Corporate cash and credible commitment

La trésorerie des entreprises françaises: tentative d'explication par la démarche d'engagement crédible

Régis Coeurderoy () and Henri Koulayom ()
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Régis Coeurderoy: UCL - Université Catholique de Louvain = Catholic University of Louvain
Henri Koulayom: CEREG - CEREBEM - CEREG - CEREBEM

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Abstract: Why do French companies hold so much more cash than they used to two decades ago? We targeted the period 1989-1993 in order to study the emergence of the phenomenon of cash holdings. Using a logistic function to analyse both qualitative and quantitative French firm data from the Central Bank of the « Banque de France », we find that marketable securities are related to the credible commitment hypothesis shown in transaction cost theory, agency theory and the literature on business strategy.

Keywords: Cash and marketable securities; concentration.; asset specificity; agency costs; credible commitment; spécificité des actifs; engagement crédible; Trésorerie; coûts d'agence; concentration (search for similar items in EconPapers)
Date: 2007
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