The impact of political connections and business groups on cash holdings: Evidence from Chinese listed firms

被引：18

作者：

Lin, Tsui-Jung ^{[1
]}

Chang, Hai-Yen ^{[1
]}

Yu, Hui-Fun ^{[1
]}

Kao, Ching-Pao ^{[1
]}

机构：

[1] Chinese Culture Univ, Dept Banking & Finance, 55 Hwa Kang Rd, Taipei 11114, Taiwan

来源：

GLOBAL FINANCE JOURNAL | 2019年 / 40卷

关键词：

Political connections; Cash holdings; Business groups; CORPORATE GOVERNANCE; EMERGING MARKETS; DETERMINANTS; OWNERSHIP; INVESTMENT; FINANCE; PERFORMANCE; FLOW;

D O I：

10.1016/j.gfj.2018.10.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigated the impact of political connections and business group affiliation on the cash holdings of firms listed on two main Chinese stock exchanges. We applied panel data regression analysis on a dataset comprising 10,832 observations for these companies from 2008 to 2015. We found political connections to be positively correlated with cash holdings, while business group affiliation is negatively correlated. Firms with both political connections and business group affiliations hold more cash. These findings are consistent with the tenets of agency theory and the speculative motives of corporate managers.

引用

页码：65 / 73

页数：9

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