What Drives Corporate Liquidity? An International Survey of Cash Holdings and Lines of Credit

By K. Lins, Henri Servaes, Peter Tufano. 2010

618 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/07136b232d9cd2eaadd5b454dae3b5552e775885

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Citations in the corpus

Bank liquidity provision across the firm size distribution (2020, background): “Finally, existing work has suggested that firms with less undrawn credit have incentives to hold cash instead (Sufi, 2009; Lins et al., 2010; Acharya et al., 2014; Berg, 2018; Nikolov et al., 2019).”
Liquidity Management and Corporate Investment During a Financial Crisis (2011, neutral): “Lins et al. conclude that non-operational cash is used to hedge against negative cash flow shocks, while credit lines provide firms with the ability to exploit fu ture business opportunities. Sufi (2009) studies the relation between cash flow and the choice between cash and credit lines.”
Financial Expert CEOs: CEO’s Work Experience and Firm’s Financial Policies (2014, neutral): “Early survey evidence by Graham and Harvey (2001) and more recently by Lins, Servaes, and Tufano (2010) suggest that the managerial impact on financial policies is likely to be big.”
A theory of corporate financial decisions with liquidity and solvency concerns (2011, neutral): “Besides the fact that CFOs do not report funding future investment as an important reason for holding cash, Lins, Servaes, and Tufano (2010) also find that firms that selfreport high needs for future external capital hold, in fact. significantly less cash than other firms.”
Corporate cash holdings: Causes and consequences (2015, neutral): “Starting with managers' own point of view on the subject, Lins et al. (2010) conduct a survey of finance managers in private and public firms around the world before the recent financial crisis and find that managers on average hold 9% of their assets in cash and 15% of their assets in the form of…”
Product Market Threats, Payouts, and Financial Flexibility (2012, background): “Many of these firms are commodity firms as well as department stores.”
Do Managers Overreact to Salient Risks? Evidence from Hurricane Strikes (2017, background): “For instance, Lins et al. (2010) find that a sizeable majority of CFOs indicate that they use cash holdings for general insurance purposes.”
Determinants of Corporate Cash Policy: Insights from Private Firms (2013, neutral): “The transparency provided by listing may also reduce its cost of debt (Campello, Giambona, Graham, and Harvey, 2011; Saunders and Steffen, 2011) and may increase access to public debt and other sources of liquidity (Faulkender and Petersen, 2006; Lins, Servaes, and Tufano, 2010).”