The role of corruption in shaping the value of holding cash

被引：19

作者：

La Rocca, Maurizio ^{[1
]}

Cambrea, Domenico Rocco ^{[2
]}

Cariola, Alfio ^{[1
]}

机构：

[1] Univ Calabria, Management & Finance, I-87030 Commenda Di Rende, Italy

[2] Univ Calabria, Appl Econ & Managerial Decis, I-87030 Commenda Di Rende, Italy

来源：

FINANCE RESEARCH LETTERS | 2017年 / 20卷

关键词：

Cash holdings; Cash stock; Corruption; Firm performance; INTERNATIONAL EVIDENCE; CORPORATE GOVERNANCE;

D O I：

10.1016/j.frl.2016.09.014

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper analyses the relationship between cash holdings and performance, considering the moderating effect of corruption that exists in the institutional context in which firms operate. The results show the importance of corruption in shaping the sign and the intensity of the value of cash holdings. The sign of the effect of corporate liquidity on firm performance changes according to varying levels of corruption. Holding cash is shown to have a noteworthy and no marginal role in supporting business activities and points to an avenue of investigation for future research. (C) 2016 Elsevier Inc. All rights reserved.

引用

页码：104 / 108

页数：5

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