Nilai perusahaan ditentukan oleh keberhasilan dalam menjalankan usahanya, yang seringkali dikaitkan dengan harga saham. Memaksimalkan nilai penting untuk bisnis, karena identik memaksimalkan keuntungan. Untuk meningkatkan perusahaan, mengenali faktor-faktor mempengaruhi saham pasar perusahaan. Perusahaan memiliki tinggi mengindikasikan bahwa juga tinggi. Motivasi penelitian ini adalah mengetahu...

The paper explores the driving forces behind corporate cash holdings by analyzing past literature and extending this research to the behavior of firms after the 2008 recession. I look at the cash to assets and net debt to assets ratios from October 1980 to October 2011 to obtain an understanding of the past and current state of cash holdings. A comprehensive literature review is done on agency ...

This paper explores the hypothesis that the rise in intangible capital is a fundamental driver of the secular trend in US corporate cash holdings over the last decades. Using a new measure, we show that intangible capital is the most important firm-level determinant of corporate cash holdings. Our measure accounts for almost as much of the secular increase in cash since the 1980s as all other d...

This study examines whether related-party transactions (RPTs) impact the value of firms’ cash holdings. Using a 2011–2018 sample Korean public firms, we find that greater RPTs lead to lower holdings value. In particular, this decline is more pronounced in chaebol firms than non-chaebol firms. Our findings suggest unique and complex corporate governance structure makes it difficult for outside i...

Article history: Received 31 August 2009 Received in revised form 24 May 2010 Accepted 2 June 2010 Available online 10 June 2010 We analyze whether the organizational structure of firms (i.e., whether a firm is diversified or focused) affects their cash holdings. Using Compustat firm level and segment-level data, we find that diversified firms hold significantly less cash than their focused cou...

Article history: Received 17 January 2014 Received in revised form 28 May 2014 Accepted 29 May 2014 Available online 12 June 2014 This article investigates the impact of the observation that managers can use cash to defer bankruptcy on default risk and corporate financial policies. I show that with managerial cash use to defer default, the impact of cash on default risk depends on two opposing ...

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...