The Cash Flow Sensitivity of Cash

By Heitor Almeida, Murillo Campello, Michael S. Weisbach. 2004

3,369 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/e7c3de1f08f1e4591a93a93b6691856c9dfd0fa4

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Citations in the corpus

Do financial constraints threat the innovation process? Evidence from Portuguese firms (2011, background): “Lin, 2007, Pál and Ferrando, 2010), Almeida et al. (2009) point out that since holding cash is not the only form of inter-temporal allocation of capital (in Almeida et al.”
Economic Policy Uncertainty And Corporate Cash Holdings (2017, positive): “The intuitions behind these four classification schemes are that financially constrained firms are typically characterized as small, less well known, and young and, hence, more vulnerable to capital market frictions (Almeida et al., 2004; Hadlock and Pierce, 2010).”
Did the paycheck protection program hit the target? (2020, positive): “Such motives are consistent with Almeida et al. (2004) and Riddick and Whited (2009) who find that uncertainty increases firms’s precautionary motives to hold cash, particularly when external financing is difficult to obtain.”
Family ownership, financing constraints and investment decisions (2011, positive): “Almeida et al. (2004) present a model in which constrained firms choose their optimal cash policy to balance the cost of holding liquid assets and the profitability of future investments. Estimating cash–cash flow sensitivities, they find empirical support for their predictions: supposedly constrain”
Trade credit and SME profitability (2014, background): “For SMEs, the firm size is a common proxy for financial constraints (Almeida et al. 2004; Faulkender and Wang 2006) or creditworthiness”
Firm Cash Holdings and CEO Inside Debt (2013, background): “However, we do not find any evidence that cash holdings are related to firm cash flow (Cash flow/net assets) which appears to be inconsistent with Almeida et al. (2004) who find that the change in cash holdings is positively related to cash flow in financially constrained firms.”
Financial Flexibility and Capital Structure Decision (2011, background): “Faulkender and Petersen (2006), Almeida et al. (2004), and Faulkender and Petersen (2006) use credit ratings as a measure of financial constraints or accessibility to debt capital.”
Financial Constraints, Investment, and the Value of Cash Holdings (2010, positive): “Similarly, F-tests of the null hypothesis that Data are from Compustat for the period of 1985–2006.”
Corporate governance and investment-cash flow sensitivity: Evidence from emerging markets (2013, result): “Finally, measuring cash flow sensitivity following Almeida et al. (2004) provides qualitatively similar results.”
Post-Merger Restructuring and the Boundaries of the Firm (2011, background): “However, recent work ( Almeida, Campello, and Weisbach, 2004; Faulkender and Wang, 2006; Hadlock and Pierce, 2010; Denis and Sibilkov, 2010) suggests that the index is less useful than individual firm attributes that might proxy for constraints.17 Both approaches give similar results.”
The taxman cometh: Does tax uncertainty affect corporate cash holdings? (2017, positive): “We exclude firms with negative total assets or sales, missing cash holdings, and missing values for all control variables. cash holdings (e.g., Almeida et al. 2004) but not controlled in the univariate analysis.”