کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960823 | 929706 | 2007 | 40 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Is cash negative debt? A hedging perspective on corporate financial policies
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
استراتژی و مدیریت استراتژیک
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چکیده انگلیسی
We show theoretically that while cash allows financially constrained firms to hedge future investment against income shortfalls, reducing current debt is a more effective way to boost investment in future high cash flow states. Thus, constrained firms prefer higher cash to lower debt if their hedging needs are high, but lower debt to higher cash if their hedging needs are low. We provide empirical evidence that supports our theory. Our analysis points to an important hedging motive behind cash and debt management policies. It suggests that cash should not be viewed as negative debt in the presence of financing frictions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Intermediation - Volume 16, Issue 4, October 2007, Pages 515-554
Journal: Journal of Financial Intermediation - Volume 16, Issue 4, October 2007, Pages 515-554
نویسندگان
Viral V. Acharya, Heitor Almeida, Murillo Campello,