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- W2995056484 abstract "Although many prior studies document consistently negative effects of corruption on macroeconomic issues, the relationship between corruption and corporate financial decisions is debatable. In this paper, we investigate how corruption environment affects corporate cash holdings. With a sample of 199,333 observations across 46 countries, we find that corruption is positively associated with both cash holdings and the cash flow sensitivity of cash. Robustness tests with a reduced sample without US and Chinese firms, different measures of cash holdings and various regression approaches show that our research findings are stable. We also find that the effects of corruption are stronger if legal protection of shareholders is adequate. In addition, our additional analysis shows that corruption reduces value of cash. This paper shows that bribery motive of cash holdings is consistent around the world and firms tend to balance agency motive and bribery motive in their corporate liquidity management." @default.
- W2995056484 created "2019-12-26" @default.
- W2995056484 creator A5004778510 @default.
- W2995056484 date "2020-03-01" @default.
- W2995056484 modified "2023-09-30" @default.
- W2995056484 title "Corruption and corporate cash holdings: international evidence" @default.
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- W2995056484 doi "https://doi.org/10.1016/j.mulfin.2019.100611" @default.
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