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论文作者:英语论文论文属性:ppt登出时间:2010-02-22编辑:steelbeezxp点击率:4755
论文字数:500论文编号:org201002202132365143语种:英语 English地区:英国价格:免费论文
附件:Investment Policy Survey Evidence, Propensity and Cash Flow Sensitivity.ppt
关键词:Investment PolicySurvey EvidencePropensityCash FlowSensitivity
Trade-off: Evidence
Firms with:
strong growth opportunities
higher business risk
smaller size
hold more cash than other firms
Firms that have the greatest access to capital markets hold less cash
High-levered firms tend to hold less cash
Free Cash Flow
Managers have an incentive to hoard cash
increase the amount of assets under their control gain discretionary power over the firm investment decision
undertake investments that have a negative impact on shareholders wealth.
This implies
Managers of firms with poor investment opportunities hold more cash
Low leverage firms are less subject to monitoring, hold more cash
Larger firms tend to have larger shareholder dispersion, less monitoring and hold more cash
Little supporting evidence
Governance
Stronger shareholder protection/monitoring implies lower cash balances
Less managerial discretion
Willingness to finance externally
Shareholder protection equates with:
Legal protection to outside investors (shareholders and creditors)
Presence of major shareholder (not family)
Supporting evidence
Countries with poor shareholders protection observe higher cash balances
Taxes
US evidence本论文由英语论文网www.51lunwen.org整理提供
Taxation of repatriations from a foreign subsidiary to the U.S. parent
Create incentives for U.S. multinationals to retain earnings abroad
If they do not have attractive investment opportunities to hold the retained earnings as cash
Evidence
Firms incurring higher tax costs when repatriating earnings hold more cash abroad
Financially constrained firms are less likely to hold cash abroad
Technology intensive firms hold more cash abroad
Cash Holdings and Investment Opportunities
Cash holdings higher for firms with higher cashflow and Tobin’s q.
But q measures investment opportunities and mispricing
Value of cash is higher for firms with lower liquidity, greater investment opportunities, and higher external financing constraints
But here we regress q on cash holdings