| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10188 |
| 来源ID | Working Paper 10188 |
| Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash? | |
| Lee Pinkowitz; Rene M. Stulz; Rohan Williamson | |
| 发表日期 | 2003-12-22 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | Managers make different decisions in countries with poor protection of investor rights and poor financial development. One possible explanation is that shareholder-wealth maximizing managers face different tradeoffs in such countries (the tradeoff theory). Alternatively, firms in such countries are less likely to be managed for the benefit of shareholders because the poor protection of investor rights makes it easier for management and controlling shareholders to appropriate corporate resources for their own benefit (the agency costs theory). Holdings of liquid assets by firms across countries are consistent with Keynes' transaction and precautionary demand for money theories. Firms in countries with greater GDP per capita hold more cash as predicted. Controlling for economic development, firms in countries with more risk and with poor protection of investor rights hold more cash. The tradeoff theory and the agency costs theory can both explain holdings of liquid assets across countries. However, the fact that a dollar of cash is worth less than $0.65 to the minority shareholders of firms in such countries but worth approximately $1 in countries with good protection of investor rights and high financial development is only consistent with the agency costs theory. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance |
| URL | https://www.nber.org/papers/w10188 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567816 |
| 推荐引用方式 GB/T 7714 | Lee Pinkowitz,Rene M. Stulz,Rohan Williamson. Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?. 2003. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10188.pdf（302KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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