The aim of this research is to shed light on the role accounting conservatism plays in the determination of firms' cash levels. Previous literature suggests that conservatism is a governance mechanism that can alleviate agency problems associated with managers' investment decisions. Hence, we hypothesize that strong conservatism limits managers' ability to expend cash to benefit themselves. For that, we used an unbalanced panel data of firms from Latin America (Argentina, Brazil, Chile, Mexico, and Peru) with data available from 2000 to 2018.

中文翻译：

---

会计保守主义和企业现金水平：来自拉丁美洲的经验证据

本研究的目的是阐明会计保守主义在确定公司现金水平中所起的作用。以前的文献表明，保守主义是一种治理机制，可以缓解与管理者投资决策相关的代理问题。因此，我们假设强烈的保守主义限制了管理者花费现金为自己谋利的能力。为此，我们使用了来自拉丁美洲（阿根廷、巴西、智利、墨西哥和秘鲁）的公司的不平衡面板数据，其中包含 2000 年至 2018 年的可用数据。