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Economic Policy Uncertainty And Corporate Cash Holdings

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dc.contributor.author Duong, Huu Nhan
dc.contributor.author Nguyen, Justin Hung
dc.contributor.author Nguyen, My
dc.contributor.author Rhee, S. Ghon
dc.date.accessioned 2018-01-17T23:28:01Z
dc.date.accessioned 2022-07-11T21:38:22Z
dc.date.available 2018-01-17T23:28:01Z
dc.date.available 2022-07-11T21:38:22Z
dc.date.copyright 2017
dc.date.issued 2017
dc.identifier.uri https://ir.wgtn.ac.nz/handle/123456789/20310
dc.description.abstract We find that economic policy uncertainty is positively related to cash holdings. This positive relation is attributed to financial constraints that emerge as a new and dominating channel through which policy uncertainty affects corporate financing policies. Neither a delay in investment nor a reduction of the disciplining effect from M&A activities explains this positive relation. Increasing cash holdings during the period of high policy uncertainty contributes to firm excess returns and mitigates the negative impact of policy uncertainty on investment. en_NZ
dc.format pdf en_NZ
dc.language.iso en_NZ
dc.publisher Te Herenga Waka—Victoria University of Wellington en_NZ
dc.relation.ispartofseries Working Paper en_NZ
dc.relation.ispartofseries No. 112 en_NZ
dc.subject Policy uncertainty en_NZ
dc.subject cash holdings en_NZ
dc.subject cash-cash flow sensitivity en_NZ
dc.subject financial constraints en_NZ
dc.subject investment en_NZ
dc.title Economic Policy Uncertainty And Corporate Cash Holdings en_NZ
dc.type Text en_NZ
vuwschema.contributor.unit Centre for Accounting, Governance and Taxation Research en_NZ
vuwschema.contributor.unit School of Accounting and Commercial Law en_NZ
vuwschema.subject.anzsrcfor 150199 Accounting, Auditing and Accountability not elsewhere classified en_NZ
vuwschema.type.vuw Working or Occasional Paper en_NZ
vuwschema.subject.anzsrcforV2 350199 Accounting, auditing and accountability not elsewhere classified en_NZ

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