The considerable growth in corporate cash holdings around the world has prompted
scholarly interest. Consequently, there is now a large academic literature examining cash …

Firms with greater financial flexibility should be better able to fund a revenue shortfall
resulting from the COVID-19 shock and benefit less from policy responses. We find that firms …

Information problems and lack of collateral value should make R&D more susceptible to
financing frictions than other investments, yet existing evidence on whether financing …

During the recent financial crisis, corporate borrowing and capital expenditures fall sharply.
Most existing research links the two phenomena by arguing that a shock to bank lending (or …

Financial frictions are important transmission mechanism of the adverse effect of policy
uncertainty on economic output. We use Chinese listed firms' data to verify the mechanism …

The objective of this paper is to establish a theoretical foundation for financial supply chain
management (FSCM) in order to strengthen managerial decisions concerning financial flows …

This study examines the role of gender-diverse boards in preserving cash holdings during
crises. Using a sample of UK firms during the COVID-19 period, we find that firms with more …

The authors examine how a firm's financial leverage affects marketing outcomes and
consequent firm value. They find that leverage has a dual effect: it reduces customer …

Most firms deleverage from their historical peak market-leverage (ML) ratios to near-zero
ML, while also markedly increasing cash balances to high levels. Among 4,476 nonfinancial …

Both risk management and payout decisions affect a firm's financial flexibility—the ability to
avoid costly financial distress as well as underinvestment. We provide evidence of …