Determinants of a firm’s cash holdings have been popular topic research in finance, especially after the rapid surge for U.S. firms since 1980s. The wide array has focused primarily on firm-specific factors to explain cross-sectional variations but found insufficient explanatory power holdings. We incorporate variables macroeconomic conditions and uncertainty with variables. Using 19,223 213,66...

The level of cash held by listed companies has raised academic interest. In particular, many studies have been conducted to understand the reason why hold so much cash. Previous on determinants holdings focused firm-specific characteristics. More recently, researchers found that stock liquidity played an important role in explaining holding behaviour. This study examines effect among Malaysia. ...

In this paper we offer the first large sample evidence on the availability and usage of credit lines in U.S. public corporations and use it to re-examine the existing findings on corporate liquidity. We show that the availability of credit lines is widespread and that average undrawn credit is of the same order of magnitude as cash holdings. We test the trade-off theory of liquidity according t...

In the context of technological innovation promoting long-term sustainable development enterprises, how to better motivate senior executives create greater value for an enterprise is being widely discussed. particular, COVID-19 outbreak has raised concerns about whether companies can deliver more by holding large amounts cash. However, although scholars have conducted a lot research on topics s...

This paper uses the second-generation antitakeover legislation as a natural experiment to understand corporate governance in‡uence on managerial decisions, speci…cally by examining in‡uences on …rms’liquidity choices between cash and loan commitments. These choices di¤er primarily in the allocation of ex-post control rights of …rms’liquidity reserves, which may lead to disagreement among stakeh...

Levedahl (1995) claims that marginal 'welfare stigma' causes a dollar of food to provide less utility if bought with food stamps rather than cash, and that this explains why, in the United States, the marginal propensity to consume food out of food stamps is larger than that out of income. This hypothesis has been advanced to explain the so-called 'cash-out puzzle': the empirical observation th...