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Cash holdings and employee welfare

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Cash holdings and employee welfare. / Ghaly, Mohamed; Anh Dang, Viet; Stathopoulos, Konstantinos .

In: Journal of Corporate Finance, Vol. 33, 08.2015, p. 53-70.

Research output: Contribution to journalJournal article

Harvard

Ghaly, M, Anh Dang, V & Stathopoulos, K 2015, 'Cash holdings and employee welfare', Journal of Corporate Finance, vol. 33, pp. 53-70. https://doi.org/10.1016/j.jcorpfin.2015.04.003

APA

Ghaly, M., Anh Dang, V., & Stathopoulos, K. (2015). Cash holdings and employee welfare. Journal of Corporate Finance, 33, 53-70. https://doi.org/10.1016/j.jcorpfin.2015.04.003

Vancouver

Ghaly M, Anh Dang V, Stathopoulos K. Cash holdings and employee welfare. Journal of Corporate Finance. 2015 Aug;33:53-70. https://doi.org/10.1016/j.jcorpfin.2015.04.003

Author

Ghaly, Mohamed ; Anh Dang, Viet ; Stathopoulos, Konstantinos . / Cash holdings and employee welfare. In: Journal of Corporate Finance. 2015 ; Vol. 33. pp. 53-70.

Bibtex

@article{a271085b81684117b4c0333b37f8977e,
title = "Cash holdings and employee welfare",
abstract = "This paper examines the relation between employee welfare practices and corporate cash holdings. We find firms that are strongly committed to employee well-being, measured by ratings on employee relations, to hold more cash. The effect of employee welfare standards on cash holdings is stronger for firms in human-capital-intensive, competitive, and high-labor-mobility industries in which employees are more important to their businesses. These results are consistent with the predictions of the stakeholder theory. Overall, our paper provides novel evidence on the role human capital and employee relations play in a firm's cash management policy.",
keywords = "Cash holdings, Employee welfare, Implicit claims, Stakeholders, Human capital",
author = "Mohamed Ghaly and {Anh Dang}, Viet and Konstantinos Stathopoulos",
year = "2015",
month = aug,
doi = "10.1016/j.jcorpfin.2015.04.003",
language = "English",
volume = "33",
pages = "53--70",
journal = "Journal of Corporate Finance",
issn = "0929-1199",
publisher = "Elsevier",

}

RIS

TY - JOUR

T1 - Cash holdings and employee welfare

AU - Ghaly, Mohamed

AU - Anh Dang, Viet

AU - Stathopoulos, Konstantinos

PY - 2015/8

Y1 - 2015/8

N2 - This paper examines the relation between employee welfare practices and corporate cash holdings. We find firms that are strongly committed to employee well-being, measured by ratings on employee relations, to hold more cash. The effect of employee welfare standards on cash holdings is stronger for firms in human-capital-intensive, competitive, and high-labor-mobility industries in which employees are more important to their businesses. These results are consistent with the predictions of the stakeholder theory. Overall, our paper provides novel evidence on the role human capital and employee relations play in a firm's cash management policy.

AB - This paper examines the relation between employee welfare practices and corporate cash holdings. We find firms that are strongly committed to employee well-being, measured by ratings on employee relations, to hold more cash. The effect of employee welfare standards on cash holdings is stronger for firms in human-capital-intensive, competitive, and high-labor-mobility industries in which employees are more important to their businesses. These results are consistent with the predictions of the stakeholder theory. Overall, our paper provides novel evidence on the role human capital and employee relations play in a firm's cash management policy.

KW - Cash holdings

KW - Employee welfare

KW - Implicit claims

KW - Stakeholders

KW - Human capital

U2 - 10.1016/j.jcorpfin.2015.04.003

DO - 10.1016/j.jcorpfin.2015.04.003

M3 - Journal article

VL - 33

SP - 53

EP - 70

JO - Journal of Corporate Finance

JF - Journal of Corporate Finance

SN - 0929-1199

ER -