企业现金持有量和行业风险

IF 1.5 3区经济学 Q3 BUSINESS, FINANCE

Journal of Financial Research Pub Date : 2023-12-21 DOI:10.1111/jfir.12374

Jinsook Lee

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引用次数: 0

摘要

我推测，企业对行业冲击的敏感性会增加其保留现金缓冲的需求。与这一猜想相一致，我发现企业所面临的行业风险每增加 1 SD，现金持有量就会增加 10%。事实上，在我的样本中，行业风险对企业现金持有量的影响要大于整体经济风险和特殊风险。行业风险对企业现金持有量的影响对于竞争激烈行业的企业以及杠杆率高、短期债务比例大、有形资产少的企业更大。本文受版权保护，未经许可不得转载。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Corporate cash holdings and industry risk

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Corporate cash holdings and industry risk

I conjecture that a firm's sensitivity to industry shocks escalates its need to retain a cash buffer. Consistent with this conjecture, I find that a 1 SD increase in a firm's industry risk exposure increases cash holdings by 10%. In fact, industry risk has a greater effect on corporate cash holdings than does economywide and idiosyncratic risk in my sample. The effect of industry risk exposure on corporate cash holdings is greater for firms in highly competitive industries, as well as for firms with high leverage, a greater fraction of short-term debt, and few tangible assets.

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来源期刊

Journal of Financial Research BUSINESS, FINANCE-

CiteScore

1.70

自引率

0.00%

发文量

期刊介绍： The Journal of Financial Research(JFR) is a quarterly academic journal sponsored by the Southern Finance Association (SFA) and the Southwestern Finance Association (SWFA). It has been continuously published since 1978 and focuses on the publication of original scholarly research in various areas of finance such as investment and portfolio management, capital markets and institutions, corporate finance, corporate governance, and capital investment. The JFR, also known as the Journal of Financial Research, provides a platform for researchers to contribute to the advancement of knowledge in the field of finance.