Chemical releases and corporate cash holdings

被引：14
|
作者：
Huang, Henry He [1 ]
Liu, Chanjuan [2 ]
Sun, Li [3 ]
机构：
[1] Yeshiva Univ, Sy Syms Sch Business, New York, NY 10033 USA
[2] Wenzhou Med Univ, Sch Innovat & Entrepreneuship, Wenzhou, Peoples R China
[3] Univ Tulsa, Collins Coll Business, Sch Accounting, Tulsa, OK 74104 USA
来源：
INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2019年 / 64卷
关键词：
Chemical releases; Cash holdings; Environmental Protection Agency (EPA); Toxics Release Inventory (TRI); SOCIAL-RESPONSIBILITY CSR; ENVIRONMENTAL PERFORMANCE; FIRMS HOLD; GOVERNANCE; POLLUTION; DEMAND; POLICY; COSTS; MEDIA; GREEN;
D O I：
10.1016/j.irfa.2019.05.004
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the impact of a firm's chemical releases (an objective measure of environmental performance) on its cash holdings. The corporate social responsibility (precautionary) motive of cash holdings suggests a negative (positive) relation between chemical releases and cash holdings. Using a 27-year sample with 574 unique firms and 9748 observations, we find a significant and negative relation between chemical releases and cash holdings, suggesting that firms releasing more chemicals hold less cash. Our results are robust to changes analysis, instrumental variable two-stage regression, and other additional tests.
引用
收藏
页码：159 / 173
页数：15
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