Corporatecashholdings:financialdeterminantsandcorporategovernance∗--leveldataof4,515firmsinCanada,France,Germany,Great-BritainandtheUSAovertheperiod1989-,aswellasinstitutionalfactors,,implementingady-namicpaneldataestimation,“excessive”,:Corporatecashholdings,corporategovernance,dynamicpaneldata,:C33,G32.∗(Paris),GuntherCapelle-Blancard,-mainingerrorsaremine.§éon-Sorbonne,106-112boulevarddel’Hôpital,F-75647ParisCedex13,:******@univ-“Andwhataboutthecash,myexistencejewel?”,NicholasNickelby,’sawell-knownfactthatnearlyallfirmsholdcashreserves,whichareoftenlarge:inourpanel,themedianUSfirmholdsmorethan13%ofitstotalassetsascashandmarketablesecurities1overthe1989-,afirmwouldnothaveincentivesorneedstoholdsubstantialcashreserves:whenfirmsdecidetoinvest,orfaceacashshort-age2,-.(1999),thedeterminantsofcorporatecashholdingshavebeenregularlystudied,-ketshypothesis3,internalandexternalfundsarenolongerperfectsubstitutesandmanytheoreticalfactors,firm-specific(financial)aswellasinstitutio
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