Corporate Social Responsibility Effects on Firms’ Cash Flow Sensitivity of Cash

• Main Authors: Yu-Tung Huang, 黃郁彤
• Other Authors: Chih-Liang,Liu
• Format: Others
• Language: zh-TW
• Published: 2014
• Online Access: http://ndltd.ncl.edu.tw/handle/97651827874209737593

碩士 === 國立雲林科技大學 === 財務金融系 === 102 === This study discusses whether corporate social responsibility and corporate cash holding cash flow sensitivity is negative correlation by referring the data of American listed companies from 1996 to 2011.The result shows that the worse(better) corporate social responsibility, the higher(lower) corporate cash holding cash flow sensitivity. Further analysis indicates that the corporate cash holding cash flow sensitivity will be higher when corporate social responsibility has less advantage or more disadvantage. Finally, the corporate cash holding cash flow sensitivity will also be higher when the corporate has worse performance in community activities, diversity and employee welfare. On the contrary, the corporate cash holding cash flow sensitivity will also be lower when the corporate has better performance in community activities, diversity and employee welfare. The above findings support that the corporate with better corporate social responsibility should enjoy lower financing limitation.