| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 5089693 | Journal of Banking & Finance | 2012 | 10 Pages |
Abstract
⺠We analyze cash holdings in a wide sample of private Italian firms. ⺠Evidence supports both the trade-off and pecking order models. ⺠Bank debt and net working capital are good cash-substitutes. ⺠Macroeconomic and industry factors play a minor role. ⺠Cash-rich firms are more profitable, pay more dividends and invest more in the future.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Marco Bigelli, Javier Sánchez-Vidal,