The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.
The Cash Flow Sensitivity of Cash
Open accessAbstract
We model a firm's demand for liquidity to develop a new test of the effect of financial constraints on corporate policies. The effect of financial constraints is captured by the firm's propensity to save cash out of cash flows (the cash flow sensitivity of cash). We hypothesize that constrained firms should have a positive cash flow sensitivity of cash, while unconstrained firms' cash savings should not be systematically related to cash flows. We empirically estimate the cash flow sensitivity of cash using a large sample of manufacturing firms over the 1971 to 2000 period and find robust support for our theory.
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Cites
Financing Constraints and Corporate Investment
Fazzari, S. M., Hubbard, R. G., Petersen, B. C., Blinder, A. S., & Poterba, J. M. (1988) · Brookings Papers on Economic Activity · doi:10.2307/2534426 · Cited by 5,574
The Determinants of Corporate Liquidity: Theory and Evidence
Kim, C.-S., Mauer, D. C., & Sherman, A. E. (1998) · The Journal of Financial and Quantitative Analysis · doi:10.2307/2331099 · Cited by 1,244
Working Capital and Fixed Investment: New Evidence on Financing Constraints
Fazzari, S. M., & Petersen, B. C. (1993) · The RAND Journal of Economics · doi:10.2307/2555961 · Cited by 907
Commercial paper, corporate finance and the business cycle: A microeconomic perspective
Calomiris, C. W., Himmelberg, C. P., & Wachtel, P. (1995) · Carnegie-Rochester Conference Series on Public Policy · doi:10.1016/0167-2231(95)00034-w · Cited by 269
Cited by
Corporate social responsibility and access to finance
Cheng, B., Ioannou, I., & Serafeim, G. (2014) · Strategic Management Journal · doi:10.1002/smj.2131 · Cited by 3,896
The Collateral Channel: How Real Estate Shocks Affect Corporate Investment
Chaney, T., Sraer, D., & Thesmar, D. (2012) · American Economic Review · doi:10.1257/aer.102.6.2381 · Cited by 977
International Evidence on Cash Holdings and Expected Managerial Agency Problems
Kalcheva, I., & Lins, K. V. (2007) · Review of Financial Studies · doi:10.1093/rfs/hhm023 · Cited by 820
Do financing constraints matter for R&D?
Brown, J. R., Martinsson, G., & Petersen, B. C. (2012) · European Economic Review · doi:10.1016/j.euroecorev.2012.07.007 · Cited by 811
Working capital management, corporate performance, and financial constraints
Baños-Caballero, S., García-Teruel, P. J., & Martínez-Solano, P. (2014) · Journal of Business Research · doi:10.1016/j.jbusres.2013.01.016 · Cited by 608
Metadata
- Authors
- Almeida, H., Campello, M., & Weisbach, M. S.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2004-08
- Volume
- 59
- Issue
- 4
- Pages
- 1777-1804
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3125140669
- Cited by
- 3,496
- References
- 4
- FWCI
- 180.20
- Type
- journal article
- Language
- en
- Open access
- green
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- Almeida, H., Campello, M., & Weisbach, M. S. (2004). The Cash Flow Sensitivity of Cash. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2004.00679.x
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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