Do Persistent Large Cash Rerves Hinder
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书籍伴我成长作文Performance?
6p营销理论
期刊名称： Journal of Financial & Quantitative Analysis
作者： Mikkelson, Wayne H.,Partch, M. Megan
年份： 2003年
太阳浴
期号： 第2期
关键词： evolutionary economics;renewable resources;common-property8点28分
resource;fishery
一览众山小的意思摘要：Conrvative financial policies are often criticized as rving the interests of managers rather than the interests of stockholders. We test this argument by examining the operating performance and other characteristics of firms that for a five-year period held more than one-fourth of their asts in cas
h and cash equivalents. Following the five-year period, operating performance of high cash firms is comparable to or greater than the performance of firms matched by size and industry or by a measure of proclivity to hold substantial cash. In addition, proxies for managerial incentive problems, such as ownership and board characteristics, are not unusual and do not explain differences in operating performance among high cash firms. We find that high cash holdings are accompanied by greater investment, particularly R&D expenditures,
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