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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/126733
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/126733


    Title: Commitment to Build Trust by Socially Responsible Firms: Evidence from Cash Holdings
    Authors: 陳聖賢
    Chen, Sheng-Syan
    Chang, Ching-Hung
    Chen, Yan-Shing
    Peng, Shu-Cing
    Contributors: 財管系
    Keywords: Corporate social responsibility;Cash holdings;Stakeholder theory;Value of cash
    Date: 2019-06
    Issue Date: 2019-10-04 16:16:29 (UTC+8)
    Abstract: We show that socially responsible firms use cash as a commitment device to honor implicit commitments to stakeholders. Firms with better social performance hold higher cash balances, especially for firms with social performance related to stakeholders or requiring cash spending. This relation is also stronger for firms that benefit more from social performance, e.g., firms that face more competition in product and labor markets. Social performance related to stakeholders or requiring cash spending increases the marginal value of cash.
    Relation: Journal of Corporate Finance, Vol.56, pp.364-387
    Data Type: article
    DOI 連結: https://doi.org/10.1016/j.jcorpfin.2019.03.004
    DOI: 10.1016/j.jcorpfin.2019.03.004
    Appears in Collections:[財務管理學系] 期刊論文

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