Why Do Firms Hold Cash? Evidence from EMU Countries
研究欧洲货币联盟国家企业现金持有的决定因素，发现投资机会和现金流正向影响现金持有，而资产流动性、杠杆、规模、银行债务、投资者保护和资本市场发展则负向影响，支持预防性动机和代理成本解释。
Abstract This paper investigates the determinants of corporate cash holdings in EMU countries. Our results suggest that cash holdings are positively affected by the investment opportunity set and cash flows and negatively affected by asset's liquidity, leverage and size. Bank debt and cash holdings are negatively related, which supports that a close relationship with banks allows the firm to hold less cash for precautionary reasons. Firms in countries with superior investor protection and concentrated ownership hold less cash, supporting the role of managerial discretion agency costs in explaining cash levels. Capital markets development has a negative impact on cash levels, contrary to the agency view.