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Agency Conflicts and Cash: Estimates from a Dynamic Model

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Cited by:

  1. Sylvain Catherine & Thomas Chaney & Zongbo Huang & David Sraer & David Thesmar, 2022. "Quantifying Reduced‐Form Evidence on Collateral Constraints," Journal of Finance, American Finance Association, vol. 77(4), pages 2143-2181, August.
  2. Nam, Changwoo, 2016. "Impact of Corporate Tax Cuts on Corporate Investment," KDI Policy Forum 264, Korea Development Institute (KDI).
  3. Macnamara, Patrick, 2019. "Taxes and financial frictions: Implications for corporate capital structure," Journal of Economic Dynamics and Control, Elsevier, vol. 101(C), pages 82-100.
  4. Avramov, Doron & Li, Minwen & Wang, Hao, 2021. "Predicting corporate policies using downside risk: A machine learning approach," Journal of Empirical Finance, Elsevier, vol. 63(C), pages 1-26.
  5. Stephen Terry & Anastasia Zakolyukina & Toni Whited, 2018. "Information Distortion, R&D, and Growth," 2018 Meeting Papers 217, Society for Economic Dynamics.
  6. Stephen J. Terry & Toni M. Whited & Anastasia A. Zakolyukina, 2020. "Information versus Investment," Working Papers 2020-110, Becker Friedman Institute for Research In Economics.
  7. Tan, Jianhua & Chen, Tao & Zhang, Peng & Chan, Kam C., 2021. "Environmental rule enforcement and cash holdings: Evidence from a natural experiment," Economic Modelling, Elsevier, vol. 103(C).
  8. Lin, Chen & Ma, Yue & Xuan, Yuhai, 2011. "Ownership structure and financial constraints: Evidence from a structural estimation," Journal of Financial Economics, Elsevier, vol. 102(2), pages 416-431.
  9. Adam Hal Spencer, 2022. "Policy Effects of International Taxation on Firm Dynamics and Capital Structure," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 89(4), pages 2149-2200.
  10. Maurizio Iacopetta & Raoul Minetti & Pietro F Peretto, 2019. "Financial Markets, Industry Dynamics and Growth," The Economic Journal, Royal Economic Society, vol. 129(621), pages 2192-2215.
  11. Mehkari, M. Saif, 2016. "Uncertainty shocks in a model with mean-variance frontiers and endogenous technology choices," Journal of Macroeconomics, Elsevier, vol. 49(C), pages 71-98.
  12. Xie, Xiaoying & Wang, Yuling & Zhao, Guiqin & Lu, Weili, 2017. "Cash holdings between public and private insurers ‒ a partial adjustment approach," Journal of Banking & Finance, Elsevier, vol. 82(C), pages 80-97.
  13. Barrero, Jose Maria, 2022. "The micro and macro of managerial beliefs," Journal of Financial Economics, Elsevier, vol. 143(2), pages 640-667.
  14. Murat Alp Celik & Xu Tian, 2023. "Agency Frictions, Managerial Compensation, and Disruptive Innovations," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 51, pages 16-38, December.
  15. Fernando Alvarez & Francesco Lippi & Roberto Robatto, 2019. "Cost of Inflation in Inventory Theoretical Models," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 32, pages 206-226, April.
  16. Maurizio Rocca & Raffaele Staglianò & Tiziana Rocca & Alfio Cariola & Ekaterina Skatova, 2019. "Cash holdings and SME performance in Europe: the role of firm-specific and macroeconomic moderators," Small Business Economics, Springer, vol. 53(4), pages 1051-1078, December.
  17. repec:spo:wpecon:info:hdl:2441/5e3g19l1fn9thpq7ldd8kqr3vu is not listed on IDEAS
  18. Begenau, Juliane & Palazzo, Berardino, 2021. "Firm selection and corporate cash holdings," Journal of Financial Economics, Elsevier, vol. 139(3), pages 697-718.
  19. Huang, Qianqian & Jiang, Feng & Wu, Szu-Yin (Jennifer), 2018. "Does short-maturity debt discipline managers? Evidence from cash-rich firms' acquisition decisions," Journal of Corporate Finance, Elsevier, vol. 53(C), pages 133-154.
  20. Shushu Liao & Marco Errico, 2023. "Corporate investment and stock market valuation," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(3-4), pages 795-819, March.
  21. Ivanov, Ivan T. & Pettit, Luke & Whited, Toni, 2021. "Taxes Depress Corporate Borrowing: Evidence from Private Firms," IHS Working Paper Series 32, Institute for Advanced Studies.
  22. Miguel H. Ferreira, 2023. "Aggregate Implications of Corporate Bond Holdings by Nonfinancial Firms," Working Papers 967, Queen Mary University of London, School of Economics and Finance.
  23. Chase P. Ross & Landon J. Ross, 2022. "Cash-Hedged Stock Returns," Finance and Economics Discussion Series 2022-055, Board of Governors of the Federal Reserve System (U.S.).
  24. repec:spo:wpmain:info:hdl:2441/5gcvpatejr92bbog69gpen3cmn is not listed on IDEAS
  25. Iacopetta, Maurizio & Peretto, Pietro F., 2021. "Corporate governance and industrialization," European Economic Review, Elsevier, vol. 135(C).
  26. Niu, Huawei & Hua, Wei, 2019. "An endogenous structural credit risk model incorporating with moral hazard and rollover risk," Economic Modelling, Elsevier, vol. 78(C), pages 47-59.
  27. Hajda, Jakub & Nikolov, Boris, 2022. "Product market strategy and corporate policies," Journal of Financial Economics, Elsevier, vol. 146(3), pages 932-964.
  28. Glover, Brent & Levine, Oliver, 2017. "Idiosyncratic risk and the manager," Journal of Financial Economics, Elsevier, vol. 126(2), pages 320-341.
  29. Isaiah Andrews & Matthew Gentzkow & Jesse M. Shapiro, 2017. "Measuring the Sensitivity of Parameter Estimates to Estimation Moments," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 132(4), pages 1553-1592.
  30. Couzoff, Panagiotis & Banerjee, Shantanu & Pawlina, Grzegorz, 2022. "Effectiveness of monitoring, managerial entrenchment, and corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 77(C).
  31. Alderson, Michael J. & Lin, Fang & Stock, Duane R., 2017. "Does the choice between fixed price and make whole call provisions reflect differential agency costs?," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 442-460.
  32. Orlova, Svetlana V. & Sun, Li, 2018. "Institutional determinants of cash holdings speed of adjustment," Global Finance Journal, Elsevier, vol. 37(C), pages 123-137.
  33. Matthias Breuer & David Windisch, 2019. "Investment Dynamics and Earnings‐Return Properties: A Structural Approach," Journal of Accounting Research, Wiley Blackwell, vol. 57(3), pages 639-674, June.
  34. Nyborg, Kjell G. & Wang, Zexi, 2021. "The effect of stock liquidity on cash holdings: The repurchase motive," Journal of Financial Economics, Elsevier, vol. 142(2), pages 905-927.
  35. Siamak Javadi & Abdullah‐Al Masum & Mohsen Aram & Ramesh P. Rao, 2023. "Climate change and corporate cash holdings: Global evidence," Financial Management, Financial Management Association International, vol. 52(2), pages 253-295, June.
  36. Anastasia A. Zakolyukina, 2018. "How Common Are Intentional GAAP Violations? Estimates from a Dynamic Model," Journal of Accounting Research, Wiley Blackwell, vol. 56(1), pages 5-44, March.
  37. Erwan Morellec & Boris Nikolov & Norman Schürhoff, 2018. "Agency Conflicts around the World," The Review of Financial Studies, Society for Financial Studies, vol. 31(11), pages 4232-4287.
  38. Anderson, Ronald W. & Hamadi, Malika, 2016. "Cash holding and control-oriented finance," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 410-425.
  39. repec:hal:spmain:info:hdl:2441/5gcvpatejr92bbog69gpen3cmn is not listed on IDEAS
  40. repec:hal:spmain:info:hdl:2441/5e3g19l1fn9thpq7ldd8kqr3vu is not listed on IDEAS
  41. Stephen J. Terry, 2023. "The Macro Impact of Short‐Termism," Econometrica, Econometric Society, vol. 91(5), pages 1881-1912, September.
  42. Bakke, Tor-Erik & Gu, Tiantian, 2017. "Diversification and cash dynamics," Journal of Financial Economics, Elsevier, vol. 123(3), pages 580-601.
  43. Deng, Lixing & Lai, Shaojie & Liu, Shiang & Pu, Xiaoling, 2022. "Social insurance premiums and corporate cash holdings: Evidence from social insurance law in China," Economic Modelling, Elsevier, vol. 114(C).
  44. Wang, Wenyu, 2018. "Bid anticipation, information revelation, and merger gains," Journal of Financial Economics, Elsevier, vol. 128(2), pages 320-343.
  45. Gu, Tiantian, 2017. "U.S. multinationals and cash holdings," Journal of Financial Economics, Elsevier, vol. 125(2), pages 344-368.
  46. Seifert, Bruce & Gonenc, Halit, 2018. "The effects of country and firm-level governance on cash management," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 52(C), pages 1-16.
  47. Priit Jeenas, 2023. "Firm balance sheet liquidity, monetary policy shocks, and investment dynamics," Economics Working Papers 1872, Department of Economics and Business, Universitat Pompeu Fabra.
  48. Li, Xiaoqing & Fung, Anna & Fung, Hung-Gay & Qiao, Penghao, 2020. "Directorate interlocks and corporate cash holdings in emerging economies: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 66(C), pages 244-260.
  49. repec:hal:wpspec:info:hdl:2441/5e3g19l1fn9thpq7ldd8kqr3vu is not listed on IDEAS
  50. Xin‐tu Lei & Qing‐yuan Xu & Cheng‐ze Jin, 2022. "Nature of property right and the motives for holding cash: Empirical evidence from Chinese listed companies," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 43(5), pages 1482-1500, July.
  51. 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.
  52. Park, SeHyun, 2022. "Liquid asset sheltering, or cost of capital? The effect of political corruption on corporate cash holdings," International Review of Financial Analysis, Elsevier, vol. 82(C).
  53. Canil, Jean & Karpavičius, Sigitas, 2022. "Managerial risk-taking incentives and cash holding in U.S. firms: Evidence from FAS 123R," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 605-628.
  54. Dumitru-Nicusor CARAUSU, 2015. "Monitor And Control In Companies: An Agency Theory Approach," Journal of Public Administration, Finance and Law, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 0(Special i), pages 46-60, September.
  55. Murat Celik & Xu Tian, 2018. "Corporate Governance, Managerial Compensation, and Disruptive Innovations," 2018 Meeting Papers 590, Society for Economic Dynamics.
  56. Chen, Shen & Chen, Yuran & Zhang, Di & Wang, Jinmei, 2023. "Can minority investor activism promote corporate risk-taking? Evidence from a quasi-natural experiment in China," International Review of Financial Analysis, Elsevier, vol. 85(C).
  57. Li, Xiafei & Luo, Di, 2020. "Increase in cash holdings of U.S. firms: The role of healthcare and technology industries," Journal of Business Research, Elsevier, vol. 118(C), pages 286-298.
  58. Zhao, Jake, 2020. "Accounting for the corporate cash increase," European Economic Review, Elsevier, vol. 123(C).
  59. Shaorou Hu & Ming Liu & Nan Liu & Xialin Guo, 2024. "Do State Ownership and Political Connections Affect Precautionary Cash Holdings for Customer Concentration? Evidence from China," Abacus, Accounting Foundation, University of Sydney, vol. 60(2), pages 305-337, June.
  60. Xiaodan Gao & Jake Zhao, 2022. "R&D Dynamics and Corporate Cash Saving," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 43, pages 263-285, January.
  61. Houdou Basse Mama & Alexander Bassen, 2017. "Neglected disciplinary effects of investor relations: evidence from corporate cash holdings," Journal of Business Economics, Springer, vol. 87(2), pages 221-261, February.
  62. Liu, Benjamin & Johl, Shireenjit & Lasantha, Ruwan, 2023. "ESG scores and cash holdings: The role of disciplinary trading," Finance Research Letters, Elsevier, vol. 55(PA).
  63. He, Ye & Hu, Weiping & Li, Kunwang & Zhang, Xiao, 2022. "Can real options explain the impact of uncertainty on Chinese corporate investment?," Economic Modelling, Elsevier, vol. 115(C).
  64. Favara, Giovanni & Gao, Janet & Giannetti, Mariassunta, 2021. "Uncertainty, access to debt, and firm precautionary behavior," Journal of Financial Economics, Elsevier, vol. 141(2), pages 436-453.
  65. repec:spo:wpmain:info:hdl:2441/5e3g19l1fn9thpq7ldd8kqr3vu is not listed on IDEAS
  66. Xiaodan Gao, 2018. "Corporate Cash Hoarding: The Role of Just-in-Time Adoption," Management Science, INFORMS, vol. 64(10), pages 4858-4876, October.
  67. Nyborg, Kjell & Wang, Zexi, 2019. "Corporate cash holdings: Stock liquidity and the repurchase motive," CEPR Discussion Papers 13791, C.E.P.R. Discussion Papers.
  68. Sun, Qi & Xiaolan, Mindy Z., 2019. "Financing intangible capital," Journal of Financial Economics, Elsevier, vol. 132(2), pages 472-496.
  69. Kim, Yongjin & Kuehn, Lars-Alexander & Li, Kai, 2024. "Learning about the consumption risk exposure of firms," Journal of Financial Economics, Elsevier, vol. 152(C).
  70. Shang, Duo & Yuan, Dongliang & Li, Dehui & Lin, Qi, 2023. "Independent directors’ geographic distance, high-speed railway, and corporate cash holdings," Economic Modelling, Elsevier, vol. 121(C).
  71. YoungHa Ki & Ramesh Adhikari, 2023. "Cash Holdings and Marginal Value of Cash across Different Age Groups of U.S. Firms," JRFM, MDPI, vol. 16(11), pages 1-23, November.
  72. Javadi, Siamak & Mollagholamali, Mohsen & Nejadmalayeri, Ali & Al-Thaqeb, Saud, 2021. "Corporate cash holdings, agency problems, and economic policy uncertainty," International Review of Financial Analysis, Elsevier, vol. 77(C).
  73. Isaiah Andrews & Matthew Gentzkow & Jesse M. Shapiro, 2020. "Transparency in Structural Research," Journal of Business & Economic Statistics, Taylor & Francis Journals, vol. 38(4), pages 711-722, October.
  74. Sun, Wenyi & Yin, Chao & Zeng, Yeqin, 2023. "Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership," International Review of Financial Analysis, Elsevier, vol. 90(C).
  75. John R Graham & Mark T Leary, 2018. "The Evolution of Corporate Cash," The Review of Financial Studies, Society for Financial Studies, vol. 31(11), pages 4288-4344.
  76. Page, T. Beau, 2018. "CEO attributes, compensation, and firm value: Evidence from a structural estimation," Journal of Financial Economics, Elsevier, vol. 128(2), pages 378-401.
  77. Li, Erica X.N. & Zha, Tao & Zhang, Ji & Zhou, Hao, 2022. "Does fiscal policy matter for stock-bond return correlation?," Journal of Monetary Economics, Elsevier, vol. 128(C), pages 20-34.
  78. YoungHa Ki & Ramesh Adhikari, 2022. "Corporate Cash Holdings and Exposure to Macroeconomic Conditions," IJFS, MDPI, vol. 10(4), pages 1-25, November.
  79. Loncan, Tiago, 2020. "Foreign institutional ownership and corporate cash holdings: Evidence from emerging economies," International Review of Financial Analysis, Elsevier, vol. 71(C).
  80. 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).
  81. Andrea Gamba & Alessio Saretto, 2020. "Growth Options and Credit Risk," Management Science, INFORMS, vol. 66(9), pages 4269-4291, September.
  82. Albertus, James F. & Glover, Brent & Levine, Oliver, 2022. "Foreign investment of US multinationals: The effect of tax policy and agency conflicts," Journal of Financial Economics, Elsevier, vol. 144(1), pages 298-327.
  83. Nikolov, Boris & Schmid, Lukas & Steri, Roberto, 2019. "Dynamic corporate liquidity," Journal of Financial Economics, Elsevier, vol. 132(1), pages 76-102.
  84. Dudley, Evan & Zhang, Ning, 2016. "Trust and corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 41(C), pages 363-387.
  85. 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.
  86. Johnson, Travis L. & Swem, Nathan, 2021. "Reputation and investor activism: A structural approach," Journal of Financial Economics, Elsevier, vol. 139(1), pages 29-56.
  87. Ryosuke Fujitani & Masazumi Hattori & Tomohide Mineyama, 2024. "Passive and Proactive Motivations of Cash Holdings," Working Papers e200, Tokyo Center for Economic Research.
  88. Filippo Ippolito & Alessandro Villa, 2022. "Levered Returns and Capital Structure Imbalances," Working Paper Series WP 2022-42, Federal Reserve Bank of Chicago.
  89. Pascal Nguyen & Nahid Rahman, 2020. "Institutional ownership, cross‐shareholdings and corporate cash reserves in Japan," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 60(S1), pages 1175-1207, April.
  90. Atif, Muhammad & Huang, Allen & Liu, Benjamin, 2020. "The effect of say on pay on CEO compensation and spill-over effect on corporate cash holdings: Evidence from Australia," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
  91. Theodosios Dimopoulos & Stefano Sacchetto, "undated". "Technological Heterogeneity and Corporate Investment," GSIA Working Papers 2012-E48, Carnegie Mellon University, Tepper School of Business.
  92. Chatterjee, Sris & Hasan, Iftekhar & John, Kose & Yan, An, 2021. "Stock liquidity, empire building, and valuation," Journal of Corporate Finance, Elsevier, vol. 70(C).
  93. Greiner, Adam J., 2017. "An examination of real activities management and corporate cash holdings," Advances in accounting, Elsevier, vol. 39(C), pages 79-90.
  94. Antonio Falato & Dalida Kadyrzhanova & Jae Sim & Roberto Steri, 2022. "Rising Intangible Capital, Shrinking Debt Capacity, and the U.S. Corporate Savings Glut," Journal of Finance, American Finance Association, vol. 77(5), pages 2799-2852, October.
  95. John R. Graham & Mark T. Leary, 2017. "The Evolution of Corporate Cash," NBER Working Papers 23767, National Bureau of Economic Research, Inc.
  96. Jakub Hajda, 2019. "Product Market Strategy and Corporate Policies," 2019 Papers pha1309, Job Market Papers.
  97. Ramona Westermann, 2018. "Measuring Agency Costs over the Business Cycle," Management Science, INFORMS, vol. 64(12), pages 5748-5768, December.
  98. Muhammad Atif & Benjamin Liu & Sivathaasan Nadarajah, 2022. "The effect of corporate environmental, social and governance disclosure on cash holdings: Life‐cycle perspective," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 2193-2212, July.
  99. Qazi Awais Amin & Tom Williamson, 2021. "Firms cash management, adjustment cost and its impact on firms’ speed of adjustment: a cross country analysis," Review of Quantitative Finance and Accounting, Springer, vol. 56(1), pages 53-89, January.
  100. Xu Tian, 2022. "Uncertainty and the Shadow Banking Crisis: Estimates from a Dynamic Model," Management Science, INFORMS, vol. 68(2), pages 1469-1496, February.
  101. Martin Boileau & Nathalie Moyen, 2016. "Corporate Cash Holdings And Credit Line Usage," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 57(4), pages 1481-1506, November.
  102. Nam, Changwoo, 2021. "Social Welfare Analysis of Policy-based Finance with Support for Corporate Loan Interest," KDI Journal of Economic Policy, Korea Development Institute (KDI), vol. 43(4), pages 45-67.
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