Ramirez, Andres; Tadesse, Solomon - William Davidson Institute, University of Michigan - 2007
cultural factors as well as the degree of multinationality of firms influence their decisions to hold cash. In particular …, firms in countries with high uncertainty avoidance, as a national culture, hold more cash as a way to hedge against …’s decision to hold liquid assets. Based on a large panel of firms in forty countries, we present evidence consistent with these …