Accounting Measures of Corporate Liquidity, Leverage, and Costs of Financial Distress
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.
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Volume (Year): 22 (1993)
Issue (Month): 3 (Fall)
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