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Uncertainty, access to debt, and firm precautionary behavior

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  • Favara, Giovanni
  • Gao, Janet
  • Giannetti, Mariassunta

Abstract

Better access to debt markets mitigates the effects of uncertainty on corporate policies. We establish this result using the staggered introduction of anti-recharacterization laws in US states. These laws enhanced firms’ ability to borrow by strengthening creditors’ rights to repossess collateral pledged in special purpose vehicles. After the passage of the laws, firms that face more uncertainty hoard less cash and increase payouts, leverage, and investment in intangible assets. Our findings suggest that better access to debt markets shields firms from fluctuations in uncertainty and decreases firms’ precautionary behavior, contributing to the deployment of cash and other internal resources to investment in intangible capital.

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  • Favara, Giovanni & Gao, Janet & Giannetti, Mariassunta, 2021. "Uncertainty, access to debt, and firm precautionary behavior," Journal of Financial Economics, Elsevier, vol. 141(2), pages 436-453.
    • Handle: RePEc:eee:jfinec:v:141:y:2021:i:2:p:436-453
    DOI: 10.1016/j.jfineco.2021.04.010
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    More about this item

    Keywords

    Anti-recharacterization laws; SPVs; Creditor rights; Cash; Intangible assets; Geopolitical risk; Political uncertainty;
    All these keywords.

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • K4 - Law and Economics - - Legal Procedure, the Legal System, and Illegal Behavior

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