Chemical releases and corporate cash holdings

被引：14
作者：
Huang, Henry He [1 ]
Liu, Chanjuan [2 ]
Sun, Li [3 ]
机构：
[1] Yeshiva Univ, Sy Syms Sch Business, New York, NY 10033 USA
[2] Wenzhou Med Univ, Sch Innovat & Entrepreneuship, Wenzhou, Peoples R China
[3] Univ Tulsa, Collins Coll Business, Sch Accounting, Tulsa, OK 74104 USA
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2019年 / 64卷
关键词：
Chemical releases; Cash holdings; Environmental Protection Agency (EPA); Toxics Release Inventory (TRI); SOCIAL-RESPONSIBILITY CSR; ENVIRONMENTAL PERFORMANCE; FIRMS HOLD; GOVERNANCE; POLLUTION; DEMAND; POLICY; COSTS; MEDIA; GREEN;
D O I：
10.1016/j.irfa.2019.05.004
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the impact of a firm's chemical releases (an objective measure of environmental performance) on its cash holdings. The corporate social responsibility (precautionary) motive of cash holdings suggests a negative (positive) relation between chemical releases and cash holdings. Using a 27-year sample with 574 unique firms and 9748 observations, we find a significant and negative relation between chemical releases and cash holdings, suggesting that firms releasing more chemicals hold less cash. Our results are robust to changes analysis, instrumental variable two-stage regression, and other additional tests.
引用
收藏
页码：159 / 173
页数：15
相关论文
共 56 条
  • [1] Aggregate Risk and the Choice between Cash and Lines of Credit
    Acharya, Viral V.
    Almeida, Heitor
    Campello, Murillo
    [J]. JOURNAL OF FINANCE, 2013, 68 (05) : 2059 - 2116
  • [2] [Anonymous], 2008, IMPACT ENV RISK COST
  • [3] [Anonymous], 1997, J INVEST WINTER, DOI DOI 10.3905/JOI.1997.87
  • [4] [Anonymous], TOX REL INV TRI PROG
  • [5] Arouri M., 2015, J BUS ETHICS, P1
  • [6] Why Do US Firms Hold So Much More Cash than They Used To?
    Bates, Thomas W.
    Kahle, Kathleen M.
    Stulz, Rene M.
    [J]. JOURNAL OF FINANCE, 2009, 64 (05) : 1985 - 2021
  • [7] THE TRANSACTIONS DEMAND FOR CASH: AN INVENTORY THEORETIC APPROACH
    Baumol, William J.
    [J]. QUARTERLY JOURNAL OF ECONOMICS, 1952, 66 (04) : 545 - 556
  • [8] Socioemotional Wealth and Corporate Responses to Institutional Pressures: Do Family-Controlled Firms Pollute Less?
    Berrone, Pascual
    Cruz, Cristina
    Gomez-Mejia, Luis R.
    Larraza-Kintana, Martin
    [J]. ADMINISTRATIVE SCIENCE QUARTERLY, 2010, 55 (01) : 82 - 113
  • [9] Berthelot Sylvie., 2003, Journal of Accounting Literature, V22, P1, DOI DOI 10.3926/IC.937
  • [10] Boutin-Dufresne F., 2004, Journal of Investing, V13, P57
123456