Differential cash constraints, financial leverage and the demand for money: Evidence from a complete panel of Taiwanese firms
學年 96
學期 2
出版（發表）日期 2008-03-01
作品名稱 Differential cash constraints, financial leverage and the demand for money: Evidence from a complete panel of Taiwanese firms
作品名稱（其他語言）
著者 Liu, Jin-tan; 鄒孟文; Tsou, Meng-wen; Wang, Ping
單位 淡江大學國際貿易學系暨國際企業研究所
出版者 Elsevier
著錄名稱、卷期、頁數 Journal of Marcoeconomics 30(1), pp.523-542
摘要 This paper studies firms’ demand for money by developing a differential-cash-constraint framework with firms’ entire wage bills requiring cash in advance and a fraction of investment purchases being financed by credits. In addition to conventional scale and opportunity-cost factors, firms’ financial status and profitability are crucial determinants for their money demand behavior. Employing a new data set consisting of a panel of Taiwanese firms over 1990–97, our econometric analysis lends empirical support to our theory. The estimates suggest that economies of scale in firms’ cash management are present and that lower financial leverage or higher profitability raises money demand significantly.
關鍵字 Firms’ transactions use of money;Financial structure;Panel data estimation
語言 en
ISSN 0164-0704
期刊性質 國內
收錄於
產學合作
通訊作者
審稿制度 否
國別 TWN
公開徵稿
出版型式 ,電子版
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