The DOI matches its Crossref record; 38 of the 38 references it cites were found in a registry or an index.
Agency Conflicts and Cash: Estimates from a Dynamic Model
Open accessAbstract
Which agency problems affect corporate cash policy? To answer this question, we estimate a dynamic model of finance and investment with three mechanisms that misalign managerial and shareholder incentives: limited managerial ownership of the firm, compensation based on firm size, and managerial perquisite consumption. We find that perquisite consumption critically impacts cash policy. Size‐based compensation also matters, but less. Firms with lower blockholder and institutional ownership have higher managerial perquisite consumption, low managerial ownership is a key factor in the secular upward trend in cash holdings, and agency plays little role in small firms' substantial cash holdings.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
Agency costs of free cash flow, corporate finance, and takeovers
Jensen, M. C. (1996) · Corporate Bankruptcy · doi:10.1017/cbo9780511609435.005 · Cited by 9,306
Corporate Governance and Equity Prices
Gompers, P., Ishii, J., & Metrick, A. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535162 · Cited by 6,120
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
Harrison, A., Robinson, C., Ashenfelter, O., & Layard, R. (1989) · The Canadian Journal of Economics · doi:10.2307/135687 · Cited by 3,153
Recursive Methods in Economic Dynamics
Stokey, N. L., Lucas, R. E., & Prescott, E. C. (1989) · Harvard University Press eBooks · doi:10.2307/j.ctvjnrt76 · Cited by 3,031
What Matters in Corporate Governance?
Bebchuk, L., Cohen, A., & Ferrell, A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn099 · Cited by 2,906
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
Cited by
Dynamic Models and Structural Estimation in Corporate Finance
Strebulaev, I. A. (2011) · Foundations and Trends® in Finance · doi:10.1561/0500000035 · Cited by 259
Corporate Governance and Costs of Equity: Theory and Evidence
Li, D., & Li, E. X. N. (2018) · Management Science · doi:10.1287/mnsc.2016.2570 · Cited by 22
Metadata
- Authors
- NIKOLOV, B., & WHITED, T. M.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2014-09-12
- Volume
- 69
- Issue
- 5
- Pages
- 1883-1921
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2165014400
- Cited by
- 363
- References
- 38
- FWCI
- 122.46
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Agency Conflicts and Cash: Estimates from a Dynamic Model. https://app.cochat.ai/papers/10.1111/jofi.12183
- The paper
- NIKOLOV, B., & WHITED, T. M. (2014). Agency Conflicts and Cash: Estimates from a Dynamic Model. The Journal of Finance. https://doi.org/10.1111/jofi.12183
Data sources
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.
