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Uncertainty Determinants of Corporate Liquidity
Jönköping University, Jönköping International Business School, JIBS, Economics. Jönköping University, Jönköping International Business School, JIBS, Accounting and Finance.ORCID iD: 0000-0001-5776-9396
2008 (English)In: Economic Modelling, ISSN 0264-9993, E-ISSN 1873-6122, Vol. 25, no 5, p. 833-849Article in journal (Refereed) 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.

Place, publisher, year, edition, pages
2008. Vol. 25, no 5, p. 833-849
Keyword [en]
Liquidity, Uncertainty, Non-financial firms, Dynamic panel data
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-5217OAI: oai:DiVA.org:hj-5217DiVA, id: diva2:36037
Available from: 2008-08-20 Created: 2008-08-20 Last updated: 2017-12-12Bibliographically approved

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Stephan, Andreas

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CiteExportLink to record
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Output format
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