Cash is surprisingly valuable as a strategic asset

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Corporate Social Responsibility and Firm Financial Performance: The Mediating Role of Productivity (2016, background): “In particular, we identify two contextual variables, namely discretionary cash (Russo 1991; Kim and Bettis 2014) and organizational risk (Godfrey et al. 2009), which can potentially moderate the mediated process.”
An Assessment of Resource-Based Theorizing on Firm Growth and Suggestions for the Future (2018, background): “Resources such as cash (Kim & Bettis, 2014), unabsorbed slack (Mishina, Pollock, & Porac, 2004), commodities (Nelson & Barley, 1997), or generic human resources can be exchanged and utilized readily across firms.”
Slack resources, firm performance, and the institutional context: Evidence from privately held European firms (2017, methodology): “Following Kim and Bettis (2014), we use the number of employees rather than other measures, such as total assets or sales, because we already used total assets to scale performance (gross profit).”
Less is More, or Not? On the Interplay between Bundles of Slack Resources, Firm Performance and Firm Survival (2015, unknown): “…represent the most easily redeployable resources and provide managers with the greatest discretion in allocation to alternative uses (George, 2005), we measure financial slack as the amount of cash available within a firm scaled by total assets (Kim and Bettis, 2014; Vanacker et al., 2013).”