Corporate Financial Policy And The Value of Cash  

Oleh:

Faulkender, Michael ; Rong, Wang

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 4 (Agu. 2006), page 1957-1990.
Topik: FINANCIAL POLICY; studies; corporate finance; hypotheses; rates of return; investment policy; dividends; regression analysis
Fulltext: p 1957.pdf (226.34KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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We examine the cross sectional variation in the marginal value of corporate cash holdings that arises from differences in corporate dinancial policy. We begin by providing semi-quantitative predictions for the value of an extra dollar of cash depending upon the likely use of that dollar and derive a set of intuitive hypotheses to test empirically. By examining the variation in excess stock returns over the fiscal year, we find that the marginal value of cash declines with larger cash holdings, higher leverage, better access to capital markets, and as firms choose greater cash distribution via dividends rather than repurchases.

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