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عنوان فارسی مقاله: دارایی های نقدی و کیفیت سود: بازار بریتانیا
عنوان انگلیسی مقاله: Cash holdings and earnings quality: evidence from the Main and Alternative UK markets
مجله/کنفرانس: بررسی بین المللی تجزیه و تحلیل مالی – International Review of Financial Analysis
رشته های تحصیلی مرتبط: مدیریت، حسابداری
گرایش های تحصیلی مرتبط: مدیریت مالی، حسابداری مالی
کلمات کلیدی فارسی: بازارهای جایگزین، دارایی های نقدی، کیفیت سود، افشای اطلاعات، عدم تقارن اطلاعات
کلمات کلیدی انگلیسی: Alternative markets, Cash holdings, Earnings quality, Financial disclosure, Information asymmetry
نوع نگارش مقاله: مقاله پژوهشی (Research Article)
نمایه: Scopus - Master Journal List - JCR
شناسه دیجیتال (DOI): https://doi.org/10.1016/j.irfa.2018.01.012
دانشگاه: University of Greenwich – Faculty of Business – Department of Accounting and Finance – United Kingdom
ناشر: الزویر - Elsevier
نوع ارائه مقاله: ژورنال
نوع مقاله: ISI
سال انتشار مقاله: 2018
ایمپکت فاکتور: 1.992 در سال 2018
شاخص H_index: 43 در سال 2019
شاخص SJR: 0.782 در سال 2018
شناسه ISSN: 1057-5219
شاخص Quartile (چارک): Q1 در سال 2018
فرمت مقاله انگلیسی: PDF
تعداد صفحات مقاله انگلیسی: 15
وضعیت ترجمه: ترجمه نشده است
قیمت مقاله انگلیسی: رایگان
آیا این مقاله بیس است: بله
کد محصول: E5888
فهرست انگلیسی مطالب

Abstract


1- Introduction and motivation


2- Literature review and research questions


3- Sample, methodology and summary statistics


4- Empirical results


5- Conclusions


References

نمونه متن انگلیسی مقاله

Abstract


In this paper we investigate the importance of earnings quality as a determinant of cash holdings by companies, exploring among other factors the nature of earnings (positive or negative) and the level of financial disclosure, proxied by the market where firms are listed (Main or AIM-Alternative Investment Markets in the United Kingdom). Based on a sample covering the period of 1998–2015, we provide evidence that as earnings quality decreases, firms tend to hold more cash except when firms are facing losses in both Main and AIM markets. In addition, we document that information conveyed by earnings quality is a more important determinant of cash reserve levels for Main Market than for AIM firms (where the level of financial disclosure and oversight is lower). Overall, our evidence suggests that cash balances are positively influenced by the presence of greater information asymmetries arising from poor earnings quality but also from the existence of lower levels of regulatory oversight and the occurrence of losses, both of which reduce the importance of earnings quality as a determinant of cash levels. Our results also imply that companies with higher levels of earnings opaqueness seem to benefit from having higher cash holdings so as to avoid dependence from costly external funding.


Introduction and motivation


Prior research has shown that companies may set their levels of cash holdings by trading off the costs and benefits of larger liquidity reserves (Miller & Orr, 1966). Costs that have been analysed typically include low returns and possible tax disadvantages of cash reserves (Bigelli & Sánchez-Vidal, 2012) while usual benefits that have been identified are the reduction in transaction costs that would exist in the case of new capital raising or the liquidation of assets, the reduced likelihood of default, the avoidance of possibly expensive funding or even the shortage of financing alternatives (Kim, Mauer, & Sherman, 1998; Opler, Pinkowitz, Stulz, & Williamson, 1999). Reasons for a costly external financing relate in general to the presence of information asymmetries between firms and investors (Myers & Majluf, 1984) or to the existence of agency problems associated with underinvestment and asset substitution (Jensen & Meckling, 1976). Additionally, managers may pursue their own interests by maintaining large amounts of cash on companies' balance sheets so as to keep sub-optimal levels of net debt, risk and/or dividends in comparison to those desired by shareholders (Easterbrook, 1984).

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