000			01190cam a2200157 4500500
005			20250121113725.0
041			_afre
042			_adc
100	1	0	_aCouderc, Nicolas _eauthor
245	0	0	_aCorporate Cash Holdings
260			_c2006.
500			_a4
520			_aThis paper investigates the reason for corporate cash holdings. In the literature, there is a debate about the motives for these cash holdings (transaction cost theory or managerial opportunism thesis). To obtain new evidence, we focus on the consequences of excessive cash holdings on firm performance, using firm-level data of 4515 firms from Canada, France, Germany, Great-Britain and the USA over the period 1989-2002. We implement a bivariate probit model to take into account the potential joint determination of cash holdings and performance of the firm. We conclude that excessive cash holdings lead to poor firm performances, a result clearly in favor of the managerial opportunism thesis. Classification JEL : C33, G32.
786	0		_nRevue économique | 57 | 3 | 2006-06-01 | p. 485-495 | 0035-2764
856	4	1	_uhttps://shs.cairn.info/journal-revue-economique-2006-3-page-485?lang=en&redirect-ssocas=7080
999			_c545505 _d545505