quantitative Finance and Accounting, Springer, vol. 62(1), pages 39-67, January.
- Domenico Rocco Cambrea & Andrea Calabrò & Maurizio La Rocca & Francesco Paolone, 2022. "The impact of boards of directors’ characteristics on cash holdings in uncertain times," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 26(1), pages 189-221, March.
- Aviner Augusto Silva Manoel & Marcelo Botelho da Costa Moraes & Juliano Augusto Orsi de Araujo, 2024. "The effects of financial constraints on the market value of cash in a mandatory dividend context," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 29(1), pages 1012-1041, January.
More about this item
Keywords
Investment horizon; Cash holdings; Foreign institutional ownership; International corporate governance; Firm value;All these keywords.
JEL classification:
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sek:iefpro:13815929. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Klara Cermakova (email available below). General contact details of provider: https://iises.net/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.