The DOI matches its Crossref record; 43 of the 43 references it cites were found in a registry or an index.
Financial Strength and Product Market Behavior: The Real Effects of Corporate Cash Holdings
Open accessAbstract
This paper shows that large cash reserves lead to systematic future market share gains at the expense of industry rivals. Using shifts in import tariffs to identify exogenous intensification of competition, difference‐in‐difference estimations support the causal impact of cash on product market performance. Moreover, the analysis reveals that the “competitive” effect of cash is markedly distinct from the strategic effect of debt on product market outcomes. This effect is stronger when rivals face tighter financing constraints and when the number of interactions between competitors is large. Overall, the results suggest that cash policy encompasses a substantial strategic dimension.
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Citations
Cites
Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches
Petersen, M. A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn053 · Cited by 10,746
The determinants and implications of corporate cash holdings
Opler, T. (1999) · Journal of Financial Economics · doi:10.1016/s0304-405x(99)00003-3 · Cited by 3,914
Why Do U.S. Firms Hold So Much More Cash than They Used To?
BATES, T. W., KAHLE, K. M., & STULZ, R. M. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01492.x · Cited by 2,874
Corporate governance and the value of cash holdings
Dittmar, A., & Mahrt-Smith, J. (2007) · Journal of Financial Economics · doi:10.1016/j.jfineco.2005.12.006 · Cited by 2,128
Corporate Cash Reserves and Acquisitions
Harford, J. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00179 · Cited by 2,064
Corporate governance and firm cash holdings in the US
Harford, J., Mansi, S. A., & Maxwell, W. F. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.04.002 · Cited by 1,725
Financial Distress and Corporate Performance
OPLER, T. C., & TITMAN, S. (1994) · The Journal of Finance · doi:10.1111/j.1540-6261.1994.tb00086.x · Cited by 1,664
Does the Source of Capital Affect Capital Structure?
Faulkender, M., & Petersen, M. A. (2006) · Review of Financial Studies · doi:10.1093/rfs/hhj003 · Cited by 1,375
CEO turnover and outside succession A cross-sectional analysis
Parrino, R. (1997) · Journal of Financial Economics · doi:10.1016/s0304-405x(97)00028-7 · Cited by 1,264
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
Cited by
Corporate immunity to the COVID-19 pandemic
Ding, W., Levine, R., Lin, C., & Xie, W. (2021) · Journal of Financial Economics · doi:10.1016/j.jfineco.2021.03.005 · Cited by 1,484
Metadata
- Authors
- FRESARD, L.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2010-05-07
- Volume
- 65
- Issue
- 3
- Pages
- 1097-1122
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2800794991
- Cited by
- 937
- References
- 43
- FWCI
- 110.30
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
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.
