Arbeitspapier
The Impact of Macroeconomic Uncertainty on Cash Holdings for Non-Financial Firms
This paper investigates the effects of macroeconomic volatility on non-financial firms' cash holding behavior. Using an augmented cash buffer-stock model, we demonstrate that an increase in macroeconomic volatility will cause the cross-sectional distribution of firms' cash-to-asset ratios to narrow. We test this prediction on a panel of non-financial firms drawn from the annual COMPUSTAT database covering the period 1957-2000, and find that as macroeconomic uncertainty increases, firms behave more homogeneously. Our results are shown to be robust to the inclusion of the levels of several macroeconomic factors.
- Sprache
-
Englisch
- Erschienen in
-
Series: DIW Discussion Papers ; No. 410
- Klassifikation
-
Wirtschaft
- Thema
-
Cash holdings
macroeconomic uncertainty
time series
ARCH
non-financial firms
Liquide Mittel
Betriebliche Liquidität
Makroökonomischer Einfluss
Volatilität
Konjunktur
Schätzung
Vereinigte Staaten
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Talavera, Oleksandr
Ozkan, Neslihan
Caglayan, Mustafa
Baum, Christopher F.
- Ereignis
-
Veröffentlichung
- (wer)
-
Deutsches Institut für Wirtschaftsforschung (DIW)
- (wo)
-
Berlin
- (wann)
-
2004
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Talavera, Oleksandr
- Ozkan, Neslihan
- Caglayan, Mustafa
- Baum, Christopher F.
- Deutsches Institut für Wirtschaftsforschung (DIW)
Entstanden
- 2004
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