Information Asymmetry and Corporate Cash Holdings

被引：47

作者：

Chung, Kee H. ^{[1
,2
]}

Kim, Jang-Chul ^{[3
]}

Kim, Young Sang ^{[3
]}

Zhang, Hao ^{[4
]}

机构：

[1] SUNY Buffalo, Sch Management, Buffalo, NY 14260 USA

[2] Sungkyunkwan Univ, Sch Business, Seoul, South Korea

[3] No Kentucky Univ, Haile US Bank Coll Business, Highland Hts, KY USA

[4] Rochester Inst Technol, Saunders Coll Business, Rochester, NY USA

来源：

JOURNAL OF BUSINESS FINANCE & ACCOUNTING | 2015年 / 42卷 / 9-10期

基金：

新加坡国家研究基金会;

关键词：

cash holdings; information asymmetry; monitoring cost; EXCESS CASH; FIRMS HOLD; GOVERNANCE; INVESTMENT; IMPACT; LIQUIDITY; DECISIONS; COMPONENTS; SPREADS; ENVIRONMENT;

D O I：

10.1111/jbfa.12173

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study analyzes the effect of information asymmetry on corporate cash holdings. Using various measures of information asymmetry, this study shows that companies that operate in environments with higher information asymmetry have smaller cash holdings. This study continues to find a negative relationship between information asymmetry and corporate cash holdings from a battery of sensitivity analyses, including the tests using different regression methods and the difference-in-difference tests employing brokerage-firm merger and closure events. On the whole, the results support the monitoring cost hypothesis of cash holdings over the investment opportunities hypothesis.

引用

页码：1341 / 1377

页数：37

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