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Geographical proximity and value of corporate cash holdings

机译：企业现金持有的地理邻近和价值

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Purpose - In this paper, the authors examine the association between a firm's geographical location and the value of its cash holdings. Design/methodology/approach - Following Loughran and Schultz (2005) and Nielsson and Wojcik (2016), the authors define firms as either geographically remote or geographically proximate based on their distance to areas that are either largely populated or concentrated in financial expertise. We also estimate the marginal value of cash using the model developed by Faulkender and Wang (2006). Findings - The authors find that the marginal value of cash is $0.10-$0.16 lower in remotely located firms than in geographically proximate firms. The lower marginal value of cash is prominent among remotely located firms with greater severity of information asymmetry. Our findings support the view that the inability of shareholders to closely monitor how managers use of firm cash may increase the perceived conflicts of interest associated with managers' cash spending and decrease the value of cash. Originality/value - Previous studies try to explain the cash holdings puzzle by attributing it to CEO overconfidence, external funding constraints, poor corporate governance, difference in corporate financial policy, poor investor protection, lack of firm diversification and large operating losses. This study contributes to the extant literature by offering new evidence of the role of geographic location on the value of cash holdings.
机译：目的 - 在本文中，作者审查了公司地理位置与现金持股价值之间的关联。设计/方法/方法 - Loughran和Schultz（2005）和Nielsson和Wojcik（2016年）之后，该作者将公司定义为基于地理位置远程或地理位置的地理位置近距离基于其与主要填充或集中在金融专业知识的地区的距离。我们还使用Faulkender和Wang（2006）开发的模型估计现金的边际价值。调查结果 - 作者发现现金的边际价值为0.10-10.16美元，而不是在地理上近代的公司。现金的较低边际价值在远程位于远程较严重的信息不对称的公司中突出。我们的调查结果支持认为，股东无法密切监测管理者如何使用公司现金的使用情况可能会增加与管理人员现金支出相关的感知利益冲突，并降低现金价值。独创性/价值 - 以前的研究试图通过它归因于CEO的过度自信，外部资金紧张，企业管理不善，公司财务政策，投资者保护穷人的差异来解释现金持有拼图，缺乏坚定的多样化和大型经营亏损的。本研究通过提供地理位置在现金持股价值的新证据来促进现存文学。

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