Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings

By L. Frésard. 2010

876 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/af5c208a7478b6a28f013aa1e73ba6085d845ce8

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Citations in the corpus

Cash holdings and employee welfare (2013, positive): “We follow Frésard (2010) and define competitive industries as those with an index score below 1,000 and concentrated industries as those with a score above 1,800.”
Trade Credit and Industry Dynamics: Evidence from Trucking Firms: Trade Credit and Industry Dynamics (2015, neutral): “…high levels of leverage or low levels of cash holdings tend to lose market share to their rivals (Phillips, 1995; Kovenock and Phillips, 1995, 1997; Campello, 2003; Campello and Fluck, 2006; Fresard, 2010), or to lower quality in order to preserve current cash flows for debt service (Matsa, 2011b).”
Corporate Liquidity Management: A Conceptual Framework and Survey (2014, positive): “Liquidity management is at the heart of corporate policy and corporate liquidity has been examined in conjunction with issues going from collective bargaining and unionized labor (Klasa, Maxwell & Ortiz-Molina 2009) to product market competition (Fresard 2010).”
Can Innovation Help U.S. Manufacturing Firms Escape Import Competition from China? (2015, background): “On the other hand, young firms may have higher productivity levels (Foster, Haltiwanger and Syverson (2008)) or hold more cash, which provides them with an advantage when facing import competition shocks (Fresard (2010)).”
Common ownership and competition in product markets (2021, neutral): “Firms in more concentrated industries are generally characterized as facing more frequent strategic interactions with their rivals than in more competitive industries, e.g., see Spence (1979), Fresard (2010), Hoberg and Phillips (2010), etc.”
From Finance to Marketing: The Impact of Financial Leverage on Customer Satisfaction (2015, background): “Finally, Fresard (2010) shows that firms try to hold more cash on hand to implement aggressive competitive strategies.”
National Culture and Corporate Cash Holdings around the World (2015, background): “…(Almeida et al., 2004; Khurana et al., 2006; Han and Qiu, 2007; Denis and Sibilkov, 2010); (v) the tax motive (Foley et al., 2007); (vi) the diversification motive (Duchin, 2010); and (vii) the product market competitiveness motive (Haushalter et al., 2007; Fresard, 2010; Schroth and Szalay, 2010).”
Refinancing Risk and Cash Holdings (2013, positive): “Maxwell (2007) and Fresard (2010) show that the ability to fully invest in growth opportunities provided by cash holdings enables firms to compete more successfully in the product markets.”
CEO Duality , Competition , and Firm Performance (2012, positive): “Frésard (2010) finds that cash reserves lead to future market share gains.”
Product market competition and corporate investment: Evidence from China (2015, methodology): “To identify firms with high predation risk, we follow MacKay and Phillips (2005), Haushalter et al (2007), Frésard (2010), and Valta (2012) and use (1) the absolute value of the difference between a firm’s capital-to-labor ratio and the industry’s median”
Corporate immunity to the COVID-19 pandemic (2020, positive): “…are consistent with previous research connecting corporate performance with financial conditions, including leverage ( Giroud and Mueller, 2017 ), cash holdings ( Fresard, 2010 ), lines of credit line ( Berrospide and Meisenzahl, 2015 ), and debt maturity structure ( Almeida et al., 2012 ).”