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Investor protection and corporate cash holdings around the world: new evidence
16 references·16 citing·31 second hopsampled
Investor protection and corporate cash holdings around the world: new evidence (2013)Investor protection and corporate cash ho…Why Do U.S. Firms Hold So Much More Cash than They Used To? (2009)Why Do U.S. Firms Hold So Muc…The law and economics of self-dealing (2008)The law and economics of self…Private credit in 129 countries☆ (2007)Private credit in 129 countri…Accounting Information, Disclosure, and the Cost of Capital (2007)Accounting Information, Discl…Corporate governance and the value of cash holdings (2006)Corporate governance and the …Disentangling the Incentive and Entrenchment Effects of Large Shareholdings (2002)Disentangling the Incentive a…Investor protection and corporate governance (2000)Investor protection and corpo…Finance and the sources of growth (2000)Finance and the sources of gr…The determinants and implications of corporate cash holdings (1999)The determinants and implicat…Corporate Cash Reserves and Acquisitions (1999)Corporate Cash Reserves and A…Law and Finance (1998)Law and FinanceAgency Problems and Dividend Policies Around the World (1998)Agency Problems and Dividend …A Survey of Corporate Governance (1997)A Survey of Corporate Governa…Two Agency-Cost Explanations of Dividends (1984)Two Agency-Cost Explanations …Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Top executives’ gender and analysts' earnings forecasts (2022)Top executives’ gender and an…The role of shareholders and creditors' rights in affecting cash holdings and firm value: A recent evidence from ASEAN (2021)The role of shareholders and …The evolution of corporate governance and agency control: the effectiveness of mechanisms in creating value for companies with IPO on the Brazilian stock exchange (2021)The evolution of corporate go…Foreign ownership, state ownership and cash holdings under the global financial crisis: evidence from the emerging market of Vietnam (2021)Foreign ownership, state owne…Corporate Governance's Policy on the Impact of Cash Holding in Indonesia (2021)Corporate Governance's Policy…Corporate Cash Holdings and Agency Conflicts: Evidence from Moroccan Developing Market (2021)Corporate Cash Holdings and A…Impact of corporate governance compliance and board attributes on operating liquidity in pre- and post-corporate governance reforms (2020)Impact of corporate governanc…Chief Executive Officers’ monitoring, board effectiveness, managerial ownership, and cash holdings: evidence from ASEAN (2020)Chief Executive Officers’ mon…Unfolding China’s state-owned corporate empires and mitigating agency hazards: Effects of foreign investments and innovativeness (2019)Unfolding China’s state-owned…Financial crisis, shareholder protection and cash holdings (2019)Financial crisis, shareholder…Does the monitoring effect of Big 4 audit firms really prevail? Evidence from managerial expropriation of cash assets (2019)Does the monitoring effect of…The Determinants of Cash Holdings around Different Regions of the World (2018)The Determinants of Cash Hold…Multiple directorships and the value of cash holdings (2018)Multiple directorships and th…Cash holdings and corporate governance: The effects of premium listing in Brazil (2018)Cash holdings and corporate g…The determinants of corporate cash holdings levels: evidence from selected South African retail firms (2017)The determinants of corporate…A state-of-the-art review of corporate cash holding research (2017)A state-of-the-art review of …CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Corporate Ownership Around the World (1999)Earnings management and investor protection: an international comparison (2003)How do family ownership, control and management affect firm value? (2005)Law, finance, and economic growth in China (2005)The Problem of Social Cost (1960)Corporate Governance and Equity Prices (2003)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Legal Determinants of External Finance (1997)The Colonial Origins of Comparative Development: An Empirical Investigation (2001)Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations (1991)Another look at the instrumental variable estimation of error-components models (1995)Financial intermediation and growth: Causality and causes (2000)Finance and Growth: Theory and Evidence (2004)Corporate financing and investment decisions when firms have information that investors do not have (1984)The theory and practice of corporate finance: evidence from the field (2001)The Cash Flow Sensitivity of Cash (2004)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Women on Boards and Firm Financial Performance: A Meta-Analysis (2014)Do institutional investors drive corporate social responsibility? International evidence (2018)Investor Protection and Corporate Valuation (2002)The Economic Consequences of Legal Origins (2008)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1998Law and Finance17,902 cited
  • 1997A Survey of Corporate Governance16,237 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2000Investor protection and corporate governance6,847 cited
  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 2002Disentangling the Incentive and Entrenchment Effects of Large Shareholdings3,845 cited
  • 2000Finance and the sources of growth3,709 cited
  • 2008The law and economics of self-dealing3,514 cited
  • 1998Agency Problems and Dividend Policies Around the World3,179 cited
  • 1984Two Agency-Cost Explanations of Dividends3,109 cited
  • 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?2,896 cited
  • 2007Private credit in 129 countries☆2,798 cited
  • 2007Accounting Information, Disclosure, and the Cost of Capital2,582 cited
  • 2006Corporate governance and the value of cash holdings2,135 cited
  • 1999Corporate Cash Reserves and Acquisitions

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  • 2017The determinants of corporate cash holdings levels: evidence from selected South African retail firms63 cited
  • 2017A state-of-the-art review of corporate cash holding research45 cited
  • 2019Financial crisis, shareholder protection and cash holdings38 cited
  • 2018Multiple directorships and the value of cash holdings36 cited
  • 2019Unfolding China’s state-owned corporate empires and mitigating agency hazards: Effects of foreign investments and innovativeness36 cited
  • 2021The evolution of corporate governance and agency control: the effectiveness of mechanisms in creating value for companies with IPO on the Brazilian stock exchange34 cited
  • 2018The Determinants of Cash Holdings around Different Regions of the World32 cited
  • 2020Impact of corporate governance compliance and board attributes on operating liquidity in pre- and post-corporate governance reforms32 cited
  • 2020Chief Executive Officers’ monitoring, board effectiveness, managerial ownership, and cash holdings: evidence from ASEAN30 cited
  • 2019Does the monitoring effect of Big 4 audit firms really prevail? Evidence from managerial expropriation of cash assets28 cited
  • 2018Cash holdings and corporate governance: The effects of premium listing in Brazil28 cited
  • 2021The role of shareholders and creditors' rights in affecting cash holdings and firm value: A recent evidence from ASEAN25 cited
  • 2021Corporate Governance's Policy on the Impact of Cash Holding in Indonesia24 cited
  • 2022Top executives’ gender and analysts' earnings forecasts24 cited
  • 2021Corporate Cash Holdings and Agency Conflicts: Evidence from Moroccan Developing Market21 cited
  • 2021Foreign ownership, state ownership and cash holdings under the global financial crisis: evidence from the emerging market of Vietnam20 cited