Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/325524 
Autor:innen: 
Erscheinungsjahr: 
2023
Quellenangabe: 
[Journal:] European Journal of Management and Business Economics (EJM&BE) [ISSN:] 2444-8451 [Volume:] 32 [Issue:] 1 [Year:] 2023 [Pages:] 24-46
Verlag: 
Emerald, Leeds
Zusammenfassung: 
Purpose - This paper investigates the effect of economic policy uncertainty on value of cash before and after the global financial crisis. Design/methodology/approach We investigate the relationship between economic policy uncertainty and value of excess cash based on the valuation model of Fama and French (1998). Baker et al. (2016) news-based index (BBD index) is employed to calculate measures of economic policy uncertainty. Our research sample includes 103,474 observations from 11,000 firms across 19 countries over the period 2004-2016. Findings We find that economic policy uncertainty is negatively "positively" related to value of cash in the pre-crisis "post-crisis" period. Moreover, we also document that the positive effect of economic policy uncertainty in the post-crisis period is stronger in financially constrained firms. Originality/value While prior studies find a relationship between economic policy uncertainty and cash levels or the effect of firm-level uncertainty on value of cash, this paper shows how economic policy uncertainty as an institutional environment factor affects value of cash. Moreover, it documents that economic policy uncertainty has opposite effects on value of cash before and after the global financial crisis.
Schlagwörter: 
Cash holdings
Economic policy uncertainty
Financial crisis
Value of cash
JEL: 
G32
G34
Persistent Identifier der Erstveröffentlichung: 
Creative-Commons-Lizenz: 
cc-by Logo
Dokumentart: 
Article

Datei(en):
Datei
Größe
180.97 kB





Publikationen in EconStor sind urheberrechtlich geschützt.