EconPapers    
Economics at your fingertips  
 

Institutional determinants of cash holdings speed of adjustment

Svetlana V. Orlova and Li Sun

Global Finance Journal, 2018, vol. 37, issue C, 123-137

Abstract: We investigate whether institutional determinants, especially corporate governance and investors' rights protection, affect cash holdings deviation from target and adjustment speed. Using a large, international sample of firms, we find that institutional determinants, including corporate governance, influence the amount of excess cash (deviation from target) and the speed with which firms in different countries adjust their cash holdings. The findings are robust after inclusion of a wide range of firm-level characteristics and economic and financial development variables.

Keywords: Cash holdings; Speed of adjustment; Institutional determinants; Corporate governance (search for similar items in EconPapers)
JEL-codes: G15 G38 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1044028317304386
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:37:y:2018:i:c:p:123-137

Access Statistics for this article

Global Finance Journal is currently edited by Manuchehr Shahrokhi

More articles in Global Finance Journal from Elsevier
Bibliographic data for series maintained by Dana Niculescu ().

 
Page updated 2019-08-03
Handle: RePEc:eee:glofin:v:37:y:2018:i:c:p:123-137