现金持有管理的文化和宏观经济决定因素

IF 9.4 3区管理学 Q1 BUSINESS, FINANCE

Journal of International Financial Management & Accounting Pub Date : 2020-08-18 DOI:10.1111/jifm.12121

Svetlana V. Orlova

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引用次数: 10

摘要

这项研究考察了48个国家的现金管理模式，特别是现金持有调整速度（CH-SOA）。我发现，管理文化特征和国家层面的宏观经济因素会影响现金储备水平的持续性、偏离目标的程度以及不同国家企业调整现金持有量的速度。研究结果支持了代理成本和市场摩擦影响CH-SOA和现金管理的其他方面的观点。研究结果有力地纳入了广泛的公司层面特征、国家层面的公司治理变量和替代文化指数。

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Cultural and macroeconomic determinants of cash holdings management

This study examines patterns in cash management, particularly cash holdings speed of adjustment (CH-SOA), across 48 countries. I find that managerial cultural characteristics and country-level macroeconomic factors influence the persistence of cash reserve levels, deviation from target, and the speed with which firms in different countries adjust their cash holdings. The findings support the idea that agency costs as well as market frictions influence CH-SOA and other aspects of cash management. The findings are robust to the inclusion of a wide range of firm-level characteristics, country-level corporate-governance variables, and an alternative cultural index.

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来源期刊

Journal of International Financial Management & Accounting BUSINESS, FINANCE-

CiteScore

9.10

自引率

2.00%

发文量

期刊介绍： The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.