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| Author: | Dittmar, A. Mahrt-Smith, J. Servaes, H. |
| Title: | International corporate governance and corporate cash holdings |
| Journal: | Journal of Financial and Quantitative Analysis
2003 : MAR, VOL. 38:1, p. 111-133 |
| Index terms: | Agency theory Cash management Corporate governance Shareholders |
| Language: | eng |
| Abstract: | Agency problems are an important determinant of corporate cash holdings. For a sample of more than 11 000 firms from 45 countries, the authors find that corporate in countries where shareholders rights are not well protected hold up to twice as much cash as corporations in countries with good shareholder protection. In addition, when shareholder protection is poor, factors that generally drive the need for cash holdings, such as investment opportunities and asymmetric information, actually become less important. |
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