The market value of cash holdings from related-party sales: The role of source of cash flows

被引：0

作者：

Jung, Sun-Moon ^{[1
]}

Jung, Taejin ^{[2
]}

Kim, Natalie Kyung Won ^{[3
,5
]}

Park, Sohee ^{[4
]}

机构：

[1] Dongguk Univ, Dept Accounting, Seoul, South Korea

[2] IE Univ, Dept Accounting & Management Control, Madrid 28006, Spain

[3] Univ Seoul, Sch Business Adm, Seoul, South Korea

[4] Seoul Natl Univ, Dept Business Adm, Seoul, South Korea

[5] Univ Seoul, Seoul 02504, South Korea

来源：

ACCOUNTING AND FINANCE | 2024年 / 64卷 / 03期

关键词：

corporate governance; market value of cash holdings; related-party transactions; resource allocation; source of cash flows; FINANCIAL STATEMENT COMPARABILITY; GROUP-AFFILIATED COMPANIES; CORPORATE GOVERNANCE; BUSINESS GROUPS; AGENCY COSTS; FIRMS HOLD; TRANSACTIONS; CONSTRAINTS; INFORMATION; INVESTMENT;

D O I：

10.1111/acfi.13241

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper finds that investors evaluate cash holdings differently based on the source of cash flows. Using cash flows from related-party sales as a proxy for diverse sources, we find that shareholders discount the value of cash holdings for firms with higher cash flows from related-party sales. We find that firms use related-party sales cash flows differently; cash flows from related-party sales are more likely to be retained as internal cash reserves or distributed as dividends, rather than utilised for necessary investments. We further document a negative valuation of investments for firms with more related-party sales.

引用

页码：2915 / 2948

页数：34

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