Financial statement comparability and corporate cash holdings
Financial statement comparability and corporate cash holdings
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DOI：
10.1016/j.jcae.2017.10.001
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发表时间：
2017-12-01
影响因子：
3.3
通讯作者：
Al-Hadi, Ahmed
中科院分区：
文献类型：
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作者：
Habib, Ahsan;Hasan, Mostafa Monzur;Al-Hadi, Ahmed
本研究探讨财务报表可比性对企业现金持有量的影响。更大程度的可比性降低了信息获取成本，减少了与绩效评价有关的不确定性，并增加了公司外部可获得信息的总体数量和质量，这反过来又有助于缓解公司的外部融资约束。使用1981年至2013年的美国大样本，我们发现一致的证据表明，财务报表可比性显著降低了公司的现金持有量。我们还发现，融资约束、财务报告质量和公司治理三者之间存在中介关系。这些发现是稳健的替代性规范的可比性，现金持有和替代性回归规范和内生性检验。我们的研究有助于强调财务报表可比性重要性的新兴研究。
This study examines the impact of financial statement comparability on corporate cash holdings. A greater degree of comparability lowers information acquisition costs, reduces the uncertainties associated with performance evaluation, and increases the overall quantity and quality of information available to corporate outsiders which, in turn, helps to ease the external financing constraints of the firm. Using a large US sample from 1981 to 2013, we find consistent evidence that financial statement comparability significantly reduces cash holdings of the firm. We also find that this relation is mediated by financing constraints, financial reporting quality and corporate governance. These findings are robust to alternative specification of comparability, cash holdings and to the alternative regression specifications and endogeneity tests. Our study contributes to the emerging research that stresses the importance of financial statement comparability.