Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms?:
Gespeichert in:
1. Verfasser: | |
---|---|
Format: | Abschlussarbeit Buch |
Sprache: | English |
Veröffentlicht: |
Hamburg
Verlag Dr. Kovač
2018
|
Schriftenreihe: | Schriftenreihe Finanzmanagement
Band 130 |
Schlagworte: | |
Online-Zugang: | Inhaltsverzeichnis Ausführliche Beschreibung Inhaltsverzeichnis |
Beschreibung: | 409 Seiten Diagramme |
ISBN: | 9783339102065 |
Internformat
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100 | 1 | |a Lörch, Matthias |e Verfasser |0 (DE-588)116229289X |4 aut | |
245 | 1 | 0 | |a Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? |c Matthias Lörch |
264 | 1 | |a Hamburg |b Verlag Dr. Kovač |c 2018 | |
300 | |a 409 Seiten |b Diagramme | ||
336 | |b txt |2 rdacontent | ||
337 | |b n |2 rdamedia | ||
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490 | 1 | |a Schriftenreihe Finanzmanagement |v Band 130 | |
502 | |b Dissertation |c Universität Hohenheim |d 2018 | ||
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650 | 0 | 7 | |a Gemeinwirtschaftliches Unternehmen |0 (DE-588)4206575-6 |2 gnd |9 rswk-swf |
653 | |a Cash holdings | ||
653 | |a Agency costs | ||
653 | |a Non-financial firms | ||
653 | |a Corporate finance | ||
653 | |a Liquiditätshaltung | ||
653 | |a Agency Kosten | ||
653 | |a Nicht-finanzielle Unternehmen | ||
653 | |a Unternehmensfinanzierung | ||
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Datensatz im Suchindex
_version_ | 1804178759618658304 |
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adam_text | I. CONTENTS
I.
CONTENTS..................................................................................................
5
II. LIST OF
FIGURES........................................................................................
11
III. LIST OF
TABLES..........................................................................................13
IV.
INTRODUCTION..........................................................................................15
V. REVIEW OF THE
LITERATURE........................................................................25
A. THEORETICAL APPROACHES EXPLAINING CAPITAL STRUCTURE AND CASH
HOLDINGS
............................................................................................
25
1.
OVERVIEW.........................................................................................25
2. TRADE-OFF
THEORY.............................................................................
29
3. PECKING ORDER
THEORY.......................................................................37
A. INFORMATION ASYMMETRY AND THE BASIC MODEL
............................
37
B. DISCUSSION OF THE PECKING-ORDER M ODEL
.....................................
42
C. MANAGERIAL
IRRATIONALITY.................................................................45
4. AGENCY
THEORY.................................................................................47
A. SEPARATION OF OWNERSHIP AND MANAGEMENT
................................
47
B. FREE CASH
FLOW...............................................................................
49
C. AGENCY COSTS OF DE B
T....................................................................51
D. AGENCY COSTS AND CASH
HOLDINGS...................................................55
E. AN AGENCY COST MODEL OF CASH HOLDINGS
.....................................
58
5. EVALUATION OF THE THREE MODELS
.....................................................
61
A. VALUE OF CASH
HOLDINGS.................................................................61
B. DISTINGUISHING THE THREE
MODELS..................................................62
6. FINANCIAL FLEXIBILITY
.........................................................................
67
A. FINANCIAL FLEXIBILITY M ODELS
.........................................................
67
B. FINANCIAL FLEXIBILITY AS WIDER
CONCEPT.........................................70
B. PREDICTED EMPIRICAL IMPLICATIONS OF THE THEORETICAL
APPROACHES.......................................................................................
73
1. PECKING ORDER THEORY
......................................................................
73
2. AGENCY
THEORY..................................................................................79
3.
TRADE-OFF..........................................................................................
83
4. CASH
SUBSTITUTES...............................................................................93
5. DETERMINANTS OF THE VALUE OF
CASH................................................ 97
6. SUMMARY AND CONCLUSION
...............................................................
99
C. EMPIRICAL EVIDENCE ON CAPITAL STRUCTURE MODELS AND CASH
HOLDINGS...........................................................................................
103
1.
OVERVIEW.......................................................................................
103
2. DETERMINANTS OF CASH
HOLDINGS....................................................107
A. FIRM INDIVIDUAL FACTORS
...............................................................
107
B. MACROECONOMIC, COUNTRY AND INDUSTRY SPECIFIC FACTORS
..........
127
3. TRADE-OFF VS. PECKING-ORDER: TARGET CASH LEVELS
.........................
133
A. GENERAL EVIDENCE ON TARGET FINANCIAL
RATIOS...............................133
B. TESTING THE PECKING-ORDER AGAINST THE TRADE-OFF MODEL
...........
137
C. RELIABILITY OF THE RESULTS
..............................................................
141
D. THE ROLE OF DEBT CAPACITY
...........................................................
145
E. FINANCING
DECISIONS.....................................................................
150
F. CONCLUSIONS
.................................................................................
155
4. EVIDENCE ON THE AGENCY
THEORY....................................................159
A. LEVEL OF CASH HOLDINGS
...............................................................
159
(1) FIRM-SPECIFIC CORPORATE GOVERNANCE
....................................
159
(2) DIFFERENCES BETWEEN COUNTRIES
.............................................
174
B. EXCESS CASH
..................
C. VALUE OF CASH HOLDINGS
..............................................................
188
(1) CROSS-COUNTRY ANALYSES
..........................................................
188
(2) FIRM CHARACTERISTIC BASED APPROACHES
..................................
194
D. SUMMARY OF THE EMPIRICAL EVIDENCE ON THE AGENCY
MOTIVE........................................................................................200
5. EVIDENCE ON FINANCIAL FLEXIBILITY
..................................................
203
6. CONCLUSIONS FROM THE EMPIRICAL FINDINGS
..................................
207
VI. SAMPLE, VARIABLE DEFINITIONS, AND METHODOLOGY
...............................
211
A.
SAMPLE..............................................................................................
211
B. VARIABLE DEFINITIONS
.........................................................................
219
C.
METHODOLOGY....................................................................................229
VII.
RESULTS.................................................................................................
237
A. GENERAL EVIDENCE FOR THE DETERMINANTS OF CASH HOLDINGS
.............
237
1. UNIVARIATE
TESTS.............................................................................
237
2. DO FIRMS HAVE TARGET CASH
LEVELS.................................................243
3. CASH HOLDINGS OF
SMES................................................................251
A. BASIC REGRESSIONS ON THE DETERMINANTS OF CASH
........................
251
B. PANEL DATA ESTIMATIONS ON CASH HOLDINGS
.................................
257
4. CASH HOLDINGS OF LISTED
FIRMS....................................................... 267
5. PREDICTION OF CASH HOLDINGS OF PUBLIC FIRMS USING SME
ESTIMATION
RESULTS..........................................................................
273
B. AGENCY COSTS AND CASH HOLDINGS
....................................................
277
1. COMPARING PUBLIC AND PRIVATE FIRM
S...........................................277
2. LEGAL FORMS AND CASH HOLDINGS
....................................................
281
3. THE PROPENSITY-SCORE MATCHING APPROACH
..................................
291
4. IMPACT OF CHANGES IN THE LEGAL FORM
...........................................
297
5. FREE-FLOAT ANALYSIS FOR
CORPORATIONS............................................ 305
6. SUMMARY AND CONCLUSION OF THE EVIDENCE FOR AGENCY
COSTS................................................................................................313
C. ALTERNATIVE EXPLANATIONS FOR THE LOW CASH HOLDINGS OF
PRIVATELY HELD
FIRMS...........................................................................317
1. FINANCIAL CONSTRAINTS AND FINANCIAL
FLEXIBILITY..............................317
2. RELEVANCE OF FINANCIAL CONSTRAINTS: CASH FLOW SENSITIVITY OF
CASH................................................................................................
321
A. THEORETICAL BACKGROUND OF FINANCIAL CONSTRAINTS AND CASH
FLOW SENSITIVITY OF
CASH................................................................ 321
(1) INTRODUCTION AND THE BASIC MODEL
........................................
321
(2) OTHER MODELS CONSIDERING FINANCIAL CONSTRAINTS AND
CASHFLOW
SENSITIVITY................................................................
325
B. REVIEW OF EMPIRICAL RESULTS
........................................................
329
C. ESTIMATIONS BASED ON GERMAN SME DATA
................................
333
(1) MEASURING FINANCIAL
CONSTRAINTS............................................ 333
(2) THE CASH FLOW SENSITIVITY OF SM E
........................................
341
(3) CASH FLOW SENSITIVITY AND LEGAL FORM
....................................
346
3. RELEVANCE OF FINANCIAL CONSTRAINTS: TARGET LEVELS OF CASH
..........
353
4. RELEVANCE OF FINANCIAL
FLEXIBILITY.................................................363
5. HEDGING NEEDS * IS CASH NEGATIVE DEBT?
......................................
367
A. MODEL
INTRODUCTION.....................................................................367
B. EMPIRICAL ANALYSIS OF HEDGING NEEDS AND CASH FLOW
SENSITIVITY......................................................................................
370
VIII. SUMMARY AND
CONCLUSION..............................................................
377
IX.
LITERATURE.............................................................................................383
X.
ANNEX.................................................................................................
399
A. TESTING FOR TARGET CASH LEVELS IN THE PTF
SAMPLE..........................399
B. ROBUSTNESS CHECKS FOR THE DETERMINANTS OF CASH REGRESSIONS
.....
401
C. ROBUSTNESS CHECKS FOR CASH HOLDINGS AND LEGAL FORMS
.................
405
D. ROBUSTNESS CHECKS FOR THE CASH FLOW SENSITIVITY OF
CASH..............409
|
any_adam_object | 1 |
author | Lörch, Matthias |
author_GND | (DE-588)116229289X |
author_facet | Lörch, Matthias |
author_role | aut |
author_sort | Lörch, Matthias |
author_variant | m l ml |
building | Verbundindex |
bvnumber | BV045114785 |
ctrlnum | (OCoLC)1035266056 (DE-599)DNB1157025951 |
dewey-full | 658.048 |
dewey-hundreds | 600 - Technology (Applied sciences) |
dewey-ones | 658 - General management |
dewey-raw | 658.048 |
dewey-search | 658.048 |
dewey-sort | 3658.048 |
dewey-tens | 650 - Management and auxiliary services |
discipline | Wirtschaftswissenschaften |
format | Thesis Book |
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spelling | Lörch, Matthias Verfasser (DE-588)116229289X aut Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? Matthias Lörch Hamburg Verlag Dr. Kovač 2018 409 Seiten Diagramme txt rdacontent n rdamedia nc rdacarrier Schriftenreihe Finanzmanagement Band 130 Dissertation Universität Hohenheim 2018 Liquiditätsreserve (DE-588)4167819-9 gnd rswk-swf Gemeinwirtschaftliches Unternehmen (DE-588)4206575-6 gnd rswk-swf Cash holdings Agency costs Non-financial firms Corporate finance Liquiditätshaltung Agency Kosten Nicht-finanzielle Unternehmen Unternehmensfinanzierung (DE-588)4113937-9 Hochschulschrift gnd-content Gemeinwirtschaftliches Unternehmen (DE-588)4206575-6 s Liquiditätsreserve (DE-588)4167819-9 s DE-604 Verlag Dr. Kovač (DE-588)16100321-7 pbl Schriftenreihe Finanzmanagement Band 130 (DE-604)BV013087358 130 B:DE-101 application/pdf http://d-nb.info/1157025951/04 Inhaltsverzeichnis X:MVB text/html http://www.verlagdrkovac.de/978-3-339-10206-5.htm Ausführliche Beschreibung DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030505029&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
spellingShingle | Lörch, Matthias Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? Schriftenreihe Finanzmanagement Liquiditätsreserve (DE-588)4167819-9 gnd Gemeinwirtschaftliches Unternehmen (DE-588)4206575-6 gnd |
subject_GND | (DE-588)4167819-9 (DE-588)4206575-6 (DE-588)4113937-9 |
title | Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? |
title_auth | Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? |
title_exact_search | Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? |
title_full | Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? Matthias Lörch |
title_fullStr | Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? Matthias Lörch |
title_full_unstemmed | Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? Matthias Lörch |
title_short | Agency costs and corporate cash holdings - why do public firms hold so much more cash than private firms? |
title_sort | agency costs and corporate cash holdings why do public firms hold so much more cash than private firms |
topic | Liquiditätsreserve (DE-588)4167819-9 gnd Gemeinwirtschaftliches Unternehmen (DE-588)4206575-6 gnd |
topic_facet | Liquiditätsreserve Gemeinwirtschaftliches Unternehmen Hochschulschrift |
url | http://d-nb.info/1157025951/04 http://www.verlagdrkovac.de/978-3-339-10206-5.htm http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=030505029&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
volume_link | (DE-604)BV013087358 |
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