What influence do external contingencies have on the strategic value of cash holdings?
Employing a contingent perspective on resource-performance relationships, we test how the …

While both financial and behavioral theories suggest that cash holdings may be beneficial to
R&D‐intensive firms, agency theory would suggest that strong monitoring may be needed to …

Research summary: Cash can create shareholder value when used for adaptation to
unfolding contingencies, but can also reduce value when appropriated by other …

Academics, politicians, and journalists are often highly critical of US. firms for holding too
much cash. Cash holdings are stockpiled free‐cash flow and incur substantial opportunity …

Prior studies postulate that the optimal level of firms' cash holding is dynamic and, thereby,
managers should actively adjust cash holdings. I find that the more volatile a firm's cash …

Purpose This paper examines the role of managerial discretion in the relation between
managerial ability on the level of corporate cash. Design/methodology/approach Conjoining …

We estimate a dynamic model of firm investment and cash accumulation to ascertain
whether agency problems affect corporate cash policy. We model three specific mechanisms …

This paper adds to the recent interest in the link between cash and firm performance, by
studying how this relationship varies across boom-and bust cycles. We use data of …

This study directly investigates the relationship between the firm's information environment
and its cash holding decision using two separate country-level events as proxies for a …

This paper examines the relation between employee welfare practices and corporate cash
holdings. We find firms that are strongly committed to employee well-being, measured by …