Chemical releases and corporate cash holdings

被引：15

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

页码：159 / 173

页数：15

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