以发明人为基础的集中度和公司现金持有量

IF 2.6 4区 经济学 Q2 BUSINESS, FINANCE
Jin Wang
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引用次数: 0

摘要

我们利用追踪美国上市公司发明人职业道路的独特数据集,研究了发明人集中度对公司现金持有量的影响。集中的发明人基数提高了发明人人力资本的利用效率,降低了持有现金的交易动机。相反,由于关键发明人的离开而造成的潜在损失可能会增加持有现金的预防性动机。我们发现,以发明人为基础的集中度对现金持有量有负向影响,支持降低交易动机的观点。拥有更集中的发明人基础的公司在劳动力成本和研发方面的现金支出需求较低。此外,对于面临财务约束的公司,现金持有量的负面影响更为明显。最后,现金持有量的价值与发明人基础集中度呈负相关。这些结果强调了在评估企业融资政策时了解企业人力资本战略的重要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Inventor-base concentration and corporate cash holdings

Using a unique dataset tracking the career paths of inventors in U.S. public firms, we investigate how inventor-base concentration impacts corporate cash holdings. A concentrated inventor base enhances the efficiency of utilizing inventors' human capital, reducing the transaction motive to hold cash. Conversely, the potential loss due to key inventors' departure may increase the precautionary motive to hold cash. We find a negative impact of inventor-base concentration on cash holdings, supporting the notion of reducing the transaction motive. Firms with a more concentrated inventor base have lower demand for spending cash on labor costs and R&D. Additionally, the negative impact on cash holdings is more pronounced for firms facing financial constraints. Finally, the value of cash holdings is negatively related to the degree of inventor-base concentration. These results highlight the importance of understanding a firm's human capital strategies when evaluating its financing policy.

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来源期刊
International Review of Finance
International Review of Finance BUSINESS, FINANCE-
CiteScore
3.30
自引率
5.90%
发文量
28
期刊介绍: The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.
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