References of "Managerial Finance"
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See detailAccruals Quality, Financial Constraints And Corporate Cash Holdings
Mansali, Hatem; Derouiche, Imen UL; Jemai, Karima

in Managerial Finance (2019)

This paper examines the impact of accruals quality on the corporate cash holdings of a large sample of 6,501 observations of French firms listed in Euronext Paris over the period 2000 – 2015. The results ... [more ▼]

This paper examines the impact of accruals quality on the corporate cash holdings of a large sample of 6,501 observations of French firms listed in Euronext Paris over the period 2000 – 2015. The results show that cash holdings decrease with accruals quality, suggesting that firms tend to increase their cash reserves in the presence of information asymmetry driven, in particular, by low accounting quality. The results also show that this negative effect is more pronounced in financially constrained firms than in financially unconstrained ones. This indicates that low reporting quality drives higher cash holdings when firms are, in addition, financially constrained, which emphasizes the importance of information asymmetry for corporate cash holdings. Overall, the conclusion is consistent with the precautionary motive for cash holdings. Support is also found for the notion that corporate transparency is a key factor in explaining a firm’s cash management policy and, in general, corporate policies. [less ▲]

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See detailDeterminants of bank efficiency: Evidence from a semi-parametric mathodology
Papanikolaou, Nikolaos UL; Delis, Manthos

in Managerial Finance (2009), 35(3), 260-275

Purpose – This paper aims to analyze bank efficiency into a number of bank-specific, industryspecific and macroeconomic determinants. Design/methodology/approach – The authors follow a semi-parametric two ... [more ▼]

Purpose – This paper aims to analyze bank efficiency into a number of bank-specific, industryspecific and macroeconomic determinants. Design/methodology/approach – The authors follow a semi-parametric two-stage methodology, where productive efficiency is derived via a non-parametric technique in the first stage and then the scores obtained are linked to a series of determinants of bank efficiency, using a double bootstrapping procedure. Findings – Overall, it is found that the banking sectors of almost all the sample countries show a gradual improvement in their efficiency levels. The model used shows that a number of determinants like bank size, industry concentration and the investment environment have a positive impact on bank efficiency, which is not the case when standard Tobit models are employed. Research limitations/implications – The findings have important implications for the relevance of well-known hypotheses that refer to the performance of the banking sectors, like the structure conduct-performance and the efficient structure hypotheses. These implications are not necessarily verified when past conventional econometric methodologies are used. Practical implications – The paper offers new insights to policy makers, bank managers and practitioners on the relevance of a number of driving factors of bank efficiency that might help them to improve the performance of the banking system and enhance the quality of services provided. Originality/value – This is the first paper in the bank efficiency literature that employs a semiparametric two-stage model, which relaxes several deficiencies of previous two-stage empirical approaches thus, offering a solution to the many problematic features of standard censored regressions. [less ▲]

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