Local long-term institutions, growth and cash holdings

Kiyoung Chang, Eun Kang and Ying Li

Applied Economics Letters, 2014, vol. 21, issue 6, 387-390

Abstract: We provide empirical evidence that support both 'outcome' and 'substitute' models of agency theories related to cash holding. Local long-term institutional investors are associated with lower excess cash in firms with less growth and easier access to external financing, and with higher excess cash in firms with higher growth in our US sample.

Date: 2014
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DOI: 10.1080/13504851.2013.861581

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