Long-Term Effects of a Financial Crisis: Evidence from Cash Holdings of East Asian Firms
研究了亚洲金融危机对8个东亚国家企业现金持有的长期影响，发现危机后企业通过减少投资增加现金持有，且对现金流波动更敏感。
Abstract We investigate the long-term effect of the Asian financial crisis on corporate cash holdings in 8 East Asian countries. The Asian firms build up cash holdings by decreasing investment activities after the crisis. We find that the increase in cash holdings is not explained by changes in firm characteristics but by changes in the firms’ demand function for cash, which indicates that the crisis has systematically changed the firms’ cash-holding policies. Specifically, the firms’ increased sensitivity to cash flow volatility is one of the main factors explaining the higher level of their cash holdings in the postcrisis period.