Corporate social responsibility and cash holding: evidence from trucking firms

Ann Shawing Yang and Giovanny Cyntia Susanto

Applied Economics Letters, 2021, vol. 28, issue 1, 85-89

Abstract: This study analyses the influence of corporate social responsibility (CSR) on the corporate cash management of trucking firms. The fixed-effects model of the panel data analysis is applied from 2007 to 2017. Capital expenditures, dividend payments, and retained earnings negatively influence cash holdings, whereas cash flow, market-to-book ratio, net working capital, and share repurchase for all CSR categories positively influence cash holdings. However, the changes in market leverage, dividends, book-to-market ratio, and firm size negatively and significantly influence excess stock returns. In summary, social and environmental participations positively influence cash holdings and excess stock returns, respectively.

Date: 2021
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DOI: 10.1080/13504851.2020.1733470

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