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Financial flexibility and corporate liquidity

Citations

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Cited by:

  1. Elamer, Ahmed A. & Utham, Vinay, 2024. "Cash is queen? Impact of gender-diverse boards on firms' cash holdings during COVID-19," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  2. Akbar, Saeed & Rehman, Shafiq ur & Liu, Jia & Shah, Syed Zulfiqar Ali, 2017. "Credit supply constraints and financial policies of listed companies during the 2007–2009 financial crisis," Research in International Business and Finance, Elsevier, vol. 42(C), pages 559-571.
  3. Kumar, Satish & Chaturvedula, Chakrapani & Rastogi, Nikhil, 2025. "From distress to flexibility: A quasi-natural evidence from creditors’ rights reform," Finance Research Letters, Elsevier, vol. 86(PD).
  4. Koussis, Nicos & Martzoukos, Spiros H. & Trigeorgis, Lenos, 2017. "Corporate liquidity and dividend policy under uncertainty," Journal of Banking & Finance, Elsevier, vol. 81(C), pages 221-235.
  5. Chao, Ching-Hsiang & Huang, Chih-Jen, 2022. "Firm performance following actual share repurchases: Effects of investment crowding out and financial flexibility," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  6. Paolo Finaldi Russo & Silvia Magri & Cristiana Rampazzi, 2016. "Innovative start-ups in Italy: their special features and the effects of the 2012 law," Questioni di Economia e Finanza (Occasional Papers) 339, Bank of Italy, Economic Research and International Relations Area.
  7. Ma, Huanyu & Hao, Dapeng, 2022. "Economic policy uncertainty, financial development, and financial constraints: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 79(C), pages 368-386.
  8. Mascia Bedendo & Linus Siming, 2018. "The mitigating effect of bank financing on shareholder value and firm policies following rating downgrades," Post-Print hal-01636854, HAL.
  9. Duan, Tingting & Yang, Xue & Zhang, Zhe, 2023. "The improvement of legal system, entrepreneur immigration, and corporate cash holdings," International Review of Financial Analysis, Elsevier, vol. 89(C).
  10. Lu, Hengzhen & Wang, Xinran, 2025. "Stranded asset risk and corporate capital structure: Evidence from China’s low-carbon transition," Research in International Business and Finance, Elsevier, vol. 80(C).
  11. Soku Byoun, 2021. "Financial flexibility demand and corporate financial decisions," The Financial Review, Eastern Finance Association, vol. 56(3), pages 481-509, August.
  12. Angélica María Sánchez-Riofrío & Luis Ángel Guerras-Martín & Francisco Javier Forcadell, 2015. "Business portfolio restructuring: a comprehensive bibliometric review," Scientometrics, Springer;Akadémiai Kiadó, vol. 102(3), pages 1921-1950, March.
  13. repec:ptu:bdpart:r201401 is not listed on IDEAS
  14. Fliers, Philip T., 2019. "What is the relation between financial flexibility and dividend smoothing?," Journal of International Money and Finance, Elsevier, vol. 92(C), pages 98-111.
  15. Malik Abu Afifa & Isam Saleh & Fadi Haniah, 2021. "Direct and Mediated Associations Among Ownership Structure, Cash Holdings and Firm Value: The Case of Jordanian Insurance Firms," Vision, , vol. 25(4), pages 471-482, December.
  16. Tanveer Bagh & Muhammad Asif Khan & Mirza Muhammad Naseer & Kainat Iftikhar, 2024. "Does financial flexibility drive firm's risk‐taking in emerging markets? The moderating role of investment efficiency," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(8), pages 5541-5561, December.
  17. Annalisa Ferrando & Maria†Teresa Marchica & Roberto Mura, 2017. "Financial Flexibility and Investment Ability Across the Euro Area and the UK," European Financial Management, European Financial Management Association, vol. 23(1), pages 87-126, January.
  18. Wuttke, David A. & Blome, Constantin & Henke, Michael, 2013. "Focusing the financial flow of supply chains: An empirical investigation of financial supply chain management," International Journal of Production Economics, Elsevier, vol. 145(2), pages 773-789.
  19. Edith Hotchkiss & Hurong Sun & Liying Wang & Yijia (Eddie) Zhao, 2026. "Firms’ Response to Credit Supply: Evidence from Upsized Corporate Bond Offerings," Management Science, INFORMS, vol. 72(7), pages 5780-5805, July.
  20. Sardo, Filipe & Serrasqueiro, Zélia & Armada, Manuel Rocha, 2024. "Is the zero-leverage policy a persistent phenomenon? Evidence from Portuguese SMEs," Research in International Business and Finance, Elsevier, vol. 69(C).
  21. Marah Bani Ismail & Bader Ismaeel, 2025. "The cost of equity capital and investment sensitivity to the cash flows: evidence from Jordanian industrial companies," Future Business Journal, Springer, vol. 11(1), pages 1-15, December.
  22. Jinsook Lee, 2024. "Corporate cash holdings and industry risk," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 47(2), pages 435-470, June.
  23. Maurizio Rocca & Raffaele Staglianò & Tiziana Rocca & Alfio Cariola & Ekaterina Skatova, 2019. "Cash holdings and SME performance in Europe: the role of firm-specific and macroeconomic moderators," Small Business Economics, Springer, vol. 53(4), pages 1051-1078, December.
  24. Anshu Agrawal, 2020. "Modified Total Interpretive Structural Model of Corporate Financial Flexibility," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 21(4), pages 369-388, December.
  25. Booth, Laurence & Wang, Mengying & Zhou, Jun, 2019. "Import competition and financial flexibility: Evidence from corporate payout policy," International Review of Economics & Finance, Elsevier, vol. 63(C), pages 382-396.
  26. Brown, James R. & Martinsson, Gustav & Petersen, Bruce C., 2012. "Do financing constraints matter for R&D?," European Economic Review, Elsevier, vol. 56(8), pages 1512-1529.
  27. Bagh, Tanveer & Hunjra, Ahmed Imran & Ntim, Collins G. & Naseer, Mirza Muhammad, 2025. "Capitalizing on risk: How corporate financial flexibility, investment efficiency, and institutional ownership shape risk-taking dynamics," International Review of Economics & Finance, Elsevier, vol. 99(C).
  28. Ahrends, Meike & Drobetz, Wolfgang & Puhan, Tatjana Xenia, 2018. "Cyclicality of growth opportunities and the value of cash holdings," Journal of Financial Stability, Elsevier, vol. 37(C), pages 74-96.
  29. Yang, Bao & Chou, Hsin-I. & Zhao, Jing, 2020. "Innovation or dividend payout: Evidence from China," International Review of Economics & Finance, Elsevier, vol. 68(C), pages 180-203.
  30. Liu, Jinyu & Wang, Zhengwei & Zhu, Wuxiang, 2021. "Does privatization reform alleviate ownership discrimination? Evidence from the Split-share structure reform in China," Journal of Corporate Finance, Elsevier, vol. 66(C).
  31. Lee, Kyeong Hun & Mauer, David C. & Xu, Emma Q., 2022. "Selling durables: Financial flexibility for limited cost pass-through," Journal of Corporate Finance, Elsevier, vol. 75(C).
  32. Quang Khai Nguyen, 2024. "How Does Financial Flexibility Strategy Impact on Risk Management Effectiveness?," SAGE Open, , vol. 14(2), pages 21582440241, May.
  33. Grashuis, Jasper & Cook, Michael, 2016. "Capital, Ownership, and Governance: Analyzing the Structure of U.S. Farmer Cooperatives," 2016 Annual Meeting, July 31-August 2, Boston, Massachusetts 235677, Agricultural and Applied Economics Association.
  34. Brown, James R. & Petersen, Bruce C., 2015. "Which investments do firms protect? Liquidity management and real adjustments when access to finance falls sharply," Journal of Financial Intermediation, Elsevier, vol. 24(4), pages 441-465.
  35. Chongyu Wang & Jeffrey P. Cohen & John L. Glascock, 2019. "Geographic Proximity and Competition for Scarce Capital: Evidence from U.S. REITs," International Real Estate Review, Global Social Science Institute, vol. 22(4), pages 535-570.
  36. Hai Hong Trinh, 2026. "Biodiversity risk and corporate default probability," Risk Management, Palgrave Macmillan, vol. 28(2), pages 1-39, May.
  37. Schürg, Carolin V. & Bannier, Christina Evelies, 2015. "Corporate investment, debt and liquidity choices in the light of financial constraints and hedging needs," VfS Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 114561, Verein für Socialpolitik / German Economic Association.
  38. Eskandari, Ruhollah & Zamanian, Morteza, 2022. "Cost of carry, financial constraints, and dynamics of corporate cash holdings," Journal of Corporate Finance, Elsevier, vol. 74(C).
  39. Söhnke M. Bartram, 2017. "Corporate Postretirement Benefit Plans and Real Investment," Management Science, INFORMS, vol. 63(2), pages 355-383, February.
  40. Ducret, Romain, 2021. "Investors' perception of business group membership during an economic crisis : Evidence from the COVID-19 pandemic," FSES Working Papers 524, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
  41. Ren, Haohan & Zhao, Xiaofeng, 2020. "Anticorruption, political connections, and corporate cash policy: Evidence from politician downfalls in China," Emerging Markets Review, Elsevier, vol. 45(C).
  42. Purificación Parrado‐Martínez & María Comino‐Jurado & Sonia Sánchez‐Andújar, 2024. "Cash holdings decision‐making in Spanish family firms: Exploring the impact of heterogeneity," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 45(6), pages 3761-3774, September.
  43. Koussis, Nicos & Martzoukos, Spiros H. & Trigeorgis, Lenos, 2017. "Corporate liquidity and dividend policy under uncertainty," Journal of Banking & Finance, Elsevier, vol. 75(C), pages 200-214.
  44. Brown, James R. & Martinsson, Gustav & Thomann, Christian, 2021. "Government lending in a crisis," Journal of Corporate Finance, Elsevier, vol. 71(C).
  45. Rong, Zhao & Leng, Fei & Ma, Jun & Ni, Jinlan, 2024. "Real estate depreciation and cash policy for innovative firms," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  46. Ioannis Chasiotis & Dimitrios Konstantios & Stavros Konstantios & Panayotis G. Michaelides, 2026. "Does the Composition of the Payout Mix Affect Firms' Market Longevity?," The Financial Review, Eastern Finance Association, vol. 61(2), pages 413-434, May.
  47. Davide Dottori & Giacinto Micucci, 2018. "Corporate liquidity in Italy and its increase in the long recession," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 35(3), pages 981-1014, December.
  48. Zhang, Huilin & Boubaker, Sabri & Ni, Xiaoran, 2024. "Litigating payouts or not? Evidence from universal demand laws," International Review of Economics & Finance, Elsevier, vol. 90(C), pages 136-153.
  49. Hunjra, Ahmed Imran & Bagh, Tanveer & Palma, Alessia & Goodell, John W., 2024. "Is enterprise risk-taking less sensitive to financial flexibility post COVID-19? Evidence from non-linear patterns," International Review of Financial Analysis, Elsevier, vol. 95(PB).
  50. Róbert Štefko & Petra Vašaničová & Sylvia Jenčová & Aneta Pachura, 2021. "Management and Economic Sustainability of the Slovak Industrial Companies with Medium Energy Intensity," Energies, MDPI, vol. 14(2), pages 1-15, January.
  51. Amess, Kevin & Banerji, Sanjay & Lampousis, Athanasios, 2015. "Corporate cash holdings: Causes and consequences," International Review of Financial Analysis, Elsevier, vol. 42(C), pages 421-433.
  52. Jadiyappa, Nemiraja & Shrivastav, Santosh, 2022. "Bankruptcy law, creditors’ rights, and cash holdings: Evidence from a quasi-natural experiment in India," Finance Research Letters, Elsevier, vol. 46(PA).
  53. Ferrando, Annalisa & Marchica, Maria-Teresa & Mura, Roberto, 2014. "Financial flexibility across the euro area and the UK," Working Paper Series 1630, European Central Bank.
  54. Umeair Shahzad & Jing Liu & Faisal Mahmood & Fukai Luo, 2021. "Corporate innovation and trade credit demand: Evidence from China," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 42(6), pages 1591-1606, September.
  55. Choi, Jongmoo Jay & Ju, Ming & Trigeorgis, Lenos & Zhang, Xiaotian Tina, 2021. "Outsourcing flexibility under financial constraints," Journal of Corporate Finance, Elsevier, vol. 67(C).
  56. Xu, Ying & Wang, Liukai & Wang, Jason X. & Meng, Xiangrui, 2025. "Power dynamics and financial flexibility: Insights from supply chain dyads," International Journal of Production Economics, Elsevier, vol. 289(C).
  57. Luísa Farinha, 2014. "Cash holdings determinants in the Portuguese economy," Economic Bulletin and Financial Stability Report Articles and Banco de Portugal Economic Studies, Banco de Portugal, Economics and Research Department.
  58. Goedde-Menke, Michael & Norden, Lars & Rose, Christian, 2025. "The benefits of downside risk reduction through coinsurance," International Review of Financial Analysis, Elsevier, vol. 104(PA).
  59. Rüdiger Fahlenbrach & Kevin Rageth & René M Stulz, 2021. "How Valuable Is Financial Flexibility when Revenue Stops? Evidence from the COVID-19 Crisis [The risk of being a fallen angel and the corporate dash for cash in the midst of COVID]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5474-5521.
  60. Machokoto, Michael & Chipeta, Chimwemwe & Ibeji, Ngozi, 2021. "The institutional determinants of peer effects on corporate cash holdings," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
  61. Jiang, Jing & Wu, Shanhong, 2022. "The effects of cash-holding motivation on cash management dynamics," Research in International Business and Finance, Elsevier, vol. 59(C).
  62. Zhou, Zhongsheng & Zhang, Jingyao, 2025. "Manufacturing enterprise digital transformation, financial flexibility, and financial risk—Evidence from China," International Review of Financial Analysis, Elsevier, vol. 104(PA).
  63. Yung, Kenneth & Li, DeQing Diane & Jian, Yi, 2015. "The value of corporate financial flexibility in emerging countries," Journal of Multinational Financial Management, Elsevier, vol. 32, pages 25-41.
  64. Tran, Quoc Trung, 2020. "Monetary loosening and cash holdings: Evidence from an emerging market," Finance Research Letters, Elsevier, vol. 36(C).
  65. Trinh, Vu Quang & Seetaram, Neelu, 2022. "Top-management compensation and survival likelihood: the case of tourism and leisure firms in the US," Annals of Tourism Research, Elsevier, vol. 92(C).
  66. Shaocong Bo & Enrico Battisti & Niccolò Nirino & Antonio Salvi, 2026. "Greenwashing and Disciplinary Effect: The Moderating Role of Corporate Liquidity," Business Ethics, the Environment & Responsibility, John Wiley & Sons, Ltd., vol. 35(1), pages 467-478, January.
  67. Kuti, Mónika, 2011. "Cash Flow at Risk, Financial Flexibility and Financing Constraint," Public Finance Quarterly, Corvinus University of Budapest, vol. 56(4), pages 505-517.
  68. Choi, Jiyoon, 2025. "Financial flexibility or financial constraints? Zero-leverage firms during the COVID-19 pandemic," Research in International Business and Finance, Elsevier, vol. 74(C).
  69. Muhammad Nurul Houqe & Reza M. Monem & Tony van Zijl, 2023. "Business strategy, cash holdings, and dividend payouts," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(4), pages 3999-4035, December.
  70. Rodrigo Pérez Artica & Leandro Brufman & Lisana Belén Martinez, 2017. "Delving into the Secular Stagnation Hypothesis: A Firm-Level Analysis of the Private Sector’s Excess Savings in Advanced Economies," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 59(1), pages 77-106, March.
  71. Bedendo, Mascia & Siming, Linus, 2018. "The mitigating effect of bank financing on shareholder value and firm policies following rating downgrades," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 94-108.
  72. Joura, Essam & Xiao, Qin & Ullah, Subhan, 2021. "The impact of Say-on-Pay votes on firms' strategic policies: Insights from the Anglo-Saxon economy," International Review of Financial Analysis, Elsevier, vol. 73(C).
  73. Agarwal, Manoj K. & Ma, Zecong & Park, Chang Hee & Zheng, Yilong, 2022. "The impact of a manufacturer’s financial liquidity on its market strategies and pricing and promotion decisions in retail grocery markets," Journal of Business Research, Elsevier, vol. 142(C), pages 844-857.
  74. Atsushi Chino & Joon Ho Kim, 2022. "Does dividend policy affect sales growth in product markets? Evidence from the 2003 dividend tax cut," Financial Management, Financial Management Association International, vol. 51(2), pages 539-571, June.
  75. Ranjan Das Gupta & Rajesh Pathak, 2018. "Firm’s Risk-Return Association Facets and Prospect Theory Findings—An Emerging versus Developed Country Context," Risks, MDPI, vol. 6(4), pages 1-32, December.
  76. Chikashi Tsuji, 2015. "How Did the Profitability of the Japanese Firms Change? Before, During, and After the Lehman Shock in the US," Business and Management Research, Business and Management Research, Sciedu Press, vol. 4(1), pages 74-82, March.
  77. Albertus, James F. & Glover, Brent & Levine, Oliver, 2025. "The real and financial effects of internal liquidity: Evidence from the Tax Cuts and Jobs Act," Journal of Financial Economics, Elsevier, vol. 166(C).
  78. Gao, Peng & He, Ling & Hu, Shiyang & Xin, Qingquan, 2024. "Double-edged sword: Does strong creditor protection in the bankruptcy process affect firm productivity," International Review of Financial Analysis, Elsevier, vol. 95(PA).
  79. Monika Wieczorek-Kosmala & Joanna Błach & Anna Doś, 2021. "COVID-19 Interruptions and SMEs Heterogeneity: Evidence from Poland," Risks, MDPI, vol. 9(9), pages 1-21, September.
  80. John Nkwoma Inekwe & Yi Jin & Maria Rebecca Valenzuela, 2018. "Global financial network and liquidity risk," Australian Journal of Management, Australian School of Business, vol. 43(4), pages 593-613, November.
  81. Wei‐Shao Wu & Sandy Suardi, 2025. "Heterogeneity in the effects of bank lines of credit on capital investment efficiency," The Financial Review, Eastern Finance Association, vol. 60(2), pages 601-621, May.
  82. Lozano, Maria Belen, 2015. "Strategic decisions of family firms on cash accumulation," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 55(4), July.
  83. Li, Tongxia & Ang, Tze Chuan ‘Chewie’ & Lu, Chun, 2023. "Employment protection and the provision of trade credit," Journal of Banking & Finance, Elsevier, vol. 155(C).
  84. Sami Bacha, 2014. "Does Hedging Financing Ensure Shareholder Value: The Case of Investment Decision," International Journal of Empirical Finance, Research Academy of Social Sciences, vol. 3(5), pages 225-233.
  85. Li, Ziwei & Hyung, Dae Eun & Lee, Dong Young, 2025. "Financial flexibility and corporate financing efficiency," International Review of Financial Analysis, Elsevier, vol. 98(C).
  86. Naiwei Chen & E-N Hsiao, 2014. "Insider ownership and financial flexibility," Applied Economics, Taylor & Francis Journals, vol. 46(29), pages 3609-3629, October.
  87. Douglas (DJ) Fairhurst, 2020. "Financing seasonal demand," Financial Management, Financial Management Association International, vol. 49(3), pages 839-870, September.
  88. Tao Chen & Jarrad Harford & Chen Lin, 2017. "Financial Flexibility and Corporate Cash PolicyAbstract: Debt capacity creates financial flexibility and collateral-based debt capacity is the least sensitive to cash flow shocks. Using variation in real estate prices as exogenous shocks to corporate," Working Papers 052017, Hong Kong Institute for Monetary Research.
  89. 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.
  90. Sabri Boubaker & Zied Ftiti & Yifan Liu & Wael Louhichi, 2025. "Opioid crisis effects on local firms’ risk," Review of Quantitative Finance and Accounting, Springer, vol. 65(1), pages 185-217, July.
  91. Laurence Booth & Christos Ntantamis & Jun Zhou, 2015. "Financial Constraints, R&D Investment, and the Value of Cash Holdings," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 5(04), pages 1-24, December.
  92. Chang, Ching-Hung & Chen, Sheng-Syan & Chen, Yan-Shing & Peng, Shu-Cing, 2019. "Commitment to build trust by socially responsible firms: Evidence from cash holdings," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 364-387.
  93. Douglas (DJ) Fairhurst & S. M. Zahid, 2025. "Asset Redeployability and Corporate Liquidity," Financial Management, Financial Management Association International, vol. 54(4), pages 817-838, December.
  94. Einar C. Kjenstad & Anil Kumar, 2022. "The effect of real estate prices on peer firms," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(4), pages 1022-1053, December.
  95. Chortareas, Georgios & Noikokyris, Emmanouil, 2021. "Investment, firm-specific uncertainty, and financial flexibility," Journal of Economic Behavior & Organization, Elsevier, vol. 192(C), pages 25-35.
  96. Md. Rashidul Islam, 2024. "How to Achieve Financial Flexibility: the Role of Corporate Governance," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(2), pages 6541-6577, June.
  97. Amin, Abu S. & Dutta, Shantanu & Saadi, Samir & Vora, Premal P., 2015. "Institutional shareholding and information content of dividend surprises: Re-examining the dynamics in dividend-reappearance era," Journal of Corporate Finance, Elsevier, vol. 31(C), pages 152-170.
  98. Kahle, Kathleen M. & Stulz, René M., 2013. "Access to capital, investment, and the financial crisis," Journal of Financial Economics, Elsevier, vol. 110(2), pages 280-299.
  99. Henry, Darren & Nguyen, Lily & Pham, Viet Hung, 2017. "Institutional trading before dividend reduction announcements," Journal of Financial Markets, Elsevier, vol. 36(C), pages 40-55.
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