Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross‐country Analysis

By Lee Pinkowitz, René M. Stulz, Rohan Williamson. 2006

1,214 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/9001d456e0c282f742d0637dc002f3730a5cf6c2

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In Accounting

1. A. Cheung
2. Chen Lin
3. Gary Gang Tian
4. Jarrad Harford
5. Michelle Hanlon
6. Edward L. Maydew
7. David C. Mauer
8. Qigui Liu

In Strategy and Management

1. A. Cheung
2. Gary Gang Tian
3. Edward L. Maydew
4. Qigui Liu
5. Jarrad Harford
6. Yilei Zhang
7. J. Chi
8. Ching-Hung Chang

Citations in the corpus

• A Unified Theory of Tobin's Q, Corporate Investment, Financing, and Risk Management (2011, background): “25 Pinkowitz, Stulz and Williamson (2006) and Dittmar and Mahrt-Smith (2007) empirically explores the relation”
• Cash Holdings, Corporate Governance Structure and Firm Valuation (2009, neutral): “In Asia, investor protection is generally weak, enforcement of shareholder rights may be ineffective, analysts’ following is low and takeovers are infrequent (Claessens, Djankov and Lang (2000), La Porta, Lopez, Shleifer and Vishny (2000)).”
• Dividends and Share Repurchases in the European Union (2008, neutral): “Pinkowitz, Stulz, and Williamson (2006) similarly include many European companies in their examination of how cash holdings and dividend payments are valued in 35 countries with varying corporate governance regimes.”
• International Evidence on Cash Holdings and Expected Managerial Agency Problems (2007, neutral): “Our finding that there is no relative valuation benefit to holding cash when shareholder protection is poor is consistent with the results directly obtained in Pinkowitz et al. (2006) and implied in Dittmar et al. (2003).16 We now assess firm-level governance.”
• Underinvestment vs. overinvestment: Evidence from price reactions to pension contributions (2009, background): “Also available in Rauh’s data is the aggregate funding status of all defined benefit plans sponsored by a firm. It is computed by subtracting the aggregate pension liabilities from the aggregate pension assets at the firm level. I match contributions by firm and fiscal year to the accounting informa”
• Corporate governance and the value of cash holdings. (2007, neutral): “ Pinkowitz, Stulz, and Williamson (2006) examine the impact of various corporate governance regimes across different countries on the value of corporate liquidity and dividends.”