analyzing different dimensions of corporate liquidity management

نویسندگان

محمد طالبی

چکیده

the purpose of this article is to present a thorough picture of liquidity managment. the first section of the article disusses the internal and external factors affecting the liquidity conditions of corporations. in the next section the effects of company size, industry type, production cycle and the efficiency of management on the liquidity needs are discussed. in the final section the relationship between liquidity management and the company value is discussed.

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Corporate Liquidity Management and Future Investment Expenditures

This paper empirically examines whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Implementing a dynamic framework on a panel of US, UK and German companies, we find that firms make larger additions to cash holdings when they plan additional future R&D rather than fixed capital inv...

متن کامل

Corporate Liquidity

Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder protection. In addition, when shareholder protection is poor, factors that generally drive the need f...

متن کامل

Corporate liquidity and solvency

This paper studies the impact of both solvency and liquidity concerns on corporate …nance. The …rm optimally chooses capital structure, cash holdings, dividends and default while facing stochastic cash ‡ows with two sources of uncertainty. The expected cash ‡ows are uncertain and low pro…tability leads to solvency distress. Moreover, cash ‡ows are subject to liquidity shocks that cause liquidit...

متن کامل

Corporate Risk Management: Integrating Liquidity, Hedging, and Operating Policies

We present a dynamic structural model of integrated risk management that incorporates several motivations for managing risk. Risk management is enabled through a coordination of operating flexibility, liquidity management, and derivatives hedging policies. We analyze the value created by such integrated risk management strategies, and disintegrate this value in several ways to separate out the ...

متن کامل

Liquidity management and corporate demand for hedging and insurance

We analyze the demand for hedging and insurance by a firm facing cash-flow risks. We study how the firm’s liquidity management policy interacts with two types of risk: a Brownian risk that can be hedged through a financial derivative, and a Poisson risk that can be insured by an insurance contract. We find that the patterns of insurance and hedging decisions are pole apart: cash-poor firms shou...

متن کامل

Uncertainty Determinants of Corporate Liquidity

This paper investigates the link between the optimal level of non–financial firms’ liquid assets and uncertainty. We develop a partial equilibrium model of precautionary demand for cash that shows that firms are likely to change their liquidity ratio in response to changes in uncertainty. We test this proposition using a panel of non–financial US firms drawn from COMPUSTAT quarterly database co...

متن کامل

منابع من

با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید


عنوان ژورنال:
تحقیقات مالی

جلد ۳، شماره ۲، صفحات ۰-۰

کلمات کلیدی

میزبانی شده توسط پلتفرم ابری doprax.com

copyright © 2015-2023