The effect of mandatory corporate social responsibility on firm’s cash holdings

References

• Acharya, V., H. Almeida, and M. Campello. 2013. “Aggregate Risk and the Choice between Cash and Lines of Credit.” Journal of Finance 68 (5): 2059–2116. doi:10.1111/jofi.12056.
   Web of Science ®Google Scholar
• Almeida, H., M. Campello, and M. S. Weisbach. 2004. “The Cash Flow Sensitivity of Cash.” Journal of Finance 59 (4): 1777–1804. doi:10.1111/j.1540-6261.2004.00679.x.
   Web of Science ®Google Scholar
• Athey, S., and G. W. Imbens. 2006. “Identification and Inference in Nonlinear Differencein-Differences Models.” Econometrica 74 (2): 431–497. doi:10.1111/j.1468-0262.2006.00668.x.
   Web of Science ®Google Scholar
• Bargeron, L. L., K. M. Lehn, and C. J. Zutter. 2010. “Sarbanes-Oxley and Corporate Risk-taking.” Journal of Accounting and Economics 49 (1–2): 34–52. doi:10.1016/j.jacceco.2009.05.001.
   Web of Science ®Google Scholar
• Bates, T. W., K. M. Kahle, and R. M. Stulz. 2009. “Why Do U.S. Firms Hold so Much More Cash than They Used To.” Journal of Finance 64 (5): 1985–2021. doi:10.1111/j.1540-6261.2009.01492.x.
   Web of Science ®Google Scholar
• Bertrand, M., and S. Mullainathan. 2003. “Enjoying the Quiet Life? Corporate Governance and Managerial Preferences.” Journal of Political Economy 111 (5): 1043–1075. doi:10.1086/376950.
   Web of Science ®Google Scholar
• Billett, M. T., J. A. Garfinkel, and Y. Jiang. 2011. “The Influence of Governance on Investment: Evidence from a Hazard Model.” Journal of Financial Economics 102 (3): 643–670. doi:10.1016/j.jfineco.2011.07.004.
   Web of Science ®Google Scholar
• Boubakri, N., J. C. Cosset, and W. Saffar. 2013. “The Role of State and Foreign Owners in Corporate Risk-taking: Evidence from Privatization.” Journal of Financial Economics 108 (3): 641–658. doi:10.1016/j.jfineco.2012.12.007.
   Web of Science ®Google Scholar
• Chava, S., and A. Purnanandam. 2010. “CEOs versus CFOs: Incentives and Corporate Policies.” Journal of Financial Economics 97 (2): 263–278. doi:10.2139/ssrn.989224.
   Web of Science ®Google Scholar
• Chen, Y. C., M. Hung, and Y. Wang. 2018. “The Effect of Mandatory CSR Disclosure on Firm Profitability and Social Externalities: Evidence from China.” Journal of Accounting and Economics 65 (1): 169–190. doi:10.1016/j.jacceco.2017.11.009.
   Web of Science ®Google Scholar
• Cheung, A. 2016. “Corporate Social Responsibility and Corporate Cash Holdings.” Journal of Corporate Finance 37 (1): 412–430. doi:10.1016/j.jcorpfin.2016.01.008.
   Google Scholar
• Coles, J. L., N. D. Daniel, and L. Naveen. 2006. “Managerial Incentives and Risk-taking.” Journal of Financial Economics 79 (2): 431–468. doi:10.1016/j.jfineco.2004.09.004.
   Web of Science ®Google Scholar
• Coles, J. L., and L. Z. Frank. 2019. “An Empirical Assessment of Empirical Corporate Finance” Available at SSRN: https://ssrn.com/abstract=1787143
   Google Scholar
• Cornell, B., and A. C. Shapiro. 1987. “Corporate Stakeholders and Corporate Finance.” Financial Management 16: 5–14. doi:10.2307/3665543.
   Web of Science ®Google Scholar
• Dittmar, A., J. Mahrt-Smith, and H. Servaes. 2003. “International Corporate Governance and Corporate Cash Holdings.” Journal of Financial and Quantitative Analysis 38 (1): 111–133. doi:10.2307/4126766.
   Web of Science ®Google Scholar
• Dunbar, C. G., Z. F. Li, and Y. Shi. 2020. “Corporate Social Responsibility and CEO Risk-taking Incentives.” Journal of Corporate Finance 64 (101714): 101714. doi:10.1016/j.jcorpfin.2020.101714.
   Google Scholar
• Dunbar, C. G., Z. F. Li, and Y. Shi 2021.“Corporate Social (Ir) Responsibility and Firm Risk: The Role of Corporate Governance.” Available at SSRN 3791594.doi: 10.2139/ssrn.3791594.
   Google Scholar
• Fabrizi, M., C. Mallin, and G. Michelon. 2014. “The Role of CEO’s Personal Incentives in Driving Corporate Social Responsibility.” Journal of Business Ethics 124 (2): 311–326. doi:10.1007/s10551-013-1864-2.
   Web of Science ®Google Scholar
• Faulkender, M., and R. Wang. 2006. “Corporate Financial Policy and the Value of Cash.” Journal of Finance 61 (4): 1957~1990. doi:10.2139/ssrn.563595.
   Web of Science ®Google Scholar
• Giroud, X., and H. M. Mueller. 2011. “Corporate Governance, Product Market Competition, and Equity Prices.” Journal of Finance 66 (2): 563–600. doi:10.1111/j.1540-6261.2010.01642.x.
   Web of Science ®Google Scholar
• Godfrey, P. C. 2005. “The Relationship between Corporate Philanthropy and Shareholder Wealth: A Risk Management Perspective.” Academy of Management Review 30 (4): 777–798. doi:10.2307/20159168.
   Web of Science ®Google Scholar
• Hadlock, C. J., and J. R. Pierce. 2010. “New Evidence on Measuring Financial Constraints: Moving beyond the KZ Index.” The Review of Financial Studies 23 (5): 1909–1940. doi:10.1093/rfs/hhq009.
   Web of Science ®Google Scholar
• Han, S., and J. Qiu. 2007. “Corporate Precautionary Cash Holdings.” Journal of Corporate Finance 13 (1): 43–57. doi:10.1016/j.jcorpfin.2006.05.002.
   Web of Science ®Google Scholar
• Harford, J. 1999. “Corporate Cash Reserves and Acquisitions.” Journal of Finance 54 (6): 1969–1997. doi:10.2139/ssrn.2109.
   Web of Science ®Google Scholar
• Harford, J., S. A. Mansi, and W. F. Maxwell. 2008. “Corporate Governance and Firm Cash Holdings in the US.” Journal of Financial Economics 87 (6): 535~555. doi:10.1016/j.jfineco.2007.04.002.
   Google Scholar
• Hart, S. L. 1995. “A Natural-Resource-Based View of the Firm.” Academy of Management Review 20 (4): 986–1014. doi:10.2307/258963.
   Web of Science ®Google Scholar
• Hermalin, B. E., and M. S. Weisbach. 2012. “Information Disclosure and Corporate Governance.”.” The Journal of Finance 67 (1): 195–233. doi:10.1111/j.1540-6261.2011.01710.x.
   Web of Science ®Google Scholar
• Hillman, A. J., and G. D. Keim. 2001. “Shareholder Value, Stakeholder Management, and Social Issues: What’s the Bottom Line?” Strategic Management Journal 22 (2): 125–139. doi:10.1002/1097-0266(200101)22:23.0.CO;2-H.
   Web of Science ®Google Scholar
• Hung, M., J. Shi, and Y. Wang. 2013. “The Effect of Mandatory CSR Disclosure on Information Asymmetry: Evidence from a Quasi-Natural Experiment in China.” Asian Finance Association 2013 Conference. doi:10.2139/ssrn.2206877.
   Google Scholar
• Jensen, M. C. 1986. “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.” The American Economic Review 76 (2): 323–329. doi:10.2139/ssrn.99580.
   Web of Science ®Google Scholar
• Jiraporn, P., and P. Chintrakarn. 2013. “How Do Powerful CEOs View Corporate Social Responsibility (CSR)? An Empirical Note.” Economics Letters 119 (3): 344–347. doi:10.1016/j.econlet.2013.03.026.
   Web of Science ®Google Scholar
• Jo, H., and M. A. Harjoto. 2012. “The Causal Effect of Corporate Governance on Corporate Social Responsibility.” Journal of Business Ethics 106 (1): 53–72. doi:10.1007/s10551-011-1052-1.
   Web of Science ®Google Scholar
• Jones, T. M. 1995. “Instrumental Stakeholder Theory: A Synthesis of Ethics and Economics.” Academy of Management Review 20 (2): 404–437. doi:10.5465/amr.1995.9507312924.
   Web of Science ®Google Scholar
• Kalcheva, I., and K. V. Lins. 2007. “International Evidence on Cash Holdings and Expected Managerial Agency Problems.” Review of Financial Studies 20 (4): 1087–1112. doi:10.1093/rfs/hhm023.
   Web of Science ®Google Scholar
• Lamont, O., C. Polk, and J. Saaá-Requejo. 2001. “Financial Constraints and Stock Returns.” The Review of Financial Studies 14 (2): 529–554. doi:10.2139/ssrn.113336.
   Web of Science ®Google Scholar
• Lee, C., and H. Park. 2016. “Financial Constraints, Board Governance Standards, and Corporate Cash Holdings.” Review of Financial Economics 28: 21–34. doi:10.1016/j.rfe.2015.10.001.
   Web of Science ®Google Scholar
• Liu, L., and G. G. Tian. 2021. “Mandatory CSR Disclosure, Monitoring and Investment Efficiency: Evidence from China.” Accounting & Finance 61 (1): 595–644. doi:10.1111/acfi.12588.
   Web of Science ®Google Scholar
• Liu, Y., and D. C. Mauer. 2011. “Corporate Cash Holdings and CEO Compensation Incentives.” Journal of Financial Economics 102 (1): 183–198. doi:10.1016/j.jfineco.2011.05.008.
   Web of Science ®Google Scholar
• Myers, S. C., and N. S. Majluf. 1984. “Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have.” Journal of Financial Economics 13 (2): 187–221. doi:10.1016/0304-405X(84)90023-0.
   Web of Science ®Google Scholar
• Opler, T., L. Pinkowitz, R. Stulz, and R. Williamson. 1999. “The Determinants and Implications of Cash Holdings.” Journal of Financial Economics 52 (1): 3–46. doi:10.1016/S0304-405X(99)00003-3.
   Web of Science ®Google Scholar
• Palazzo, D. 2012. “Cash Holdings, Risk, and Expected Returns.” Journal of Finance Economics 104 (1): 162–185. doi:10.1016/j.jfineco.2011.12.009.
   Web of Science ®Google Scholar
• Pinkowitz, L., R. Stulz, and R. Williamson. 2006. “Does the Contribution of Corporate Cash Holdings and Dividends to Firm Value Depend on Governance? A Cross-Country Analysis.” Journal of Finance 61 (6): 2725–2751. doi:10.1111/j.1540-6261.2006.01003.x.
   Web of Science ®Google Scholar
• Richardson, S. 2006. “Over-Investment of Free Cash Flow.” Review of Accounting Studies 11 (2–3): 159–189. doi:10.1007/s11142-006-9012-1.
   Web of Science ®Google Scholar
• Tong, Z. 2010. “CEO Risk Incentives and Corporate Cash Holdings.” Journal of Business Finance & Accounting 37 (9‐10): 1248–1280. doi:10.1111/j.1468-5957.2010.02208.x.
   Web of Science ®Google Scholar
• Whited, T. M., and G. Wu. 2006. “Financial Constraints Risk.” The Review of Financial Studies 19 (2): 531–559. doi:10.2139/ssrn.410816.
   Web of Science ®Google Scholar
• Xiong, F., Y. Zheng, Z. An, and S. Xu. 2021. “Does Internal Information Quality Impact Corporate Cash Holdings? Evidence from China.” Accounting & Finance 61 (S1): 2151–2171. doi:10.1111/acfi.12657.
   Google Scholar
• Xu, H., X. Xu, and J. Yu. 2021. “The Impact of Mandatory CSR Disclosure on the Cost of Debt Financing: Evidence from China.” Emerging Markets Finance and Trade 57 (8): 2191–2205. doi:10.1080/1540496X.2019.1657401.
   Web of Science ®Google Scholar