CORPORATE CASH HOLDING IN ASIA

Material type: 規格・テクニカルリポート類

Author: Horioka, Charles Yujiほか

Publisher: The Institute of Social and Economic Research, Osaka University

Publication date: 2013-10

Material Format: Paper

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Note (General)：: Hagiwara, AkikoIn this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using...

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Paper

Material Type: 規格・テクニカルリポート類
Title: CORPORATE CASH HOLDING IN ASIA
Author/Editor: Horioka, Charles Yuji
Terada, Akiko
Author Heading: Horioka, Charles Yuji
https://nrid.nii.ac.jp/nrid/1000090173632
Terada, Akiko
Publication, Distribution, etc.: The Institute of Social and Economic Research, Osaka University
Publication Date: 2013-10
Publication Date (W3CDTF): 2013
Periodical title: Institute of Social and Economic Research Discussion Papers
No. or year of volume/issue: 889
Volume: 889
Pages: 1-44
Subject Heading: corporate saving
corporate investment
borrowing constraints
liquidity constraints
cash flow
cash holdings
cash flow sensitivity of cash
Tobin’s q
firm size
productivity shocks
Asia
Oriana Databas
financial sector development
global financial crisis
Target Audience: 一般
Note (General): Hagiwara, Akiko
In this paper, we analyze the determinants of corporate saving in the form of changes in the stock of cash for 11 Asian economies using firm-level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in the stock of cash, which suggests that Asian firms are borrowing constrained and that they save more when their cash flow increases so that they will be able to finance future investments. Moreover, we find in the developed economy sample that, as expected, cash flow has a positive impact on the change in the stock of cash only in the case of the smallest firms, which are more likely to be borrowing constrained, and find in the developing economy sample that, as expected, the positive impact of cash flow on the change in the stock of cash declines with firm size. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis. Finally, we find some evidence that Tobin’s q has a positive impact on the change in the stock of cash.
References (URI): comment:URI
http://www.iser.osaka-u.ac.jp/library/dp/2013/DP0889.pdf
Data Provider (Database): 国立情報学研究所 : 学術機関リポジトリデータベース（IRDB）（機関リポジトリ）
https://irdb.nii.ac.jp
Original Data Provider (Database): 大阪大学 : 大阪大学学術情報庫　桜華