Political uncertainty and cash holdings: Evidence from China
Abstract
We examine the relation between political uncertainty and cash holdings for firms in China. We document that, during the first year of a new city government official's appointment, a firm, on average, holds less cash, which is consistent with the grabbing hand hypothesis of politician. Our results are robust to alternative measures of cash holdings, instrumental variable estimation, sub-samples without firms in four major cities, a matched...
Paper Details
Title
Political uncertainty and cash holdings: Evidence from China
Published Date
Oct 1, 2016
Journal
Volume
40
Pages
276 - 295
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