This study aims to examine whether family firms differ from nonfamily firms in their propensity to save cash, particularly in response to new investment opportunities, and to assess how investors value the cash holdings of family versus nonfamily firms in light of potential agency concerns. The...

This research paper investigates the impact of Environmental, Social, and Governance (ESG) performance on corporate financial performance (CFP). Moreover, it explores the moderating role of corporate cash holdings in the link between ESG and the financial performance of firms. Data is collected...

Despite the long-term trend away from cash and the widespread adoption and acceptance of payment cards, many people still carry considerable amounts of cash. In a preregistered study, I examine whether risk attitudes can explain consumers' persistent cash holdings. To self-insure against the...

This paper examines the direct and spillover effects of cash transfers paid in a rural and low-income setting. In the short run, an unconditional cash transfer program for ultra-poor households in Northern Nigeria led to a 12 percentage point increase in micro-enterprise formation for program...

The survival of a company is highly dependent on the management of its working capital. Effective working capital management can lead to greater profitability. Insufficient working capital or liquidity shortages can severely hinder profitability and operational sustainability. The primary...

This study examines the effect of population aging on corporate cash holdings using a sample of Chinese A-share listed firms from 2007 to 2021. These results indicate that population aging increases corporate cash holdings. The mechanism analysis suggests that increased labor adjustment costs...

A unique natural experiment in China - the city-level staggered introduction of administrative approval centers (AAC) - reduces bank loan processing times by substantially speeding up the process of registering collateral without affecting credit decisions. Following the establishment of an AAC,...

The adoption of digital technologies has emerged as a transformative force in shaping corporate financial strategies, particularly in optimizing cash reserve management. This study examines the impact of digital technology adoption on corporate cash holdings, with a particular emphasis on the...

Aim: This article builds upon recent evidence that centralisation of cash management activities, often advocated by enthusiast protagonists from the academic, corporate and consultancy world, has given way to decentralisation thereof. The aim of the article is to underpin the idea that such...

The objective of this paper is to validate the existence of an extensively documented secular upward trend in corporate cash holding. To do this, we use the new data for Poland and review original datasets from Bates et al. [2009] for the U.S. We find no trace of a trend for Poland and believe...

The beginning of the year 2023 is marked by continued economic instability, some of it still lingering from economic ramifications of the COVID-19 pandemic, some brought on by the war in Ukraine, high energy prices and other more regional factors. For businesses of all shapes and sizes, this...

The U.S. economy has been exceeding expectations amid one of the most aggressive monetary policy tightening cycles. This paper provides firm-level evidence showing that abundant cash holdings enable firms to benefit from higher interest rates, thereby reducing net interest payments and mitigate...