Technology spillovers and corporate cash holdings

• 成果类型: Article
• 署名作者: Qiu, Jiaping; Wan, Chi
• 署名单位: McMaster University; University of Massachusetts System; University of Massachusetts Boston
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2014.10.005
• 发表日期: 2015
• 页码: 558-573
• 关键词: technology spillovers; Product market competition; Cash holdings

摘要

This study examines the effect of technology spillovers on firms' cash holdings. It finds that firms facing greater technology spillovers hold higher cash balances. This effect is more pronounced among financially constrained firms and for firms that are likely to benefit more from diffused technology, e.g., those that have newer patents, are more profitable, and face better growth opportunities. The spillover impact remains strong when product market competition and own-firm innovations are accounted for. Overall, our study identifies technology spillovers as an important factor in determining corporate cash policy. (C) 2014 Elsevier B.V. All rights reserved.