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International evidence on the non-linear impact of leverage on corporate cash holdings

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  • Guney, Yilmaz
  • Ozkan, Aydin
  • Ozkan, Neslihan

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  • Guney, Yilmaz & Ozkan, Aydin & Ozkan, Neslihan, 2007. "International evidence on the non-linear impact of leverage on corporate cash holdings," Journal of Multinational Financial Management, Elsevier, vol. 17(1), pages 45-60, February.
  • Handle: RePEc:eee:mulfin:v:17:y:2007:i:1:p:45-60
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    References listed on IDEAS

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    1. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
    2. Williamson, Oliver E, 1988. " Corporate Finance and Corporate Governance," Journal of Finance, American Finance Association, vol. 43(3), pages 567-591, July.
    3. Stewart C. Myers & Nicholas S. Majluf, 1984. "Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have," NBER Working Papers 1396, National Bureau of Economic Research, Inc.
    4. Grossman, Sanford J. & Hart, Oliver D., 1988. "One share-one vote and the market for corporate control," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 175-202, January.
    5. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
    6. Titman, Sheridan & Wessels, Roberto, 1988. " The Determinants of Capital Structure Choice," Journal of Finance, American Finance Association, vol. 43(1), pages 1-19, March.
    7. Shleifer, Andrei & Vishny, Robert W, 1992. " Liquidation Values and Debt Capacity: A Market Equilibrium Approach," Journal of Finance, American Finance Association, vol. 47(4), pages 1343-1366, September.
    8. Whited, Toni M, 1992. " Debt, Liquidity Constraints, and Corporate Investment: Evidence from Panel Data," Journal of Finance, American Finance Association, vol. 47(4), pages 1425-1460, September.
    9. Dittmar, Amy & Mahrt-Smith, Jan & Servaes, Henri, 2003. "International Corporate Governance and Corporate Cash Holdings," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 38(01), pages 111-133, March.
    10. repec:hrv:faseco:30728041 is not listed on IDEAS
    11. Steven M. Fazzari & R. Glenn Hubbard & Bruce C. Petersen, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
    12. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, vol. 94(3), pages 461-488, June.
    13. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. " Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
    14. Teresa A. John, 1993. "Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress," Financial Management, Financial Management Association, vol. 22(3), Fall.
    15. Ozkan, Aydin & Ozkan, Neslihan, 2004. "Corporate cash holdings: An empirical investigation of UK companies," Journal of Banking & Finance, Elsevier, vol. 28(9), pages 2103-2134, September.
    16. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    17. Hovakimian, Gayane & Titman, Sheridan, 2006. "Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 38(2), pages 357-374, March.
    18. Opler, Tim & Pinkowitz, Lee & Stulz, Rene & Williamson, Rohan, 1999. "The determinants and implications of corporate cash holdings," Journal of Financial Economics, Elsevier, vol. 52(1), pages 3-46, April.
    19. Faccio, Mara & Lang, Larry H. P., 2002. "The ultimate ownership of Western European corporations," Journal of Financial Economics, Elsevier, vol. 65(3), pages 365-395, September.
    20. Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
    21. Lee Pinkowitz & Rene M. Stulz & Rohan Williamson, 2003. "Do Firms in Countries with Poor Protection of Investor Rights Hold More Cash?," NBER Working Papers 10188, National Bureau of Economic Research, Inc.
    22. Harris, Milton & Raviv, Artur, 1990. " Capital Structure and the Informational Role of Debt," Journal of Finance, American Finance Association, vol. 45(2), pages 321-349, June.
    23. Claessens, Stijn & Djankov, Simeon & Lang, Larry H. P., 2000. "The separation of ownership and control in East Asian Corporations," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 81-112.
    24. Kim, Chang-Soo & Mauer, David C. & Sherman, Ann E., 1998. "The Determinants of Corporate Liquidity: Theory and Evidence," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 33(03), pages 335-359, September.
    25. Graham, John R. & Harvey, Campbell R., 2001. "The theory and practice of corporate finance: evidence from the field," Journal of Financial Economics, Elsevier, vol. 60(2-3), pages 187-243, May.
    26. Pinkowitz, Lee & Williamson, Rohan, 2001. "Bank Power and Cash Holdings: Evidence from Japan," Review of Financial Studies, Society for Financial Studies, vol. 14(4), pages 1059-1082.
    27. Stiglitz, Joseph E, 1985. "Credit Markets and the Control of Capital," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 133-152, May.
    28. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, vol. 5(2), pages 147-175, November.
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    Cited by:

    1. repec:vls:finstu:v:20:y:2016:i:3:p:40-79 is not listed on IDEAS
    2. Bigelli, Marco & Sánchez-Vidal, Javier, 2012. "Cash holdings in private firms," Journal of Banking & Finance, Elsevier, vol. 36(1), pages 26-35.
    3. repec:eee:pacfin:v:46:y:2017:i:pa:p:94-108 is not listed on IDEAS
    4. repec:eee:revfin:v:33:y:2017:i:c:p:29-40 is not listed on IDEAS
    5. Hall, Thomas & Mateus, Cesario & Mateus, Irina Bezhentseva, 2014. "What determines cash holdings at privately held and publicly traded firms? Evidence from 20 emerging markets," International Review of Financial Analysis, Elsevier, vol. 33(C), pages 104-116.
    6. Zeinolabedin Sadeghi & Mojtaba Afshar Jahanshahi & Amin Kalantari Darranji, 2014. "Measuring Excess Cash Balance and Studying its Relationship with Stock Return in Companies Accepted in Tehran Stock Exchange," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(1), pages 340-351, January.
    7. Gryglewicz, Sebastian, 2011. "A theory of corporate financial decisions with liquidity and solvency concerns," Journal of Financial Economics, Elsevier, vol. 99(2), pages 365-384, February.
    8. Muhammad Sajid & Amir Mahmood & Hazoor Muhammad Sabir, 2016. "Does Financial Leverage Influence Investment Decisions? Empirical Evidence From KSE-30 Index of Pakistan," Asian Journal of Economic Modelling, Asian Economic and Social Society, vol. 4(2), pages 82-89, June.
    9. repec:eee:finana:v:56:y:2018:i:c:p:238-252 is not listed on IDEAS
    10. Molinari, Massimo, 2013. "Joint analysis of the non-linear debt–growth nexus and cash-flow sensitivity: New evidence from Italy," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 34-44.
    11. Wu, Wenfeng & Rui, Oliver M. & Wu, Chongfeng, 2012. "Trade credit, cash holdings, and financial deepening: Evidence from a transitional economy," Journal of Banking & Finance, Elsevier, vol. 36(11), pages 2868-2883.
    12. repec:dau:papers:123456789/2938 is not listed on IDEAS
    13. Ghada Tayem, 2017. "To Bank or Not to Bank: The Determination of Cash Holdings and Lines of Credit," Working Papers 1130, Economic Research Forum, revised 08 2017.
    14. Rosy Locorotondo & Nico Dewaelheyns & Cynthia Hulle, 2015. "Affiliates’ Bank Debt Policy: Does Parent Firm Nationality Matter?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 42(5-6), pages 747-776, June.
    15. Bruce Seifert & Olubunmi Faleye & Halit Gonenc, 2012. "Creditor Rights, Country Governance, and Corporate Cash Holdings," Koç University-TUSIAD Economic Research Forum Working Papers 1214, Koc University-TUSIAD Economic Research Forum.

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