ABSTRACT

This study examines the moderating effect of social capital on the association between economic policy uncertainty (EPU) and cash holdings. Using a sample of US-listed firms from 1990 to 2018, social capital is found to have a positive moderating effect on the association between EPU and cash holdings. Our finding is robust even if we use alternative measures of cash, EPU, and social capital. Based on these outcomes, we suggest that firms located in a county with a high level of social capital endure high EPU by raising cash easily.

中文翻译：

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经济政策不确定性、社会资本和企业现金持有量

摘要

本研究考察了社会资本对经济政策不确定性 (EPU) 与现金持有量之间关联的调节作用。使用 1990 年至 2018 年的美国上市公司样本，发现社会资本对 EPU 与现金持有量之间的关联具有正向调节作用。即使我们使用现金、EPU 和社会资本的替代指标，我们的发现仍然是可靠的。基于这些结果，我们建议位于社会资本水平高的县的公司通过轻松筹集现金来承受高 EPU。