The determinants and implications of corporate cash holding across countries

• Main Authors: Min-Wei,Shih, 施閔偉
• Other Authors: Chien-An,Wang
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/33856006492080657432

碩士 === 國立暨南國際大學 === 財務金融學系 === 93 === This paper investigates the determinants and implication of corporate cash holding.We analyses corporate cash holding with Taiwan and Global evidence. The part of Taiwan evidence,we focus on the information asymmetry theory and agency theory.The sample include Taiwan nonfinancial listed firms during the period of 1991-2003.The empirical results show that firms with high firm age and firm size would hold less cash is significant to support the asymmetry theory.According to the other empirical results about the ratios of equity ownership for the manager and the postions of CEO and COB were held by the same person,we find the results is not support the agency theory. The part of Global evidence, the sample include Global nonfinancial companys in 46 countries during the period of 1999-2003.We analyse corporate cash holding from the point of corporate governance and coutry-specific characteristics across coutries. The empirical results show that low corporate cash holding is in countries whish have worse shareholder protection ,good creditor protection and nice law enforcement.We also find that high corporate cash holding is in developed countries ,bank-base country.