淡江大學機構典藏:Item 987654321/124993
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    題名: The impact of firm risk on the value of cash holdings: The moderating role of corporate social responsibility
    作者: Huang, Chien-ming
    關鍵詞: Corporate social responsibility;Cash value;Controlling shareholder
    日期: 2024-01-17
    上傳時間: 2024-01-24 12:05:19 (UTC+8)
    摘要: This study investigates the impact of firm risk on the value of cash holdings, and how corporate social responsibility (CSR) affects this relationship considering controlling shareholders. Using a sample of Taiwanese publicly listed firms from 2005 to 2018, we find that firms' CSR activities are more positively associated with the value of cash holdings because of controlling shareholders' incentive effects in most cases. Moreover, the precautionary view suggests that high-risk firms positively influence the value of cash holdings. Interestingly, considering controlling shareholders weakens the moderating impact of CSR engagement on the relationship between firm risk and value of cash holdings. Thus, CSR is an important determinant of corporate cash policies among Taiwanese firms. Our empirical results provide managers, investors, and policymakers with important decision-making insights.
    關聯: Pacific-Basin Finance Journal 83,　102270
    DOI: 10.1016/j.pacfin.2024.102270
    顯示於類別:[財務金融學系暨研究所] 期刊論文

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