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Collective bargaining power and corporate cash policy
قدرت چانه زنی جمعی و سیاست نقدی شرکت-2020 This paper provides novel evidence on the role of labor unions in firms’ corporate cash policy. Examining the unionization rates of firms across 29 countries for the period 2004–2015, we show that firms
respond to an increase in unionization rate by decreasing their corporate cash holdings. The reported
effect is symmetric, in that firms respond to increases (decreases) in unionization rate by decreasing
(increasing) their cash buffers. These results are consistent with the bargaining hypothesis, namely, that
firms strategically decrease their cash level to counter the rise in employees’ bargaining power due to
increased unionization. Additionally, we find that the negative effect of unionization on cash holdings
is more pronounced in labor-intensive, large, high-growth, high profitability, and low labor productive
firms. The countries’ quality of institutions intensifies the documented relationship, what is in line with
the cost economies theory. Moreover, we exploit shocks to the economies and show that increase in the
unionization following a banking crisis influence negatively firm’s cash levels. These findings are robust
to different unionization variable constructions, alternative dependent variable definitions, controlling
for potentially correlated time-variant firm characteristics, saturation of a dense set of fixed effects, and
endogeneity concerns.
Keywords: Corporate finance | Labor Unions | Cash | Institutions |
مقاله انگلیسی |
2 |
نقدشوندگی سهام و دارایی های نقدی شرکت های بزرگ
سال انتشار: 2019 - تعداد صفحات فایل pdf انگلیسی: 7 - تعداد صفحات فایل doc فارسی: 12 مقاله حاضر به بررسی اثرات نقدینگی سهام بر نگهداشت وجه نقد شرکت ها در ایالات متحده آمریکا می پردازد. ما نشان دادیم که نگهداشت وجه نقد در شرکت های دارای سهام نقد، پس از کنترل اثرات متعدد ویژگی های شرکت، صنعت و ثابت سال کمتر می باشد. به منظور تقلیل مسائل درونزا، از دسیمال سازی در بازار سهام ایالات متحده آمریکا به عنوان یک شوک برونزا بهره برده و مشاهده نمودیم که افزایش نقدینگی سهام موجب کاهش نگهداشت وجه نقد شرکت ها می گردد.
کلیدواژگان: نقدینگی سهام | نگهداشت وجه نقد | عددی سازی |
مقاله ترجمه شده |
3 |
Does CEO bias escalate repurchase activity?
آیا تمایل CEO فعالیت بازخرید را متشنج می کند؟-2018 We propose and test the hypothesis that overconfident-CEOs, with upwardly-biased estimates of own firm-value, are more predisposed to repurchasing stock. An implication is that the stock-market, recognizing overconfident-CEO behavior, will react less positively to repurchase announcements. The hypothesis is strongly supported: Overconfident managers repurchase stock at lower levels of cash holdings, and respond more to stock-price declines. Entrenchment exacerbates this behavior. Interestingly, institutional investors appear to encourage repurchases, perhaps to curb excessive investment. Overconfident-CEOs are also more likely to substitute repurchases for dividends or capital expenditure. Consistent with our hypothesis, the stock-market reaction to these share repurchase announcements is less positive.
keywords: Overconfidence |Repurchases |Dividend-repurchase substitution |Investment-repurchase substitution |Corporate governance |
مقاله انگلیسی |
4 |
Employment protection and corporate cash holdings: Evidence from Chinas labor contract law
حفاظت از استخدام و هلدینگ های نقدی شرکتی: شواهدی از قانون قرارداد کارگری چین-2018 Employment protection increases labor adjustment costs and hence the expected costs of financial distress for labor-intensive firms. It follows that these firms are likely to increase their cash holdings to reduce the risk of financial distress when employment protection is strengthened. Consistent with this prediction, we find that labor-intensive firms in China significantly increase their cash holdings following the enactment of Chinas Labor Contract Law; other contemporaneous shocks do not seem to drive the finding. We also find that two events prior to the enactment that increase the likelihood of enacting the law have a similar effect. Further analysis shows that the impact of the law is concentrated on areas with strict law enforcement, state-owned enterprises, and industries that employ large numbers of migrant workers.
keywords: Cash holdings |Employment protection |Labor adjustment costs |
مقاله انگلیسی |
5 |
Fair value accounting and corporate cash holdings
حسابداری ارزش کالا و حفظ نقدینگی شرکت-2018 A trade-off often exists between relevance and reliability of accounting numbers. Prior research suggests that fair value accounting increases the relevance and decreases the reliability. The reduced reliability may lead to more agency conflicts. We predict a positive relation between the use of fair value inputs and the level of corporate cash holdings because prior research links more agency conflicts to a higher level of cash. We find that increased use of fair value inputs is associated with a higher level of cash holdings, and the results are mainly driven by Level 1 and Level 2 fair value inputs. In addition, we find that our results are stronger for firms with more-able managers.
keywords: Fair value accounting| Accounting Standards Codification 820|Fair value inputs|Corporate cash holdings |
مقاله انگلیسی |
6 |
How investors value cash and cash flows when managers commit to providing earnings forecasts
وقتی که مدیران متعهد می شوند که پیش بینی های درآمدها را تامین کنند سرمایه گذاران چگونه نقدینگی و جریان های نقدینگی را ارزش گذاری می کنند؟-2018 Theory considers voluntary disclosure to be an important mechanism for reducing information asymmetry in the corporate setting (Bertomeu, Beyer, & Dye, 2011). Prior research on corporate cash policy suggests that investors value cash holdings more when information asymmetry is low (e.g., Drobetz, Gruninger, & Hirschvogl, 2010). Given both streams of literature, we examine whether investors value cash and cash flows higher for firms that commit to providing management earnings forecasts, an important form of voluntary disclosure. In univariate analyses, we show that committed forecasting is negatively associated with widely accepted measures of information asymmetry. In multivariate tests, we document that committed forecasting is associated with a higher market value of cash, surplus cash and operating cash flows. Our multivariate results are robust to adjustments for endogeneity in managers forecast decision, and to the inclusion of controls for alternative uses of cash, firm information quality, information demand and governance.
keywords: Management earnings forecasts |Voluntary disclosure |Value of cash |Agency costs |
مقاله انگلیسی |
7 |
Credit ratings and corporate cash holdings: Evidence from Korea’s corporate reform after the 1997 Asian financial crisis
رتبه بندی اعتباری و نگهداری نقدی شرکت: شواهد از اصلاحات شرکت کره پس از بحران مالی آسیا در سال 1997-2018 We examine the extent to which credit ratings affect firms’ cash holdings by investigating the
circumstances in Korea after the 1997 Asian financial crisis. We find that, due to the costs and benefits
associated with different rating levels, credit ratings are a major consideration for corporate cash
management. Specifically, firms that become relatively sensitive to rating changes increase their cash
holdings, either to improve the chances of an upgrade, or to avoid a downgrade. Furthermore, this effect is
driven by chaebol business groups that increasingly rely on external financing that depends on credit
ratings following the attenuation of their internal capital markets. Finally, we show that the impact of
credit ratings on firms’ cash holdings is more noticeable when firms are more prominent in the market.
Keywords: Credit ratings ، Cash holdings ، 1997 Asian financial crisis ، Chaebol |
مقاله انگلیسی |
8 |
An examination of real activities management and corporate cash holdings
یک بررسی روی مدیریت فعالیتهای واقعی و هلدینگ های نقدی شرکتی-2018 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 |
مقاله انگلیسی |
9 |
International evidence on firm level decisions in response to the crisis: Shareholders vs. other stakeholders
شواهد بین المللی در مورد تصمیم گیری های شرکت در پاسخ به بحران: سهامداران در مقابل سهامداران دیگر-2018 The relationship between changes in GDP and unemployment during the 2008 financial crisis differed sig
nificantly from previous experiences and across countries. We study firm-level decisions in France, Germany,
Japan, the UK, and the US. We find significant differences between the response of US and non-US firms. US
firms significantly decreased their production costs relative to firms in other countries. They have also reduced
debt, reduced dividend payout, and increased their cash holdings compared to firms in other countries. The
differences are, in general, explained by differences in financial leverage. However, financial leverage does not
explain differences between production decisions in German and U.S. firms and between Japanese and US firms.
We argue that differences in firm governance between US firms and firms in Germany and Japan drive these
responses. US firms are more prone to cut labor costs and reduce leverage compared to German firms and
Japanese firms in order to achieve larger profits and a larger cash-cushion in the short-run.
Keywords: Okuns law ، Corporate governance ، Firm-level decisions |
مقاله انگلیسی |
10 |
How does real earnings management affect the value of cash holdings? Comparisons between information and agency perspectives
مدیریت درآمد واقعی چگونه بر ارزش پول نقد تاثیر می گذارد؟ مقایسه بین دیدگاه های اطلاعاتی و آژانس-2018 In this paper, we investigate whether real earnings management is associated with the precau
tionary benefits or agency costs of cash holdings. We find that real earnings management impairs
the value of cash holdings. However, the value of cash holdings is not associated with accrual
based earnings management, which has no effect on cash flows. Our results show that real
earnings management impairs the value of cash holdings mainly in firms having potential agency
problems or firms facing financial constraints. Moreover, our results indicate that different means
of real earnings management influence cash flows from operating, investing, or financing ac
tivities, and impair the value of cash flows from the respective business activities. Overall, our
results support the conclusion that real earnings management is associated with the agency costs
of cash holdings.
Keywords: Corporate cash holdings ، Real earnings management ، Agency problems ،Information asymmetry ، JEL classification: G3 ، M41 |
مقاله انگلیسی |