Dittmar, Amy; Mahrt-Smith, Jan; Servaes, Henri - In: Journal of Financial and Quantitative Analysis 38 (2003) 01, pp. 111-133
Agency problems are an important determinant of corporate cash holdings. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good...
