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    题名: Financial Liberalization, Investor Protection and Corporate Cash
    作者: 陳嬿如
    Chen, Yenn-Ru
    贡献者: 財管系
    关键词: Financial Liberalization;Cash Holdings;Value of Cash Holdings;Investor Protection;Financial Constraint
    日期: 2020-10
    上传时间: 2022-07-28 09:10:37 (UTC+8)
    摘要: We examine the impact of financial liberalization on corporate cash holdings and the value of cash holdings. We find that corporate cash holdings decrease significantly with the level of liberalization, and the market value of cash holdings is lower for firms in countries with higher level of financial liberalization. These effects are more significant in countries with better investor protection legal system. The impact of financial liberalization on corporate cash policy is robust to alternative measures of financial liberalization, to alternative measure of investor protection and to firms’ financial constraint. Using the level of financial liberalization as an exogenous macro shock, we examine the motives of cash holdings from the perspectives of both capital demands and supplies.
    關聯: 2020 FMA Annual Meeting, Financial Management Association
    数据类型: conference
    显示于类别:[財務管理學系] 會議論文

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