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Cited by 2,874

The DOI matches its Crossref record; 3 of the 3 references it cites were found in a registry or an index.

Why Do U.S. Firms Hold So Much More Cash than They Used To?

Open access
BATES, THOMAS W., KAHLE, KATHLEEN M., STULZ, RENÉ M.·2009·The Journal of Finance
DOI 10.1111/j.1540-6261.2009.01492.x
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Abstract

The average cash‐to‐assets ratio for U.S. industrial firms more than doubles from 1980 to 2006. A measure of the economic importance of this increase is that at the end of the sample period, the average firm can retire all debt obligations with its cash holdings. Cash ratios increase because firms' cash flows become riskier. In addition, firms change: They hold fewer inventories and receivables and are increasingly R&D intensive. While the precautionary motive for cash holdings plays an important role in explaining the increase in cash ratios, we find no consistent evidence that agency conflicts contribute to the increase.

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Metadata

Authors
BATES, T. W., KAHLE, K. M., & STULZ, R. M.
Venue
The Journal of Finance
Publisher
Wiley
Published
2009-09-28
Volume
64
Issue
5
Pages
1985-2021
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.2009.01492.x
OpenAlex
W3121720731
Cited by
2,874
References
3
FWCI
284.77
Type
journal article
Language
en
Open access
bronze

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CoChat. (2026). Citation check: Why Do U.S. Firms Hold So Much More Cash than They Used To? https://app.cochat.ai/papers/10.1111/j.1540-6261.2009.01492.x
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BATES, T. W., KAHLE, K. M., & STULZ, R. M. (2009). Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance. https://doi.org/10.1111/j.1540-6261.2009.01492.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).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.