Differential cash constraints, financial leverage and the demand for money: Evidence from a complete panel of Taiwanese firms

Jin Tan Liu, Meng Wen Tsou, Ping Wang

研究成果: 雜誌貢獻期刊論文同行評審

9 引文 斯高帕斯(Scopus)

摘要

This paper studies firms' demand for money by developing a differential-cash-constraint framework with firms' entire wage bills requiring cash in advance and a fraction of investment purchases being financed by credits. In addition to conventional scale and opportunity-cost factors, firms' financial status and profitability are crucial determinants for their money demand behavior. Employing a new data set consisting of a panel of Taiwanese firms over 1990-97, our econometric analysis lends empirical support to our theory. The estimates suggest that economies of scale in firms' cash management are present and that lower financial leverage or higher profitability raises money demand significantly.

原文???core.languages.en_GB???
頁(從 - 到)523-542
頁數20
期刊Journal of Macroeconomics
30
發行號1
DOIs
出版狀態已出版 - 3月 2008

指紋

深入研究「Differential cash constraints, financial leverage and the demand for money: Evidence from a complete panel of Taiwanese firms」主題。共同形成了獨特的指紋。

引用此