Is the cash flow sensitivity of cash asymmetric? African evidence

被引：6

作者：

Machokoto, Michael ^{[1
]}

Areneke, Geofry ^{[2
]}

机构：

[1] Univ Northampton, Fac Business & Law, Univ Dr,Waterside Campus, Northampton NN1 5PH, England

[2] Manchester Metropolitan Univ, Fac Business & Law, Sch Business, Dept Accounting Finance & Banking, All St Campus,Oxford Rd, Manchester M15 6BH, Lancs, England

来源：

FINANCE RESEARCH LETTERS | 2021年 / 38卷

关键词：

Asymmetry; Financial constraints; The cash flow sensitivity of cash;

D O I：

10.1016/j.frl.2020.101440

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether the cash flow sensitivity of cash is asymmetric using a sample of 745 firms from understudied African countries over the period from 2000-2015. We hypothesise and find significant asymmetry in the cash flow sensitivity of cash conditional on cash flow and financial constraints. Firms with positive cash flow save while those with negative cash flow dissave. These differences are more apparent in the presence of financial constraints. Our results affirm the asymmetry in the cash flow sensitivity of cash and highlight the severity of the impact of financial constraints on corporate decisions in emerging markets.

引用

页数：8

共 30 条

[1] Is cash negative debt? A hedging perspective on corporate financial policies [J].