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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/129511


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    题名: Peer Effects on Corporate Cash Holdings
    作者: 湛可南
    Chan, Konan
    Chen, Yi-Wen
    Chang, Yuanchen
    贡献者: 財管系
    关键词: Cash holdings;Peer effects;Information asymmetry
    日期: 2019-05
    上传时间: 2020-04-27 16:01:07 (UTC+8)
    摘要: This paper examines peer effects on the corporate cash holdings of manufacturing firms in the U.S. market. Responding to possible preemptive moves by rivals using their cash holdings, we hypothesize that managers consider their rivals` cash levels when determining their own cash holdings. The results show that the ratio of cash to total assets is significantly influenced by peer firms’ average cash holdings and their characteristics. We also find that firms that have higher R&D expenditures are more inclined to mimic the cash holdings of their rivals. We conclude that the peer effect is an important determinant of corporate cash policies in U.S. manufacturing firms.
    關聯: International Review of Economics & Finance, Vol.61, pp.213-227
    数据类型: article
    显示于类别:[財務管理學系] 期刊論文

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