The influence of institutional fragility on corporate cash holdings: evidence from China

被引：0
作者：
Li, Xinli [1 ]
Li, Xiaodong [1 ]
Cheng, Jun [2 ]
Li, Jiaying [3 ]
Zhao, Zhenyang [4 ]
机构：
[1] Zhengzhou Univ Aeronaut, Sch Business, Zhengzhou, Peoples R China
[2] Zhengzhou Univ Aeronaut, Sch Econ, Zhengzhou, Peoples R China
[3] Henan Univ Econ & Law, Sch Accounting, Zhengzhou, Peoples R China
[4] Dongbei Univ Finance & Econ, School Accounting, Chinas Internal Control Res Ctr, Dalian, Peoples R China
来源：
ECONOMIC RESEARCH-EKONOMSKA ISTRAZIVANJA | 2023年 / 36卷 / 01期
关键词：
Institutional fragility; cash holdings; the bank-firm relationship; property right nature; investment opportunity; STRATEGIES; GOVERNANCE; ECONOMY; ORGANIZATIONS; ENVIRONMENTS; INVESTMENT; CAPITALISM; DIVERSITY; SYSTEMS; FLOW;
D O I：
10.1080/1331677X.2022.2073249
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This study examines the relationship between institutional fragility and corporate cash holdings. Using data from China between 2004 and 2017, we find that institutional fragility is associated with increased corporate cash holdings. The relationship is stronger for non-state-owned enterprises and stronger when firms have no relationship with banks. Furthermore, we find that institutional fragility reduces current investment opportunities, leading to an increase in corporate cash holdings. Investment opportunities play an intermediary effect; hence, institutional fragility affects corporate cash holdings.
引用
收藏
页码：191 / 208
页数：18
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