The role of corruption in shaping the value of holding cash

被引：18
|
作者：
La Rocca, Maurizio [1 ]
Cambrea, Domenico Rocco [2 ]
Cariola, Alfio [1 ]
机构：
[1] Univ Calabria, Management & Finance, I-87030 Commenda Di Rende, Italy
[2] Univ Calabria, Appl Econ & Managerial Decis, I-87030 Commenda Di Rende, Italy
来源：
FINANCE RESEARCH LETTERS | 2017年 / 20卷
关键词：
Cash holdings; Cash stock; Corruption; Firm performance; INTERNATIONAL EVIDENCE; CORPORATE GOVERNANCE;
D O I：
10.1016/j.frl.2016.09.014
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper analyses the relationship between cash holdings and performance, considering the moderating effect of corruption that exists in the institutional context in which firms operate. The results show the importance of corruption in shaping the sign and the intensity of the value of cash holdings. The sign of the effect of corporate liquidity on firm performance changes according to varying levels of corruption. Holding cash is shown to have a noteworthy and no marginal role in supporting business activities and points to an avenue of investigation for future research. (C) 2016 Elsevier Inc. All rights reserved.
引用
收藏
页码：104 / 108
页数：5
相关论文
共 50 条
  • [1] Corporate cash holding and firm value
    Martinez-Sola, Cristina
    Garcia-Teruel, Pedro J.
    Martinez-Solano, Pedro
    APPLIED ECONOMICS, 2013, 45 (02) : 161 - 170
  • [2] Holding cash for corruption? Evidence from China's anti-corruption campaign
    Chen, Yulin
    Wang, Changyun
    Yi, Yang
    Zeng, Jianyu
    ACCOUNTING AND FINANCE, 2025, 65 (01): : 581 - 619
  • [3] The impact of managerial attributes on cash holding and investment efficiency and the mediator role of cash holding
    Arianpoor, Arash
    Mehrfard, Niloufar
    JOURNAL OF ISLAMIC ACCOUNTING AND BUSINESS RESEARCH, 2023, 14 (04) : 610 - 628
  • [4] Local corruption and value of cash in an emerging market
    Tran, Quoc Trung
    APPLIED ECONOMICS LETTERS, 2024,
  • [5] Cash Holding, the Value of Cash Holding, and Corporate Life Cycle in Taiwan: An Examination of the Precautionary Motive Hypothesis
    Su, Xuan-Qi
    Lowe, Alpha
    Shih, Yi-Cheng
    Li, Summer
    NTU MANAGEMENT REVIEW, 2016, 26 (02): : 173 - 209
  • [6] Managerial ability, financial constraints, and the value of cash holding
    Tsai, Jung-Fa
    Mai, Ngoc Thuy
    Bui, Dien Giau
    APPLIED ECONOMICS LETTERS, 2022, 29 (05) : 462 - 468
  • [7] Cash Holding and Firm Value in the Presence of Managerial Optimism
    Habib, Ashfaq
    Bhatti, M. Ishaq
    Khan, Muhammad Asif
    Azam, Zafar
    JOURNAL OF RISK AND FINANCIAL MANAGEMENT, 2021, 14 (08)
  • [8] CASH HOLDING AND FIRM VALUE: EVIDENCE FROM VIETNAMESE MARKET
    Le Tuan Bach
    Do Thi Thanh Nhan
    Pham Vo Quang Dai
    PROCEEDINGS OF THE 1ST INTERNATIONAL CONFERENCE ON FINANCE AND ECONOMICS 2014, 2014, : 344 - 357
  • [9] The disciplinary role of product market competition on cash holding
    Lin, Xiaowei
    Li, Ao
    Zhang, Pengdong
    Chen, Wenchuan
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2023, 83 : 653 - 671
  • [10] Cash holding by consumers: The role of the perceived characteristics of money
    Acedanski, Jan
    Maciejewski, Grzegorz
    Pietrucha, Jacek
    INTERNATIONAL JOURNAL OF CONSUMER STUDIES, 2024, 48 (04)
12345