Corporate cash holdings and total factor productivity– A global analysis
學年 109
學期 1
出版(發表)日期 2020-11-09
作品名稱 Corporate cash holdings and total factor productivity– A global analysis
著者 Chong-Chuo Chang; Hui-wen Tang
著錄名稱、卷期、頁數 North American Journal of Economics and Finance, 55, 101316
摘要 Studies concerning total factor productivity (TFP) have investigated the effect of TFP on economic growth from a country-level perspective, which is a critical issue in the macroeconomics field. Few studies have examined how corporate financial decisions influence TFP from a firm-level perspective. Specifically, no extant studies have investigated how cash holdings affect firm productivity. This study utilizes data for firms in 65 countries during 1993–2017 to investigate the effect of cash holdings on TFP from a corporate perspective. The findings show that firms with higher cash holdings can enhance TFP. The results hold after considering endogenous problems, financial constraints, financial crises, corporate governance, institutional quality, and financial development as well as various robustness tests. Furthermore, we examine whether firms consistently invest their cash holdings into research and development (R&D) expenditures enhances firm productivity. The evidence indicates that higher cash holdings lead to steady increases in R&D expenditure, which improves firms’ TFP.
關鍵字 Cash holdings;Corporate governance;Financial crisis;Research and development;Total factor productivity
語言 en
ISSN 1062-9408
期刊性質 國外
收錄於 SSCI
國別 USA
出版型式 ,電子版,紙本

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