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Tekijä:Lins, K.V.
Servaes, H.
Tufano, P.
Otsikko:What drives corporate liquidity? An international survey of cash holdings and lines of credit
Lehti:Journal of Financial Economics
2010 : OCT, VOL. 98:1, p. 160-176
Asiasana:corporate liquidity
credit
cash management
financial management
chief executive officers
international
surveys
Kieli:eng
Tiivistelmä:This paper surveys chief financial officers (CFOs) from 29 countries to examine whether and why firms use lines of credit (henceforth as: l-of-cr.) versus non-operational (herein as: non-opr.) cash (or excess cash) for their corporate liquidity. These two liquidity sources are found to be employed to hedge against different risks. Non-opr. cash protects against future cash flow shocks in bad times, whereas l-of-cr. give firms the option to use future business opportunities available in good times. L-of-cr. are the main source of liquidity for companies around the world, including about 15 percent of assets, while less than half of the cash held by companies is held for non-opr. purposes, comprising about 2 percent of assets. Across countries, firms make greater use of l-of-cr. when external credit markets are poorly developed.
SCIMA tietueen numero: 274719
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