Corporate strategy uniqueness and cash holdings
研究发现公司战略独特性与现金持有量呈U型关系：低独特性时提升独特性增强竞争优势、减少现金需求，高独特性时则因信息不对称增加现金持有，且财务受限和乐观管理者企业更明显。
Abstract This study examines the effect of unique strategies on corporate cash holdings. We find a U‐shaped relationship between strategy uniqueness and cash holdings. When strategy uniqueness is low, the increase in uniqueness enhances a company's competitive advantage, leading to low demand for cash reserves. Conversely, when strategy uniqueness is high, the increase in uniqueness leads to higher information asymmetry, prompting firms to hold more cash to mitigate potential costs. The U‐shaped relationship is stronger for financially constrained firms and those with optimistic managers. Overall, we present a manifestation of the uniqueness paradox in corporate cash‐holding decisions, highlighting the pivotal role played by corporate unique strategies.