Precautionary motives for private firms’ cash holdings
Precautionary motives for private firms’ cash holdings
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私营企业持有现金的预防性动机
DOI：
10.1016/j.iref.2020.03.003
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发表时间：
2020
期刊：
影响因子：
--
通讯作者：
B. Petracci
中科院分区：
文献类型：
--
作者：
Valerio Potì;Pierpaolo Pattitoni;B. Petracci
在本文中，我们专注于预防性动机持有现金在私营企业。我们检查新的影响，这种动机下出现的条件下，是典型的私营企业。由于这些公司的财务与所有者的财务不完全分离，我们还补充了传统的预防动机与一个新的变体，考虑利益相关者的风险态度。我们发现经验证据与两个版本的预防动机一致，虽然传统的预防动机的影响，在对冲动机的形式，是不支持的数据。
In this paper, we focus on the precautionary motive for holding cash in private firms. We check novel implications of such motive that arise under conditions that are typical of private firms. Because of the incomplete separation of the finances of these firms from the finances of the owner, we also complement the traditional precautionary motive with a novel variant that considers stakeholders’ risk attitudes. We find empirical evidence consistent with both versions of the precautionary motive though some of the implications of the traditional precautionary motive, in the form of the hedging motive, are unsupported by the data.