| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3485 |
| DP3485 Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Investment? | |
| David Greenaway; Holger Görg | |
| 发表日期 | 2002-08-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Agency problems are an important determinant of corporate liquidity. For a sample of more than 11,000 firms from 45 countries, we find that corporations in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder protection. In addition, when shareholder protection is poor, factors that generally drive the need for liquidity, such as investment opportunities and asymmetric information, actually become less important. These results strengthen after controlling for capital market development. In fact, consistent with the importance of agency costs, we find that managers actually hold larger cash balances when capital markets are better developed. Our evidence indicates that investors in countries with poor shareholder protection cannot force managers to disgorge excessive cash balances. |
| 主题 | Financial Economics |
| 关键词 | Corporate liquidity Cash holdings Shareholder rights |
| URL | https://cepr.org/publications/dp3485 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532501 |
| 推荐引用方式 GB/T 7714 | David Greenaway,Holger Görg. DP3485 Much Ado About Nothing? Do Domestic Firms Really Benefit from Foreign Investment?. 2002. |
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