基地研究员何恭政副教授合作论文“Epidemics, local institutional quality, and corporate cash holdings”在重要学术期刊 International Review of Economics and Finance 发表。IREF致力于发表国际、宏观和金融经济学等相关领域的理论和实证文章。

摘   要：The increase in corporate cash holdings, particularly in the U.S., has garnered significant attention from academia, the popular press, and policymakers. While most existing studies explain this trend using endogenous microeconomic measures, there is limited empirical evidence of what may have caused corporate cash holdings to decrease. From a macroeconomic perspective, this study provides the first examination of the effects of exogenous health epidemics and local institutional quality on corporate cash holdings, using a large and unique international dataset of 380,966 companies from 39 economies. The analysis reveals a decrease in corporate cash holdings during epidemics, particularly in countries with higher local institutional quality, as indicated by their financial regulatory and governance capacity. This study conducts a robustness test, and the findings underscore the importance of local institutional quality, particularly during epidemics.

关键词：Epidemics, Institutional, quality, Cash holding

链   接：https://doi.org/10.1016/j.iref.2024.02.019

作者简介

何恭政，台湾元智大学博士，广东财经大学副教授。主要研究方向为公司金融、信用风险管理、企业社会责任、信息不对称风险与跨交叉学科研究，在Asia-Pacific Journal of Accounting & Economics, Corporate   Governance: An International Review, Emerging Markets Review, Energy   Economics, International Review of Economics & Finance, International   Review of Financial Analysis, Journal of Accounting, Auditing and Finance, Journal of Business Research, Journal of Corporate Finance, Journal of   Forecasting, Pacific-Baisn Finance Journal, Review of Quantitative Finance   and Accounting等国际SSCI期刊发表40多篇，其中包含ABS商学院4星级期刊1篇，三星级期刊12篇，SSCI一区期刊17篇。此外，在国内外数十场重要学术会议进行论文宣讲，包含中国金融年会、中国金融工程年会、中国管理学年会、CICF, American Accounting Association, Asian Finance Association, European Finance Association, Europe Financial Management Association, Financial Management Association, Taiwan Management Institute, Western Economic Association International等。此外，为国内外二十多家期刊进行审稿，包含Asia Pacific Journal of Management, Corporate Governance: An International Review, Economic Modelling, Emerging Markets Finance and Trade, Financial Innovation, Investment Analysts Journal, International Journal of   Emerging Markets, International Review of Economics and Finance, Managerial   and Decision Economics等。