How do firms learn? Evidence from corporate cash holdings during the COVID‐19 pandemic

IF 3.5 Q1 BUSINESS, FINANCE
Bishal Bc, T. Simpson
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引用次数: 1

Abstract

Abstract We examine the impact of COVID‐19 on US corporate cash holdings. Our findings suggest that greater pandemic exposure is associated with higher corporate cash holdings and that firms learn from prior experiences as they manage their cash policies. More specifically, the level of cash holdings in firms that experienced severe financial constraints during the 2008 credit crisis and firms with prior severe acute respiratory syndrome (SARS) and H1N1 exposure is significantly lower than that of firms with no prior epidemic or financial constraints experience. Overall, our findings support the learning behaviour of cash and contribute to corporate cash holdings literature by providing insights on the extent to which firms learn from prior experiences to manage their liquidity.
企业如何学习?来自COVID - 19大流行期间企业现金持有量的证据
我们研究了COVID - 19对美国企业现金持有量的影响。我们的研究结果表明,大流行风险越大,企业现金持有量越高,企业在管理现金政策时可以从以往的经验中吸取教训。更具体地说,在2008年信贷危机期间经历过严重财务限制的公司和先前遭受过严重急性呼吸系统综合症(SARS)和甲型H1N1流感风险的公司的现金持有水平明显低于先前没有经历过流行病或财务限制的公司。总体而言,我们的研究结果支持现金的学习行为,并通过提供企业从先前经验中学习管理流动性的程度的见解,为企业现金持有文献做出了贡献。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
自引率
10.30%
发文量
21
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