지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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We empirically examine the value information effect of excess cash holding by using agency and governance - related variables either individually or in combination. Our study extends the existing understanding of the market responses to the past, current, and future financial policies regarding excess cash holding and especially under the constraints of governance variables.
Test results indicate that although current excess cash holding frequently hampers firm value, the past and future excess cash holding occasionally promote firm value. In addition, corporate policies related to the reduction of excess cash holding contribute to increasing the overall firm value. The effect of excess cash holding on firm values differs according to firm characteristics such as whether excess cash holding is positive or negative, or market conditions like the Asian financial crisis of 1997. Further, excess cash holdings react differently in determining firm value to different governance variables such as chaebol affiliation, ownership concentration and degree of diversification. This implies that the corporate governance structure significantly influences the manner in which excess cash holding affects firm value.
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참고문헌 (27)
참고문헌 신청
Amihud, Y. / 1981 / Risk Reduction as a Managerial Motive for Conglomerate Mergers / Rand J ournal of Economics 12 : 605 ~ 618
Ang, J. S. / 2000 / Agency Costs and Ownership Structure / J ournal of Finance 55 : 81 ~ 106
Baek, J. S. / 2004 / Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis / J ournal of Financial Economics 71 : 265 ~ 313
Berger, P. G. / 1995 / Diversification's Effect on Firm Value / J ournal of Financial Economics 37 : 39 ~ 65
Bong, H. Y. / 1999 / An Empirical Study on Interactions between Investment and Financing Decisions of Firms / Korean J ournal of Finance 12 (2) : 95 ~ 124
Ang, J. S. / 2000 / Agency Costs and Ownership Structure / J ournal of Finance 55 : 81 ~ 106
Baek, J. S. / 2004 / Corporate Governance and Firm Value: Evidence from the Korean Financial Crisis / J ournal of Financial Economics 71 : 265 ~ 313
Berger, P. G. / 1995 / Diversification's Effect on Firm Value / J ournal of Financial Economics 37 : 39 ~ 65
Bong, H. Y. / 1999 / An Empirical Study on Interactions between Investment and Financing Decisions of Firms / Korean J ournal of Finance 12 (2) : 95 ~ 124
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