The Dynamic Speed of Cash-Holding Adjustment in a Transition Economy: A New Approach and Evidence

被引：3
|
作者：
Chang, Liang [1 ]
Deng, Kebin [2 ]
Wang, Xuan [3 ]
机构：
[1] Guangdong Univ Foreign Studies, Accounting Sch, Guangzhou, Guangdong, Peoples R China
[2] S China Univ Technol, Sch Econ & Commerce, Guangzhou, Guangdong, Peoples R China
[3] Guangdong Univ Foreign Studies, Econ & Trade Sch, Guangzhou, Guangdong, Peoples R China
来源：
EMERGING MARKETS FINANCE AND TRADE | 2016年 / 52卷 / 02期
关键词：
cash holding; model averaging; Optimal GMM; speed of adjustment (SOA); CORPORATE LIQUIDITY; PANEL-DATA; DETERMINANTS;
D O I：
10.1080/1540496X.2016.1110460
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using a new approach, we estimate the speed of cash-holding adjustment for a typical transitional economy by using Chinese listed firms' samples over 1999-2011. First, we use model-averaging techniques to identify reliably important cash-holding determinants. Second, we conduct Monte Carlo simulation using the real finance data to evaluate appropriateness of the empirical estimator from a variety of dynamic estimation methods and suggest an optimized system of generalized method of moments (OPT-GMM) as an appropriate econometric approach for speed estimation. Finally, we get the speed of 46 percent, which is significantly lower than the contemporary speed in the United Kingdom and the United States.
引用
收藏
页码：434 / 448
页数：15
相关论文
共 50 条
  • [21] Environmental Reporting and Speed of Adjustment to Target Leverage: Evidence from a Dynamic Regime Switching Model
    Hussain, Hafezali Iqbal
    Kot, Sebastian
    Thaker, Hassanudin Mohd Thas
    Turner, Jason J.
    ORGANIZACIJA, 2020, 53 (01) : 21 - 35
  • [22] The Institutional Environment and New Venture Creation In A Transition Economy: Evidence from Poland
    Zygmunt, Justyna
    EDUCATION EXCELLENCE AND INNOVATION MANAGEMENT: A 2025 VISION TO SUSTAIN ECONOMIC DEVELOPMENT DURING GLOBAL CHALLENGES, 2020,
  • [23] ANALYZING THE IMPACTS OF UNOBSERVED NATIONAL CHARACTERISTICS ON ECONOMIC PERFORMANCE OF INFORMATION TECHNOLOGY BASED ON A PARTIAL ADJUSTMENT APPROACH WITH DYNAMIC AND VARIABLE SPEED OF ADJUSTMENT
    Zhang, Zhiguang
    Hu, Haiqing
    Lin, Winston T.
    ROMANIAN JOURNAL OF ECONOMIC FORECASTING, 2019, 22 (01): : 128 - 142
  • [24] Impact of algorithmic trading on speed of adjustment to new information: Evidence from interest rate derivatives
    Frino, Alex
    Garcia, Michael
    Zhou, Zeyang
    JOURNAL OF FUTURES MARKETS, 2020, 40 (05) : 749 - 760
  • [25] Do China's high-speed-rail projects promote local economy?-New evidence from a panel data approach
    Ke, Xiao
    Chen, Haiqiang
    Hong, Yongmiao
    Hsiao, Cheng
    CHINA ECONOMIC REVIEW, 2017, 44 : 203 - 226
  • [26] How do economic policy uncertainty and leverage impact firm-level cash holding distribution of housing companies in an emerging economy? A quantile regression approach
    Rajhans, Rajni Kant
    JOURNAL OF FINANCIAL MANAGEMENT OF PROPERTY AND CONSTRUCTION, 2024, 29 (02) : 331 - 348
  • [27] Dynamic responses of bridge-approach embankment transition section of high-speed rail
    Yang Chang-wei
    Sun Hai-ling
    Zhang Jian-jing
    Zhu Chuan-bin
    Yan Li-ping
    JOURNAL OF CENTRAL SOUTH UNIVERSITY, 2013, 20 (10) : 2830 - 2839
  • [28] Dynamic responses of bridge-approach embankment transition section of high-speed rail
    Chang-wei Yang
    Hai-ling Sun
    Jian-jing Zhang
    Chuan-bin Zhu
    Li-ping Yan
    Journal of Central South University, 2013, 20 : 2830 - 2839
  • [29] Dynamic responses of bridge-approach embankment transition section of high-speed rail
    杨长卫
    孙海玲
    张建经
    朱传彬
    颜利平
    JournalofCentralSouthUniversity, 2013, 20 (10) : 2830 - 2839
  • [30] NEW INFORMATION ECONOMY IN POST-TRANSITION COUNTRIES: AN ECONOMIC APPROACH TO PRIVACY CONCERN
    Anic, Ivan-Damir
    Budak, Jelena
    Rajh, Edo
    TRANSFORMATIONS IN BUSINESS & ECONOMICS, 2016, 15 (02): : 165 - 178
12345