지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 저널정보
- 한국자료분석학회 Journal of The Korean Data Analysis Society Journal of The Korean Data Analysis Society 제13권 제5호
- 발행연도
- 2011.1
- 수록면
- 2,263 - 2,274 (12page)
이용수
초록· 키워드
오류제보하기
We try to investigate what determines cash holdings of firms on one hand, and if corporate cash holding is beneficial to market evaluation of firms on the other. We document that higher-valued firms hold significantly less cash, loan (bond) is significantly and negatively (positively) associated with cash holdings, and that more foreign share is associated with higher firm value. Determinants of firm value are tested in turn, especially with a concern on corporate cash holding. We document that cash holding is negatively and significantly related to firm value, which is concordant with Jensen's (1986) free cash flow hypothesis. This result is differentiated when the sample is divided according to the degree of leverage: in more (less) levered group, more cash is beneficial (adversary) to firm value. It seems it conforms to liquidity hypothesis, which suggests that in a situation where liquidity is scarce in the market keeping more liquidity is a helpful corporate strategy.
목차
등록된 정보가 없습니다.
참고문헌 (29)
참고문헌 신청
Bae, S. C. / 2011 / Does Corporate Diversification by Business Groups Create Value? Evidence from Korean Chaebols / Pacific Basin Finance Journal
Baek, J. S. / 2004 / Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis / J FINANC ECON 71 : 265 ~ 313
Burkart, M. / 1997 / Large shareholders, monitoring, and the value of the firm / Quarterly Journal of Economics 112 : 693 ~ 728
Demsetz, H. / 1985 / The structure of corporate ownership: causes and consequences / Journal of Political Economy 93 : 1155 ~ 1177
Dittmar, A. / 2003 / International corporate governance and corporate cash holdings / Journal of Financial and Quantitative Analysis 38 : 111 ~ 133
Baek, J. S. / 2004 / Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis / J FINANC ECON 71 : 265 ~ 313
Burkart, M. / 1997 / Large shareholders, monitoring, and the value of the firm / Quarterly Journal of Economics 112 : 693 ~ 728
Demsetz, H. / 1985 / The structure of corporate ownership: causes and consequences / Journal of Political Economy 93 : 1155 ~ 1177
Dittmar, A. / 2003 / International corporate governance and corporate cash holdings / Journal of Financial and Quantitative Analysis 38 : 111 ~ 133
이 논문의 저자 정보
최근 본 자료
댓글(0)
0