Financial flexibility and corporate liquidity

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Corporate cash holdings: Causes and consequences (2015, unknown): “Denis and Sibilikov (2011) also show that greater cash holdings are more valuable to constrained firms because they allow these firms to undertake more value-increasing projects and hence the market responds more favorably to investments undertaken by these firms. Luo (2011) finds that an extra doll”
From Finance to Marketing: The Impact of Financial Leverage on Customer Satisfaction (2015, background): “Second, with higher leverage, the marginal cost of total capital, comprising debt and equity, is also higher; thus, growth projects must have higher returns to be viable (Denis 2011), which reduces the number of possible growth options that can be exploited.”
Corporate Deleveraging and Financial Flexibility (2018, unknown): “The first column of the table examines firms that proactively increased ML in the year they attained peak ML (based on the conditions that Denis and McKeon (2012) use to identify large proactive ML increases).”
Financial Flexibility, Risk Management, and Payout Choice (2014, background): “(JEL G32, G35) Financial flexibility—the ability to avoid underinvestment as well as financial distress—is a central concern for managers (Graham and Harvey 2001; Denis 2011).”