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Cultural and macroeconomic determinants of cash holdings management
Journal of International Financial Management & Accounting ( IF 2.808 ) Pub Date : 2020-08-18 , DOI: 10.1111/jifm.12121
Svetlana V. Orlova 1
Affiliation  

This study examines patterns in cash management, particularly cash holdings speed of adjustment (CH‐SOA), across 48 countries. I find that managerial cultural characteristics and country‐level macroeconomic factors influence the persistence of cash reserve levels, deviation from target, and the speed with which firms in different countries adjust their cash holdings. The findings support the idea that agency costs as well as market frictions influence CH‐SOA and other aspects of cash management. The findings are robust to the inclusion of a wide range of firm‐level characteristics, country‐level corporate‐governance variables, and an alternative cultural index.

中文翻译:

现金持有管理的文化和宏观经济决定因素

这项研究考察了48个国家/地区的现金管理模式,特别是现金持有调整速度(CH-SOA)。我发现管理文化特征和国家/地区一级的宏观经济因素会影响现金储备水平的持续性,偏离目标的情况以及不同国家/地区公司调整现金持有量的速度。这些发现支持以下观点:代理成本以及市场摩擦会影响CH-SOA和现金管理的其他方面。这些发现对于包含各种公司层面的特征,国家层面的公司治理变量以及其他文化指标是有力的。
更新日期:2020-08-18
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