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Corporate Cash Holding in Asia. (2013). Horioka, Charles ; Hagiwara, Akiko ; Terada-Hagiwara, Akiko.
In: ISER Discussion Paper.
RePEc:dpr:wpaper:0889.

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  1. Trade and financial channels as the transmission mechanism of the financial crisis. (2019). Shikimi, Masayo ; Yamada, Kazuo.
    In: International Review of Economics & Finance.
    RePEc:eee:reveco:v:63:y:2019:i:c:p:364-381.

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  2. A state-of-the-art review of corporate cash holding research. (2018). Weidemann, Jan Felix.
    In: Journal of Business Economics.
    RePEc:spr:jbecon:v:88:y:2018:i:6:d:10.1007_s11573-017-0882-4.

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  3. Firm Value, Corporate Cash Holdings and Financial Constraint: A Study from a Developing Market. (2016). Hoa, Thi Lien ; Vy, Thi Phuong ; Ngan, LE.
    In: Australian Economic Papers.
    RePEc:bla:ausecp:v:55:y:2016:i:4:p:368-385.

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  4. Mehr Vertrauen in Marktprozesse. Jahresgutachten 2014/15. (2014). .
    In: Annual Economic Reports / Jahresgutachten.
    RePEc:zbw:svrwjg:201415.

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  5. Corporate Cash Holding in Asia. (2014). Horioka, Charles ; Hagiwara, Akiko ; Terada-Hagiwara, Akiko.
    In: Asian Economic Journal.
    RePEc:bla:asiaec:v:28:y:2014:i:4:p:323-345.

    Full description at Econpapers || Download paper

References

References cited by this document

  1. (0.0118) (0.0004) (0.0047) Pre-GFC period (2002 - 2007) Without industry dummies 0.003572*** 0.08204*** 0.002300*** -0.02607*** 4810
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  2. (0.0119) (0.0002) (0.0030) Pre-GFC period (2002 - 2007) Without industry dummies 0.003318*** 0.1494*** -0.0006043 0.0003078 11309
    Paper not yet in RePEc: Add citation now
  3. (0.0122) (0.0002) (0.0031) With industry dummies 0.002796*** 0.1092*** 0.0009457*** -0.01021*** 28435
    Paper not yet in RePEc: Add citation now
  4. (0.0149) (0.0005) (0.0060) Note: q1 ≡ Market price to Book Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 POOLED DEVELOPING COUNTRIES : excluding outliers, countries with small no. of firms, and industries related to finance, real estate, management & government Table 6: GMM Estimates: Developing Economy Sample (cont…) Augmented Regressions q1 CF Firm Size Capital Expenditures Working Capital Short-term Debt Constant No. of Obs. Full period (2002 - 2011) Without industry dummies 0.003139* 0.1280*** -0.0008322-0.03306 0.3080*** 0.5162*** -0.0001075 10019
    Paper not yet in RePEc: Add citation now
  5. (0.0151) (0.0005) (0.0060) With industry dummies 0.002880*** 0.1042*** 0.003551*** -0.04118*** 9166
    Paper not yet in RePEc: Add citation now
  6. (0.0156) (0.0003) (0.0043) GFC period (2008 - 2011) Without industry dummies 0.002042*** 0.07024*** 0.002071*** -0.01623*** 17126
    Paper not yet in RePEc: Add citation now
  7. (0.0158) (0.0003) (0.0041) Note: q1 ≡ Market price to Book Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 FULL SAMPLE : excluding outliers, countries with small no. of firms, and industries related to finance, real estate, management & government Table 4: GMM Estimates: Full Sample (cont..) Augmented Regressions q1 CF Firm Size Capital Expenditures Working Capital Short-term Debt Constant No. of Obs. Full period (2002 - 2011) Without industry dummies 0.003426** 0.09622*** -0.0009364*** -0.08290* 0.01992 0.5601*** 0.01352*** 20287
    Paper not yet in RePEc: Add citation now
  8. (0.0159) (0.0004) (0.0044) With industry dummies 0.003392*** 0.1471*** -0.0004437-0.002051 11309
    Paper not yet in RePEc: Add citation now
  9. (0.0163) (0.0003) (0.0042) With industry dummies 0.002024*** 0.06894*** 0.002066*** -0.01630*** 17126
    Paper not yet in RePEc: Add citation now
  10. (0.0180) (0.0003) (0.0357) (0.0500) (0.0943) (0.0036) Pre-GFC period (2002 - 2007) Without industry dummies 0.004911** 0.1082*** -0.001201** 0.04361 0.2963** 0.3445** 0.0006364 7588
    Paper not yet in RePEc: Add citation now
  11. (0.0182) (0.0003) (0.0392) (0.0602) (0.0996) (0.0037) With industry dummies 0.003062** 0.1016*** -0.0006604* -0.1076** 0.1193* 0.5095*** 0.009024* 20287
    Paper not yet in RePEc: Add citation now
  12. (0.0189) (0.0006) (0.0074) GFC period (2008 - 2011) Without industry dummies 0.002888*** 0.1058*** 0.003597*** -0.04175*** 9166
    Paper not yet in RePEc: Add citation now
  13. (0.0209) (0.0009) (0.0125) Upper quintile 0.002925** 0.09593*** -0.0008623 0.01414 4392
    Paper not yet in RePEc: Add citation now
  14. (0.0214) (0.0004) (0.0424) (0.0651) (0.1133) (0.0050) Note: q1 ≡ Market price to Book Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 FULL SAMPLE : excluding outliers, countries with small no. of firms, and industries related to finance, real estate, management & government Table 5: GMM Estimates: Developed Economy Sample Baseline Regressions q1 CF Firm Size Constant No. of Obs. Full period (2002 - 2011) Without industry dummies-0.0005918 0.1963*** -0.0007222* 0.01053* 14459
    Paper not yet in RePEc: Add citation now
  15. (0.0216) (0.0003) (0.0043) Pre-GFC period (2002 - 2007) Without industry dummies-0.001994 0.2569*** -0.0002982-0.00486 6499
    Paper not yet in RePEc: Add citation now
  16. (0.0225) (0.0004) (0.0461) (0.0778) (0.1246) (0.0052) With industry dummies 0.002724* 0.05257* 0.00005659-0.1831*** -0.002699 0.4275*** 0.01150* 12699
    Paper not yet in RePEc: Add citation now
  17. (0.0235) (0.0003) (0.0043) With industry dummies-0.0007207 0.1844*** -0.0005972 0.009401* 14459
    Paper not yet in RePEc: Add citation now
  18. (0.0240) (0.0006) (0.0550) (0.0618) (0.1392) (0.0068) Pre-GFC period (2002 - 2007) Without industry dummies 0.001252 0.1788*** 0.0008062-0.1699* 0.1195 0.6403*** -0.01141 3347
    Paper not yet in RePEc: Add citation now
  19. (0.0248) (0.0005) (0.0057) GFC period (2008 - 2011) Without industry dummies 0.002911 0.07187* -0.001155* 0.02742*** 7960
    Paper not yet in RePEc: Add citation now
  20. (0.0250) (0.0016) (0.0220) Note: q1 ≡ Market Price to Book Ratio Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 GMM Estimation on Base Model (POOLED DEVELOPING COUNTRIES with industry dummies) All firms grouped by quintiles based on median size of each firm All firms grouped by quintiles based on mean size of each firm POOLEDDEVELOPINGCOUNTRIES Table 9 (continued) Augmented Regressions Grouing based on Firm Size q1 CF Size Capital Expenditure Working Capital Short-term Debt Constant No. of obs. Bottom quintile 0.001414 0.08318 0.01069* -0.106 0.4940** -0.04551-0.1154* 1118
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  21. (0.0255) (0.0006) (0.0612) (0.0727) (0.1568) (0.0072) With industry dummies 0.003120* 0.1264*** -0.0006897-0.03292 0.3095*** 0.4934*** -0.001672 10019
    Paper not yet in RePEc: Add citation now
  22. (0.0266) (0.0007) (0.0664) (0.0751) (0.1505) (0.0089) Note: q1 ≡ Market price to Book Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 POOLED DEVELOPING COUNTRIES : excluding outliers, countries with small no. of firms, and industries related to finance, real estate, management & government Table 7: GMM Estimates: Full Economy, Breakdown by Firm Size Baseline Regressions Grouing based on Firm Size q1 CF Size Constant No. of obs. Bottom quintile 0.0002721 0.1845*** 0.009070*** -0.09566*** 3505
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  23. (0.0269) (0.0023) (0.0284) Upper quintile 0.003899*** 0.06009* 0.006068*** -0.07585*** 2066
    Paper not yet in RePEc: Add citation now
  24. (0.0274) (0.0011) (0.0151) Hong Kong 0.01075*** 0.09956** -0.0001322 0.00142 2139
    Paper not yet in RePEc: Add citation now
  25. (0.0291) (0.0022) (0.0274) Upper quintile 0.003701*** 0.05135* 0.006222*** -0.07790*** 2045
    Paper not yet in RePEc: Add citation now
  26. (0.0292) (0.0004) (0.0060) Note: q1 ≡ Market price to Book Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 POOLED DEVELOPED COUNTRIES : excluding outliers, countries with small no. of firms, and industries related to finance, real estate, management & government Table 5: GMM Estimates: Developed Economy Sample (cont..) Augmented Regressions q1 CF Firm Size Capital Expenditures Working Capital Short-term Debt Constant No. of Obs. Full period (2002 - 2011) Without industry dummies 0.001523 0.1069-0.0015-0.02218 0.1748 0.2005 0.02194*** 10268
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  27. (0.0295) (0.0008) (0.0774) (0.0861) (0.1805) (0.0096) With industry dummies 0.002396 0.1331*** -0.001725* 0.03337 0.2768*** 0.5740*** 0.01014 6672
    Paper not yet in RePEc: Add citation now
  28. (0.0297) (0.0004) (0.0623) (0.0728) (0.1127) (0.0051) GFC period (2008 - 2011) Without industry dummies 0.003851** 0.02789-0.000202-0.1529*** -0.1344 0.4505*** 0.01665** 12699
    Paper not yet in RePEc: Add citation now
  29. (0.0307) (0.0008) (0.0122) Note: q1 ≡ Market Price to Book Ratio Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 POOLEDDEVELOPEDCOUNTRIES GMM Estimation on Base Model (POOLED DEVELOPED COUNTRIES with industry dummies) All firms grouped by quintiles based on median size of each firm All firms grouped by quintiles based on mean size of each firm Table 8 (continued) Augmented Regressions Grouing based on Firm Size q1 CF Size Capital Expenditure Working Capital Short-term Debt Constant No. of obs. Bottom quintile-0.0002843 0.1524-0.003823-0.1749 0.5084** 0.5332* 0.04617 1229
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  30. (0.0313) (0.0005) (0.0722) (0.0905) (0.1208) (0.0055) With industry dummies 0.005275** 0.1008*** -0.001182** 0.04061 0.3096*** 0.3052** -0.00002382 7588
    Paper not yet in RePEc: Add citation now
  31. (0.0318) (0.0005) (0.0061) With industry dummies 0.002015 0.06617* -0.001089* 0.02742*** 7960
    Paper not yet in RePEc: Add citation now
  32. (0.0352) (0.0008) (0.0705) (0.0864) (0.1439) (0.0090) GFC period (2008 - 2011) Without industry dummies 0.002366 0.1396*** -0.001830* 0.0006248 0.3067*** 0.6175*** 0.0109 6672
    Paper not yet in RePEc: Add citation now
  33. (0.0399) (0.0009) (0.0844) (0.1097) (0.1777) (0.0100) With industry dummies 0.001622 0.1758*** 0.001048-0.1656* 0.1238 0.5386*** -0.01487 3347
    Paper not yet in RePEc: Add citation now
  34. (0.0495) (0.0006) (0.0787) (0.0880) (0.1331) (0.0059) GFC period (2008 - 2011) Without industry dummies-0.03737* 0.4507** 0.00162-0.2437* -0.8606 0.06685 0.02123 6027
    Paper not yet in RePEc: Add citation now
  35. (0.0552) (0.0006) (0.0645) (0.1447) (0.1989) (0.0074) Note: q1 ≡ Market price to Book Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 POOLED DEVELOPED COUNTRIES : excluding outliers, countries with small no. of firms, and industries related to finance, real estate, management & government Table 6: GMM Estimates: Developing Economy Sample Baseline Regressions q1 CF Firm Size Constant No. of Obs. Full period (2002 - 2011) Without industry dummies 0.003107*** 0.09630*** 0.003165*** -0.03635*** 13976
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  36. (0.0593) (0.0029) (0.0313) Note: q1 ≡ Market price to Book Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 With industry dummies, excluding outliers, countries with small no. of firms, and industries related to finance, real estate, management & government Table 4: GMM Estimates: Full Sample Baseline Regressions q1 CF Firm Size Constant No. of Obs. Full period (2002 - 2011) Without industry dummies 0.002770*** 0.1111*** 0.0009037*** -0.009476** 28435
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  37. (0.0636) (0.0024) (0.1019) (0.0683) (0.2420) (0.0327) Note: q1 ≡ Market Price to Book Ratio Robust standard errors are reported below estimates in parentheses * p<0.05, ** p<0.01, *** p<0.001 Instruments: Two lags of tangible fixed assets, lagged working capital, lagged short-term debt , twice-lagged sales growth, and country dummies. POOLEDDEVELOPINGCOUNTRIES GMM Estimation on Augmented (1) Model (POOLED DEVELOPING COUNTRIES with industry dummies) All firms grouped by quintiles based on median size of each firm All firms grouped by quintiles based on mean size of each firm Figure 1: Change in the Cash Holdings to Total Assets Ratio -0.01 -0.005 0 0.005 0.01 0.015 0.02 0.025 2003 2004 2005 2006 2007 2008 2009 2010 2011 Full sample Developing Developed
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  38. (0.0788) (0.0010) (0.0891) (0.1199) (0.1802) (0.0075) With industry dummies 0.001469 0.1475** -0.001195 0.0848 0.2330** 0.1056 0.00334 4241
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  39. (0.0812) (0.0010) (0.0534) (0.1301) (0.1445) (0.0063) With industry dummies 0.007413* 0.04742-0.001836*** -0.06856 0.2991*** 0.2569* 0.02157*** 10268
    Paper not yet in RePEc: Add citation now
  40. (0.1005) (0.0044) (0.0575) (0.0053) (0.0999) (0.0036) (0.0654) China, People's Rep. of 0.004071 0.2677 0.005726-0.0693159 6630 0.004872 0.2356 0.003152-0.225584 6630
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  41. (0.1543) (0.0014) (0.1130) (0.4584) (0.3530) (0.0115) With industry dummies 0.00155 0.06785-0.0006621-0.1870** 0.2899* -0.3902* 0.02457*** 6027
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  42. Acharya, Viral, Heitor Almeida, and Murillo Campello. 2007. Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies. Journal of Financial Intermediation. Vol. 16. pp. 515–554. Almeida, Heitor, Murillo Campello, and Michael S. Weisbach. 2004. The Cash Flow Sensitivity of Cash. Journal of Finance. Vol. 59, No. 4 (August). pp. 1777–1804. Almeida, Heitor, Murillo Campello, Igor Kunha, and Michael S. Weisbach. 2013. Corporate Liquidity Management: A Conceptual Framework and Survey. NBER Working Paper No. 19502, National Bureau of Economic Research (October). Bacchetta, Philippe, and Kenza Benhima. 2010. The Demand for Liquid Assets, Corporate Saving, and Global Imbalances. Mimeo. Lausanne, France: University of Lausanne. Bates, Thomas W., Kathleen M. Kahle, and Rene M. Stulz. 2009. Why Do US Firms Hold So Much More Cash than They Used To? Journal of Finance. Vol. 64, No. 5

  43. Baseline Regressions Grouing based on Firm Size q1 CF Size Constant No. of obs. Bottom quintile-0.007304 0.2541*** 0.002576-0.01951 1801
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Cocites

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  1. SME Financial Distress and the Macroeconomic Recovery: A Microsimulation Approach. (2022). O'Toole, Conor ; McGuinness, Seamus ; Lawless, Martina ; Kren, Janez.
    In: Papers.
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  2. To What Extent Are Savings–Cash Flow Sensitivities Informative to Test for Capital Market Imperfections?. (2017). Tsoukas, Serafeim ; Guariglia, Alessandra ; Tsoukalas, John D.
    In: Review of Finance.
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  3. Stockpiling cash when it takes time to build: Exploring price differentials in a commodity boom. (2017). Hansen, Erwin ; Wagner, Rodrigo.
    In: Journal of Banking & Finance.
    RePEc:eee:jbfina:v:77:y:2017:i:c:p:197-212.

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  4. To What Extent Does the Interest Burden Affect Firm Survival? Evidence from a Panel of UK Firms during the Recent Financial Crisis. (2016). Tsoukas, Serafeim ; Spaliara, Marina-Eliza ; Guariglia, Alessandra.
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  5. Family control and corporate cash holdings: Evidence from China. (2015). Tian, Gary Gang ; Luo, Tianpei ; Liu, Qigui.
    In: Journal of Corporate Finance.
    RePEc:eee:corfin:v:31:y:2015:i:c:p:220-245.

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  6. Global dollar credit and carry trades: a firm-level analysis. (2015). Shin, Hyun Song ; Bruno, Valentina.
    In: BIS Working Papers.
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  7. Corporate Cash Holding in Asia. (2014). Horioka, Charles ; Hagiwara, Akiko ; Terada-Hagiwara, Akiko.
    In: Asian Economic Journal.
    RePEc:bla:asiaec:v:28:y:2014:i:4:p:323-345.

    Full description at Econpapers || Download paper

  8. Corporate Cash Holding in Asia. (2013). Horioka, Charles ; Hagiwara, Akiko ; Terada-Hagiwara, Akiko.
    In: NBER Working Papers.
    RePEc:nbr:nberwo:19688.

    Full description at Econpapers || Download paper

  9. Corporate Cash Holding in Asia. (2013). Horioka, Charles ; Hagiwara, Akiko ; Terada-Hagiwara, Akiko.
    In: ISER Discussion Paper.
    RePEc:dpr:wpaper:0889.

    Full description at Econpapers || Download paper

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