دانلود مقاله ISI انگلیسی شماره 52207
ترجمه فارسی عنوان مقاله

نیمه روشن محدودیت های مالی در مدیریت پول نقد

عنوان انگلیسی
A bright side of financial constraints in cash management ☆
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
52207 2011 15 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Corporate Finance, Volume 17, Issue 5, December 2011, Pages 1430–1444

ترجمه کلمات کلیدی
محدودیت های مالی - اتلاف پول نقد - سرمایه گذاری بیش از حد - حاکمیت شرکتی - عملکرد شرکت
کلمات کلیدی انگلیسی
G30Financial constraints; Cash dissipation; Overinvestment; Corporate governance; Firm performance
پیش نمایش مقاله
پیش نمایش مقاله  نیمه روشن محدودیت های مالی در مدیریت پول نقد

چکیده انگلیسی

This paper tests whether financial constraints play a disciplinary role in cash dissipation in the presence of agency problems. We hypothesize that when firms have difficulty raising external funds, empire-building managers of cash-rich firms will be less likely to spend cash on negative NPV projects as compared to unconstrained managers. Empirically, we examine firm performance after cash dissipation and associate it with the degree of financial constraints. We find that cash spending by managers in financially constrained firms is associated with higher future profitability and stock returns compared to cash spending by managers in unconstrained firms. Further tests reveal that the positive effect of financial constraints on firm performance is not driven by differences in corporate governance. Financial constraints actually substitute for good governance in disciplining managers. We find that corporate governance improves the efficiency of cash dissipation in unconstrained firms, but not in constrained firms. Likewise, financial constraints' disciplinary effect is found to be concentrated in firms that are poorly governed.