The Effects of Political Connections on the Level and Value of Cash Holdings: International Evidence

• Main Authors: Kusnadi, Yuanto, Wei, K.C. John
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2012
• 主題: Political connections; Cash holding; Legal protection; Corruption; Accounting; Business Law, Public Responsibility, and Ethics
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/1133; https://ink.library.smu.edu.sg/context/soa_research/article/2132/viewcontent/Yuanto201201PoliticalConnectionsCash.pdf

In this paper, we examine the role of political connections on corporate liquidity policies and their consequences in an international setting. We find that managers of politically connected firms have a tendency to hoard more cash than their non-connected counterparts. Moreover, presence of politic...