關鍵字查詢 | 類別:期刊論文 | | 關鍵字:The cash flow sensitivity of cash

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1 96/1 經濟系 林亦珍 教授 期刊論文 發佈 The cash flow sensitivity of cash: evidence from Taiwan , [96-1] :The cash flow sensitivity of cash: evidence from Taiwan期刊論文The cash flow sensitivity of cash: evidence from TaiwanLin, Yi-chen淡江大學經濟學系Abingdon: RoutledgeApplied Financial Economics 17(12), pp.1013-1024This article examines the role of operating cash flow in firm cash policies using an unbalanced panel of 988 Taiwanese firms. The main findings are as follows: (i) Both financially constrained and unconstrained firms display positive cash flow sensitivity of cash, indicating that capital market friction is prevalent in Taiwan. The result is in sharp contrast to the US result in Almeida et al. (2004) in that only constrained firms save cash out of their operating cash flow. (ii) The estimated cash flow sensitivity of cash for financially constrained firms is significantly higher than that of financially constrained firms in the USA. Our results imply that a financially constrained firm (i.e. a firm that is younger, has a looser relation with banks, or has negative investment-dividend corre
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