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首页> 外文期刊>The Singapore economic review >CASH HOLDINGS WITH THE PRECAUTIONARY MOTIVE AMONG KOREAN CHAEBOL AND NON-CHAEBOL FIRMS: A QUANTILE REGRESSION APPROACH
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CASH HOLDINGS WITH THE PRECAUTIONARY MOTIVE AMONG KOREAN CHAEBOL AND NON-CHAEBOL FIRMS: A QUANTILE REGRESSION APPROACH

机译：现金控股与韩国CHAEBOL和非CHEABOOL公司之间的预防动机：量化回归方法

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摘要

Using a quantile regression approach with a sample of Korean firms, this paper empirically investigates whether cash holding behaviors with the precautionary motive are different between Chaebol and non-Chaebol firms and they have changed before and after the financial crisis. We obtain the following empirical results. First, for non-Chaebol firms, the precautionary motive plays an important role in determining cash holdings throughout the sample period. In contrast, there is no empirical evidence supporting that Chaebol firms hold cash with the precautionary motive in the pre-crisis period: This motive becomes important only in the post-crisis period. Second Chaebol firms' cash holdings with the precautionary motive are different from those of non-Chaebol firms in the pre-crisis period, but not in the post-crisis period. These imply that after experiencing financial crisis, Chaebol firms' cash holding strategy has been changed substantially in a way to become more cautious in dealing with cash flow (CF) volatility.
机译：本文使用韩国企业样本的分位数回归方法，通过实证研究了Chaebol公司和非Chaebol公司在预防性动机下的现金持有行为是否有所不同，以及在金融危机前后它们是否发生了变化。我们获得以下经验结果。首先，对于非财阀公司而言，预防动机在确定整个样本期间的现金持有量方面起着重要作用。相反，没有经验证据支持Chaebol公司在危机前时期持有现金的动机是预防性的：这种动机仅在危机后时期才变得重要。具有预防目的的第二财阀公司的现金持有量与危机前时期的非财阀公司的现金持有量不同，但在危机后时期则没有。这意味着在经历金融危机之后，Chaebol公司的现金持有策略已发生了重大变化，从而在处理现金流量（CF）波动时变得更加谨慎。

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