Research note: Cash holding and firm value: the case of Taiwan's tourism industry

被引：3
作者：
Kao, Shr-Wei [1 ,2 ]
机构：
[1] Natl Taiwan Univ Sci & Technol, Dept Business Adm, Taipei 100, Taiwan
[2] Chunghwa Telecom Fdn, Taipei 100, Taiwan
来源：
TOURISM ECONOMICS | 2012年 / 18卷 / 04期
关键词：
cash holdings; firm value; asymmetric information; panel smooth transition regression; Taiwan; CORPORATE GOVERNANCE; AGENCY COSTS; DEMAND; MONEY; DETERMINANTS; INFORMATION; DECISIONS; FLOW;
D O I：
10.5367/te.2012.0150
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper examines whether the percentage of cash holdings affects firm value in the tourism industry in Taiwan. Before the percentage of cash holdings reaches the threshold value, an increase in after-tax earnings boosts the firm's value. However, when the percentage of the cash holdings exceeds the threshold value, an increase in after-tax earnings decreases the firm's value. There is a non-linear relationship between after-tax earnings and firm value and between interest expenses and firm value. There are also smooth transition effects.
引用
收藏
页码：897 / 902
页数：6
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