Cash holding dynamics and competition intensity: Evidence from UK firms
نویسندگان
چکیده
Using a quasi-natural experiment and various measures of competition intensity, we examine whether an increase in product market is key driver firm cash holdings. We find that firms holdings when intense. The results suggest the degree magnified among exposed to high predatory threat financing friction. In addition, if increasing offers competitive advantage market. Our indicate with large reserves make gains share at expense their rivals. Gains are more pronounced low exposure risk frictions.
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ژورنال
عنوان ژورنال: Managerial and Decision Economics
سال: 2022
ISSN: ['0143-6570', '1099-1468']
DOI: https://doi.org/10.1002/mde.3705