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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/128721
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/128721

    Title: Peer Effects on Corporate Cash Holdings
    Authors: 張元晨
    Chang, Yuanchen
    Chen, Yi-Wen
    Chan, Konan
    Contributors: 財管系
    Keywords: Cash holdings;Peer effects;Information asymmetry
    Date: 2019-05
    Issue Date: 2020-02-20 14:30:10 (UTC+8)
    Abstract: This paper examines peer effects on the corporate cash holdings of manufacturing firms in the U.S. market. Responding to possible preemptive moves by rivals using their cash holdings, we hypothesize that managers consider their rivals' cash levels when determining their own cash holdings. The results show that the ratio of cash to total assets is significantly influenced by peer firms’ average cash holdings and their characteristics. We also find that firms that have higher R&D expenditures are more inclined to mimic the cash holdings of their rivals. We conclude that the peer effect is an important determinant of corporate cash policies in U.S. manufacturing firms.
    Relation: International Review of Economics and Finance, 61, 213-227
    Data Type: article
    DOI 連結: https://doi.org/10.1016/j.iref.2019.02.008
    DOI: 10.1016/j.iref.2019.02.008
    Appears in Collections:[財務管理學系] 期刊論文

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