Cash Management, Governance, and the Global Financial Crisis: Evidence From Developing Asia

Hasan Tekin · Ali Yavuz Polat · Ahmet Faruk Aysan · Erhan Muğaloğlu

14 citations0/0 files storedAsian Economics Letters

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Corporate Finance and Governance Global Financial Crisis and Policies Working Capital and Financial Performance

Abstract

We investigate how governance and the Global Financial Crisis (GFC) affect cash management. Assessing 169,916 firm-years in 26 developing Asian countries, our empirical results show that firms in good (poor) governance countries tend to hold more cash before (after) the GFC. In particular, the outcome effect of governance on cash holdings in the pre-crisis and crisis periods shifts to a substitution effect for governance in the post-crisis period in developing Asia.

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1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1996Agency costs of free cash flow, corporate finance, and takeovers 2010The Worldwide Governance Indicators: Methodology and Analytical Issues 1999The determinants and implications of corporate cash holdings 2008The law and economics of self-dealing n.d.ORDULAR ARAP AYAKLANMALARINA NEDEN FARKLI TEPKİ VERDİLER? SİLAHLI KUVVETLERİN KARARINI ETKİLEYEN FAKTÖRLER 2007Corporate governance and firm cash holdings in the US 2003International Corporate Governance and Corporate Cash Holdings

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