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Uncertainty Determinants of Corporate Liquidity
Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Redovisning och finansiering.ORCID-id: 0000-0001-5776-9396
2008 (engelsk)Inngår i: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 25, nr 5, s. 833-849Artikkel i tidsskrift (Fagfellevurdert) Published
Abstract [en]

This paper investigates the link between the optimal level of non-financial firms' liquid assets and uncertainty. We develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio in response to changes in either macroeconomic or idiosyncratic uncertainty. We test this hypothesis using a panel of non-financial US firms drawn from the COMPUSTAT quarterly database covering the period 1993–2002. The results indicate that firms increase their liquidity ratios when macroeconomic uncertainty or idiosyncratic uncertainty increases.

sted, utgiver, år, opplag, sider
2008. Vol. 25, nr 5, s. 833-849
Emneord [en]
Liquidity, Uncertainty, Non-financial firms, Dynamic panel data
HSV kategori
Identifikatorer
URN: urn:nbn:se:hj:diva-5217OAI: oai:DiVA.org:hj-5217DiVA, id: diva2:36037
Tilgjengelig fra: 2008-08-20 Laget: 2008-08-20 Sist oppdatert: 2017-12-12bibliografisk kontrollert

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