The DOI matches its Crossref record; 41 of the 41 references it cites were found in a registry or an index.
Liquidity Management and Corporate Investment During a Financial Crisis
Abstract
This article uses a unique dataset to study how firms managed liquidity during the 2008–2009 financial crisis. Our analysis provides new insights on interactions between internal liquidity, external funds, and real corporate decisions, such as investment and employment. We first describe how companies used credit lines during the crisis (access, size of facilities, and drawdown activity), the characteristics of these facilities (fees, markups, maturity, and collateral), and whether managers had difficulties in renewing or initiating lines. We also describe the dynamics of credit line violations and the outcome of subsequent renegotiations. We show how companies substitute between credit lines and internal liquidity (cash and profits) when facing a severe credit shortage. Looking at real-side decisions, we find that credit lines are associated with greater spending when companies are not cash-strapped. Firms with limited access to credit lines, in contrast, appear to choose between saving and investing during the crisis. Our evidence indicates that credit lines eased the impact of the financial crisis on corporate spending.
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Cites
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Self-citationWhy Do U.S. Firms Hold So Much More Cash than They Used To?
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Cited by
Refinancing Risk and Cash Holdings
HARFORD, J., KLASA, S., & MAXWELL, W. F. (2014) · The Journal of Finance · doi:10.1111/jofi.12133 · Cited by 667
A Review of Empirical Capital Structure Research and Directions for the Future
Graham, J. R., & Leary, M. T. (2011) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-102710-144821 · Cited by 547
Self-citationIndividual investor perceptions and behavior during the financial crisis
Hoffmann, A. O. I., Post, T., & Pennings, J. M. E. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2012.08.007 · Cited by 425
COLLA, P., IPPOLITO, F., & LI, K. (2013) · The Journal of Finance · doi:10.1111/jofi.12052 · Cited by 409
Kuppuswamy, V., & Villalonga, B. (2016) · Management Science · doi:10.1287/mnsc.2015.2165 · Cited by 348
Metadata
- Authors
- Campello, M., Giambona, E., Graham, J. R., & Harvey, C. R.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2011-04-02
- Volume
- 24
- Issue
- 6
- Pages
- 1944-1979
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3121412040
- Cited by
- 656
- References
- 41
- FWCI
- 148.73
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
