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دسته بندی:
حسابداری و حسابرسی - accounting and auditing
سال انتشار:
2018
عنوان انگلیسی مقاله:
An examination of real activities management and corporate cash holdings
ترجمه فارسی عنوان مقاله:
یک بررسی روی مدیریت فعالیتهای واقعی و هلدینگ های نقدی شرکتی
منبع:
Advances in Accounting Volume 39, December 2017, Pages 79-90
نویسنده:
Adam J. Greiner
چکیده انگلیسی:
I examine the relation between aggressive income increasing real activities management (RAM) and corporate cash holdings. Motivated by Jensens (1986) concerns about free cash flows, I investigate whether aggressive cuts in discretionary expenditures are associated with higher levels and changes of cash holdings. Using empirical models from prior research, I document that aggressive income increasing RAM is associated with higher cash holdings and this positive association is stronger in weakly governed firms. I also find that weakly governed firms with aggressive income increasing RAM and high levels of cash tend to spend more on future investments, suggesting an effort to reduce accumulated cash and increase real assets under control. My results are robust to endogeneity, additional control variables, and alternative design choices. Evidence in this study provides a link between corporate cash holdings and aggressive cuts in discretionary expenses that allow managers to report higher earnings, indicating that efforts to achieve financial reporting objectives have implications for cash management.
keywords: Real activities management |Cash holdings |Corporate governance
قیمت: رایگان
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