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Corporate reputation risk and cash holdings
Accounting & Finance ( IF 2.473 ) Pub Date : 2021-05-13 , DOI: 10.1111/acfi.12803
Mostafa Monzur Hasan 1 , Ahsan Habib 2 , Ruoyun Zhao 3
Affiliation  

We investigate the extent to which corporate reputation risk influences cash holdings for US listed firms over the period 2007–2018. Our results show that firms having a high reputation risk hold significantly more cash. This documented relationship persists even after controlling for other determinants of cash holdings, including corporate social responsibility performance, explicitly. Using a series of analyses, we show that this relationship is not driven by endogeneity problems. Further, we find that the positive relationship between reputation risk and cash holdings is more pronounced for firms with more financing constraints and agency problems, and for growth, mature and shake-out firms. In an additional test, we show that firms having a low reputation risk are associated with a higher marginal value of cash than are their high reputation risk counterparts. Overall, we provide robust evidence that reputation risk matters for corporate cash holdings.

中文翻译:

企业声誉风险和现金持有量

我们调查了 2007-2018 年期间企业声誉风险对美国上市公司现金持有量的影响程度。我们的结果表明,具有高声誉风险的公司持有更多的现金。即使在明确控制了现金持有的其他决定因素(包括企业社会责任绩效)之后,这种记录在案的关系仍然存在。通过一系列分析,我们表明这种关系不是由内生性问题驱动的。此外,我们发现声誉风险与现金持有量之间的正相关关系在融资约束和代理问题较多的公司以及成长型、成熟和淘汰型公司中更为显着。在另一个测试中,我们表明,与声誉风险高的同行相比,声誉风险低的公司的现金边际价值更高。总体而言,我们提供了有力的证据表明声誉风险对企业现金持有很重要。
更新日期:2021-05-13
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