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Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress

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  • Teresa A. John

Abstract

Liquid assets such as cash and marketable securities constitute a considerable portion of total assets, say 6.3% to 9.6%, of manufacturing firms. Financial managers pay a lot of attention to the measurement and management of corporate liquidity. It has also been recognized that a consequence of severe shortage of liquidity is financial distress. This study analyzes the relationship of the costs of financial distress to the level of corporate liquidity maintained and leverage.

Suggested Citation

  • Teresa A. John, 1993. "Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress," Financial Management, Financial Management Association, vol. 22(3), Fall.
    • Handle: RePEc:fma:fmanag:john93
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