How friends with money affect corporate cash policies? The international evidence
研究了管理者社会资本如何影响公司从现金流中储蓄现金的倾向，发现社会资本降低了这种倾向，且对融资受限、对冲需求高或现金流不确定的公司影响更强。
Abstract We examine the association between managerial social capital and the cash flow sensitivity of cash in an international setting. We find that social capital reduces the marginal propensity to save cash out of cash flows. This association is stronger for more financially constrained firms, firms with high hedging needs, and firms with more uncertain cash flows. The effect of social capital is partially moderated by the extent of legal protection standards and financial development. We also show that social capital matters for valuation. These findings are robust to alternative model specifications, alternative variable measurement, and tests for endogeneity.