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Applied Economics Letters Volume 24, 2017 - Issue 18
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Original Articles

Employee treatment and the choice of liquidity: lines of credit versus cash holdings

Kiyoung ChangCollege of Business, University of South Florida Sarasota-Manatee, Sarasota, FL, USA
&
Hyeongsop ShimGraduate School of Technology and Innovation Management, Ulsan National Institute of Science and Technology, Ulsan, KoreaCorrespondence[email protected]
ORCID Iconhttp://orcid.org/0000-0001-8722-4610
ORCID Icon
Pages 1294-1297 | Published online: 26 Dec 2016

References

  • Acharya, V., H. Almeida, F. Ippolito, and A. Perez. 2014. “Credit Lines as Monitored Liquidity Insurance: Theory and Evidence.” Journal of Financial Economics 112: 287–319. doi:10.1016/j.jfineco.2014.02.001.
  • Acharya, V. V., H. Almeida, and M. Campello. 2013. “Aggregate Risk and the Choice between Cash and Lines of Credit.” The Journal of Finance 68: 2059–2116. doi:10.1111/jofi.12056.
  • Bae, K.-H., J.-K. Kang, and J. Wang. 2011. “Employee Treatment and Firm Leverage: A Test of the Stakeholder Theory of Capital Structure.” Journal of Financial Economics 100: 130–153. doi:10.1016/j.jfineco.2010.10.019.
  • Berk, J. B., R. Stanton, and J. Zechner. 2010. “Human Capital, Bankruptcy, and Capital Structure.” The Journal of Finance 65: 891–926. doi:10.1111/j.1540-6261.2010.01556.x.
  • Blouin, J., J. E. Core, and W. Guay. 2010. “Have the Tax Benefits of Debt Been Overestimated?” Journal of Financial Economics 98: 195–213. doi:10.1016/j.jfineco.2010.04.005.
  • Demiroglu, C., and C. James. 2011. “The Use of Bank Lines of Credit in Corporate Liquidity Management: A Review of Empirical Evidence.” Journal of Banking and Finance 35: 53–70. doi:10.1016/j.jbankfin.2010.10.020.
  • Ghaly, M., V. A. Dang, and K. Stathopoulos. 2015. “Cash Holdings and Employee Welfare.” Journal of Corporate Finance 33: 53–70. doi:10.1016/j.jcorpfin.2015.04.003.
  • Peters, R. H., and L. A. Taylor. 2016. “Intangible Capital and the Investment-Q Relation.” SSRN https://ssrn.com/abstract=2405231.

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