Do US Firms Hold More Cash than Foreign Firms Do?

被引：87

作者：

Pinkowitz, Lee ^{[1
]}

Stulz, Rene M. ^{[2
]}

Williamson, Rohan ^{[1
]}

机构：

[1] Georgetown Univ, Washington, DC 20057 USA

[2] Ohio State Univ, Columbus, OH 43210 USA

来源：

REVIEW OF FINANCIAL STUDIES | 2016年 / 29卷 / 02期

关键词：

CORPORATE-FINANCE; GOVERNANCE; CREDIT; LAW;

D O I：

10.1093/rfs/hhv064

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

From 1998 to 2011, U.S. firms held more cash on average (but not at the median) than similar foreign firms (foreign twins) did. The average difference in cash holdings does not increase after 2008, and it is driven by highly R&D-intensive U.S. firms. Because there are almost no similarly R&D-intensive foreign firms, mean comparisons involving these U.S. firms are not reliable. Without these U.S. firms, neither U.S. multinational firms nor purely domestic U.S. firms hold more cash than their foreign twins do. Country characteristics have negligible explanatory power for differences in cash holdings between U.S. firms and their foreign twins. (JEL G30, G31, G32)

引用

页码：309 / 348

页数：40

共 31 条

[1] Differences in Governance Practices between US and Foreign Firms: Measurement, Causes, and Consequences [J].