财务困境企业现金持有与投资效率关系:公司治理的调节作用

Management Science Letters Pub Date : 2022-01-01 DOI:10.5267/j.msl.2021.7.001

Muhammad Aksar, Shoib Hassan, M. B. Kayani, Suleman Khan, T. Ahmed

{"title":"财务困境企业现金持有与投资效率关系:公司治理的调节作用","authors":"Muhammad Aksar, Shoib Hassan, M. B. Kayani, Suleman Khan, T. Ahmed","doi":"10.5267/j.msl.2021.7.001","DOIUrl":null,"url":null,"abstract":"The current research study aims to analyze the impact of cash holding on investment efficiency by moderating the role of corporate governance among financially distressed firms. The data for 14 years (2006-2019) is gathered from 400 companies of two Asian emerging economies (Pakistan and India). The results are obtained by applying a generalized method of moments (GMM), which postulates that corporate governance improves cash holding with investment efficiency in the Indian scenario and decreases in the Pakistani scenario. Concerning financially distressed firms, corporate governance strengthens the relationship of cash holding with investment efficiency in the Pakistani context but showing no moderating role in the Indian scenario. The results are helpful in cash management decisions to minimize the agency issue and to avail investment opportunities.","PeriodicalId":30205,"journal":{"name":"Management Science Letters","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"6","resultStr":"{\"title\":\"Cash holding and investment efficiency nexus for financially distressed firms: The moderating role of corporate governance\",\"authors\":\"Muhammad Aksar, Shoib Hassan, M. B. Kayani, Suleman Khan, T. Ahmed\",\"doi\":\"10.5267/j.msl.2021.7.001\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"The current research study aims to analyze the impact of cash holding on investment efficiency by moderating the role of corporate governance among financially distressed firms. The data for 14 years (2006-2019) is gathered from 400 companies of two Asian emerging economies (Pakistan and India). The results are obtained by applying a generalized method of moments (GMM), which postulates that corporate governance improves cash holding with investment efficiency in the Indian scenario and decreases in the Pakistani scenario. Concerning financially distressed firms, corporate governance strengthens the relationship of cash holding with investment efficiency in the Pakistani context but showing no moderating role in the Indian scenario. The results are helpful in cash management decisions to minimize the agency issue and to avail investment opportunities.\",\"PeriodicalId\":30205,\"journal\":{\"name\":\"Management Science Letters\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2022-01-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"6\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Management Science Letters\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.5267/j.msl.2021.7.001\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Management Science Letters","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.5267/j.msl.2021.7.001","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}

引用次数: 6

摘要

本研究旨在通过调节公司治理在财务困难企业中的作用，分析现金持有对投资效率的影响。14年(2006-2019年)的数据来自两个亚洲新兴经济体(巴基斯坦和印度)的400家公司。结果是通过应用广义矩量方法(GMM)得到的，该方法假设公司治理在印度情景中提高了现金持有与投资效率，在巴基斯坦情景中降低了现金持有与投资效率。对于财务困难的公司，公司治理在巴基斯坦背景下加强了现金持有与投资效率的关系，但在印度情况下没有显示出调节作用。研究结果有助于现金管理决策，以尽量减少代理问题和利用投资机会。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Cash holding and investment efficiency nexus for financially distressed firms: The moderating role of corporate governance

The current research study aims to analyze the impact of cash holding on investment efficiency by moderating the role of corporate governance among financially distressed firms. The data for 14 years (2006-2019) is gathered from 400 companies of two Asian emerging economies (Pakistan and India). The results are obtained by applying a generalized method of moments (GMM), which postulates that corporate governance improves cash holding with investment efficiency in the Indian scenario and decreases in the Pakistani scenario. Concerning financially distressed firms, corporate governance strengthens the relationship of cash holding with investment efficiency in the Pakistani context but showing no moderating role in the Indian scenario. The results are helpful in cash management decisions to minimize the agency issue and to avail investment opportunities.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Management Science Letters

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： Management Science Letters is a peer reviewed, monthly publication dedicated to create a forum for scientists in all over the world who wish to share their experiences and knowledge in the field of management skills in the form of original, high quality and value added articles. The journal''s policy is to perform a peer review on all submitted articles and the papers will be appeared in a form of online on our website as soon as the review result becomes positive. The journal covers both empirical and theoretical aspects of management and gives the chance on sharing knowledge among practitioners. Management Science Letters is dedicated for publishing in the following areas: • Quality Management • Production Management (Scheduling, Production management, etc.) • Total Quality Management (TQM) • Six Sigma • Production Efficiency • Just in Time Inventory • Data Envelopment Analysis • Balanced Score Card • Activity Based Cost (ABC) • Technology Acceptance Model • Marketing planning and Customer Relationship Management • Critical Success Factors • e-learning • Customer satisfaction, Job satisfaction, Job turnover, • Organizational commitment, Employee Commitment • Knowledge Management • Knowledge sharing • Human Resources Management (Employee training, Employee Performance, Work achievements,) • Small and medium-sized enterprises (SMEs) issues and Economic development • Innovation, Creativity, Productivity and Performance • Multi-Criteria Decision Making Applications in Management Science (AHP, BWM, TOPSIS, …) • Education Management, Social development, Public Policy • Tourism Industry, Tourism promotion, Tourism directorates • Business performance and financial performance