Toward a conceptual framework of corporate liquidity

Vers un cadre conceptuel du comportement des entreprises en matière de trésorerie

Henri Koulayom ()
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Henri Koulayom: Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres

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Abstract: The issue of theory of liquidity has been the topic of endless debates among practioners and academicians but has led to few papers. This paper presents a conceptual framework to fill this theoretical gap at a time where companies hold more and more liquidity. It examines three propositions dealing with competitive advantage of cash and marketable holdings, management of liquidity constraints and avoidance of free cash flow. It focuses on the power of liquidity; greater liquidity may increase or reduce corporate value.

Keywords: Theory of liquidity; conceptual framework; cash and marketable securities; liquidity constraint; Théorie de la trésorerie; cadre conceptuel; trésorerie; contrainte de liquidité; free cash flow (search for similar items in EconPapers)
Date: 2001
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Published in Revue Sciences de Gestion, 2001, No 28 (p.117-134.), pp.RSCG

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01147854

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