Differential cash constraints, financial leverage and the demand for money: Evidence from a complete panel of Taiwanese firms

淡江大學機構典藏 > 商管學院 > 國際企業學系暨研究所 > 期刊論文 > Item 987654321/24403

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题名:	Differential cash constraints, financial leverage and the demand for money: Evidence from a complete panel of Taiwanese firms
作者:	Liu, Jin-tan;鄒孟文;Tsou, Meng-wen;Wang, Ping
贡献者:	淡江大學國際貿易學系暨國際企業研究所
关键词:	Firms’ transactions use of money;Financial structure;Panel data estimation
日期:	2008-03-01
上传时间:	2009-11-30 18:20:28 (UTC+8)
出版者:	Elsevier
摘要:	This paper studies firms’ demand for money by developing a differential-cash-constraint framework with firms’ entire wage bills requiring cash in advance and a fraction of investment purchases being financed by credits. In addition to conventional scale and opportunity-cost factors, firms’ financial status and profitability are crucial determinants for their money demand behavior. Employing a new data set consisting of a panel of Taiwanese firms over 1990–97, our econometric analysis lends empirical support to our theory. The estimates suggest that economies of scale in firms’ cash management are present and that lower financial leverage or higher profitability raises money demand significantly.
關聯:	Journal of Marcoeconomics 30(1), pp.523-542
DOI:	10.1016/j.jmacro.2007.01.002
显示于类别:	[國際企業學系暨研究所] 期刊論文

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