The effects of uncertainty and corporate governance on firms' demand for liquidity

被引：26

作者：

Baum, Christopher F. ^{[1
,2
]}

Chakraborty, Atreya ^{[3
]}

Han, Liyan ^{[4
]}

Liu, Boyan ^{[4
]}

机构：

[1] Boston Coll, Dept Econ, Chestnut Hill, MA 02467 USA

[2] DIW Berlin, Dept Innovat, D-10117 Berlin, Germany

[3] Univ Massachusetts, Dept Finance, Boston, MA 02125 USA

[4] Beihang Univ, Sch Econ & Management, Beijing, Peoples R China

来源：

APPLIED ECONOMICS | 2012年 / 44卷 / 04期

基金：

中国国家自然科学基金;

关键词：

FREE CASH FLOW; DETERMINANTS; INVESTMENT; HOLDINGS; FINANCE; IMPACT;

D O I：

10.1080/00036846.2010.508733

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We find that US corporations' demand for liquidity is sensitive to two important factors: uncertainty facing the firm and the quality of corporate governance. Following prior research, we find that both factors have important influences on firms' cash holdings. Our results also indicate that the interactions between uncertainty and governance measures are significant. From a policy perspective, these new findings indicate that both governance and the nature of uncertainty may play an important role in managing liquidity risks. Policy recommendations may not only be limited to changes in financial policy but may also include changes in corporate governance.

引用

页码：515 / 525

页数：11