کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
986973 | 1480924 | 2006 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The impact of macroeconomic uncertainty on non-financial firms' demand for liquidity
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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![عکس صفحه اول مقاله: The impact of macroeconomic uncertainty on non-financial firms' demand for liquidity The impact of macroeconomic uncertainty on non-financial firms' demand for liquidity](/preview/png/986973.png)
چکیده انگلیسی
This paper empirically investigates whether changes in macroeconomic volatility affect the efficient allocation of non-financial firms' liquid assets. We argue that higher uncertainty will hamper managers' ability to accurately predict firm-specific information and induce them to implement similar cash management policies. Contrarily, when the macroeconomic environment becomes more tranquil, each manager will have the latitude to behave more idiosyncratically as she can adjust liquid assets based on the specific requirements of the firm, bringing about a more efficient allocation of liquid assets. Our empirical analysis provides support for these predictions.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Review of Financial Economics - Volume 15, Issue 4, 2006, Pages 289–304
Journal: Review of Financial Economics - Volume 15, Issue 4, 2006, Pages 289–304
نویسندگان
Christopher F. Baum, Mustafa Caglayan, Neslihan Ozkan, Oleksandr Talavera,