Stock Liquidity and Cash Holdings: Evidence from Stock Buybacks
نویسندگان
چکیده
In view of the traditional that stock liquidity reduces cash holding level listed companies by alleviating financing constraints and restraining agency costs, this paper starts from company's repurchase motivation finds high may strengthen thus promote company to improve its level. Based on empirical evidence Chinese A-share 2011 2021, it is shown can significantly increase holdings, through relaxation buyback policy in 2018 as an exogenous shock, verified differential difference method after policy, with will more holdings than low liquidity. Further research shows property rights heterogeneity characteristics senior executives affect promoting effect holdings.
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ژورنال
عنوان ژورنال: Frontiers in business, economics and management
سال: 2023
ISSN: ['2766-824X']
DOI: https://doi.org/10.54097/fbem.v9i2.9133