Do Persistent Large Cash Reserves Hinder Performance?

By W. Mikkelson, M. Partch. Journal of Financial and Quantitative Analysis, 2003

589 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/b1ab66600ef4d903c7772cf90833e8e41dda9235

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Citations in the corpus

Corporate social responsibility and corporate cash holdings (2016, background): “They include the precautionary motive (Opler et al., 1999; Bates et al., 2009), the agency cost motive (Jensen, 1986; Mikkelson and Partch, 2003; Pinkowitz et al., 2006; Dittmar and Mahrt-Smith, 2007; Harford et al., 2008), the financial constraint motive (Almeida et al., 2004; Han and Qiu, 2007;…”
Why Do Firms Hold Cash? Evidence from EMU Countries (2003, methodology): “Second, the pecking order theory of Myers (1984), supported by the theoretical foundation of Myers and Majluf (1984), states that to minimise asymmetric information costs and other financing costs, firms should finance investments first with retained earnings, then with safe debt and risky debt, and”
What is a Dollar Worth? The Market Value of Cash Holdings (2002, background): “While the liquid assets of firms have been explored in the financial economics literature, most of the studies have dealt with the level of cash holdings of corporations (see for instance, Opler, Pinkowitz, Stulz and Williamson (1999), Harford (1999), Mikkelson and Partch (2002), and Kim, Mauer, and”
Financial Constraints, Investment, and the Value of Cash Holdings (2010, unknown): “…provide support for the hypothesis that cash hoarding by firms is value reducing and can be a result of agency problems inside corporations, while Mikkelson and Partch (2003) argue that a policy of high cash holdings is not necessarily value reducing and may in fact be an operating necessity. to…”
Corporate cash holdings: Causes and consequences (2015, unknown): “There is no indication that board structure impacts on cash holdings (Ozkan and Ozkan, 2004, Harford et al., 2008) and the operating performance of firms with high cash holdings (Mikkelson and Partch, 2003).”
Do Firms Have Leverage Targets? Evidence from Acquisitions (2009, unknown): “16 (see Kim, Mauer, and Sherman (1998), Opler, Pinkowitz, Stulz, and Williamson (1999), and Mikkelson and Partch (2003)). The lower cash holdings for bidders who pay for a large acquisition with cash further implies that these bidders will need to use debt to finance their acquisitions. Panel B in T”
Access to Liquidity and Corporate Investment in Europe during the Financial Crisis (2012, unknown): “A partial list of papers includes Kim, Mauer, and Sherman (1998), Opler et al. (1999), Pinkowitz and Williamson (2001), Mikkelson and Partch (2003), Almeida, Campello, and Weisbach (2004), Faulkender and Wang (2006), and Haushalter, Klasa, and Maxwell (2007).”
National Culture and Corporate Cash Holdings around the World (2015, background): “…motive (Keynes, 1936; Myers and Majluf, 1984; Opler et al., 1999; Bates et al., 2009); (iii) the agency motive (Jensen, 1986; Dittmar et al., 2003; Mikkelson and Partch, 2003; Pinkowitz et al., 2006; Dittmar and Mahrt-Smith, 2007; Harford et al., 2008; Harford, 1999; Gao et al., 2013); (iv) the…”
Share Issuance and Cash Savings (2011, methodology): “The application of firm-fixed effects regressions in corporate finance is discussed in Mullainathan and Scharfstein (2001), Zhou (2001), and Li and Prabhala (2007).”
The influence of product market dynamics on a firm's cash holdings and hedging behavior (2007, unknown): “Pinkowitz, Stulz, and Williamson (1999), and Mikkelson and Partch (2003) show that corporate cash reserves are not harmful to firm performance and can benefit shareholders by enabling firms”
The impact of macroeconomic uncertainty on non-financial firms' demand for liquidity (2005, background): “low for differential baseline effects of macroeconomic volatility across industry groups.(15)”
The Cash Flow Sensitivity of Cash (2004, unknown): “Billett and Garfinkle (2002), Faulkender (2002), Ozkan and Ozkan (2002), Mikkelson and Partch (2002) , and Dittmar et al. (2002).”