Linking Cash Holding with Firm Value: A Comparative Analysis of Cash-Rich and Cash-Poor Restaurant Firms'

목차 (Table of Contents)

• Abstract
• Ⅰ. Introduction
• Ⅱ. Previous Findings and Research Hypothesis
• Ⅲ. Data and Methodology
• Ⅳ. Results
• Ⅴ. Discussion, Conclusion, and Further Research
• References

참고문헌 (Reference)

1 Parsa, H. G., "Why restaurants fail" 46 (46): 304-322, 2005

2 Ferreira, M. A, "Why do firms hold cash? Evidence from EMU countries" 10 (10): 295-319, 2004

3 Bates, T. W., "Why do US firms hold so much more cash than they used to" 64 (64): 1985-2021, 2009

4 Lins, K. V., "What drives corporate liquidity? An international survey of cash holdings and lines of credit" 98 (98): 160-176, 2010

5 Himmelberg, C. P., "Understanding the determinants of managerial ownership and the link between ownership and performance" 53 (53): 353-384, 1999

6 Jensen, M. C, "Theory of the firm: Managerial behavior, agency costs and ownership structure" 3 (3): 305-360, 1976

7 Keynes,J.M, "The general theory of employment, interest and money" Macmillan Cambridge University Press 1936

8 Opler, T., "The determinants of implications of corporate cash holdings" 52 (52): 3-46, 1999

9 Hardin, W. G., "The determinants of REIT cash holdings" 39 (39): 39-57, 2009

10 Saddour, K, "The determinants and the value of cash holdings: Evidence from French firms"

11 Shyam-Sunder, L, "Testing static tradeoff against pecking order models of capital structure" 51 (51): 219-244, 1999

12 Restaurant Association of Maryland, "State of the Restaurant Industry"

13 Cho, H, "Relationship between innovativeness, quality growth, profitability, and market value" 26 (26): 555-575, 2005

14 Kim, H, "Predicting restaurant bankruptcy: A logit model in comparison with a discriminant model" 30 (30): 474-493, 2006

15 Davies, J. R., "Ownership structure, managerial behavior and corporate value" 11 (11): 645-660, 2005

16 Drobetz, W., "Information asymmetry and the value of cash" 34 (34): 2168-2184, 2010

17 Swanson, Z. L, "Impact of cash holdings on investment value"

18 Subramaniam, V., "Firm structure and corporate cash holdings" 2010

19 Fresard,L, "Financial strength and product market behavior: The real effects of corporate cash holdings" 65 (65): 1097-1122, 2010

20 Denis, D. J, "Financial constraints, investment, and the value of cash holdings" 23 (23): 247-269, 2010

21 Lee, E, "Excess cash holdings and shareholder value" 51 (51): 549-574, 2011

22 Hsu, J, "Effects of restaurant franchising: Does an optimal franchise proportion exist" 28 (28): 204-211, 2009

23 Chathoth, P. K, "Does corporate growth really matter in the restaurant industry" 26 (26): 66-80, 2007

24 Kim, J., "Determinants of corporate cash-holding levels: An empirical examination of the restaurant industry" ELSEVIER SCI LTD 30 (30): 568-574, 2011

25 D’Mello, R., "Determinants of corporate cash holdings: Evidence from spin-offs" 32 (32): 1209-1220, 2008

26 Jang, S, "Cross-balance sheet interdependencies of restaurant firms: A canonical correlation analysis" 25 (25): 159-166, 2006

27 Han, S, "Corporate precautionary cash holdings" 13 (13): 43-57, 2007

28 Kusnadi,Y, "Corporate governance mechanisms and corporate cash holdings" Hong Kong University of Science and Technology, Hong Kong SAR 2006

29 Dittmar, A, "Corporate governance and the value of cash holdings" 83 (83): 599-634, 2007

30 Harford, J., "Corporate governance and a firm’s cash holdings" 87 (87): 535-555, 2008

31 Myers, S. C, "Corporate financing and investment decisions when firms have information that investors do not have" 13 (13): 187-221, 1984

32 Harford,J, "Corporate cash reserves and acquisitions" 54 (54): 1969-1997, 1999

33 Couderc,N, "Corporate cash holdings: Financial determinants and consequences"

34 Ozkan, A, "Corporate cash holdings: An empirical investigation of UK companies" 28 (28): 2103-2134, 2004

35 Liu, Y, "Corporate cash holdings and CEO compensation incentives"

36 Martínez-Sola, C., "Corporate cash holding and firm value"

37 Duchin,R, "Cash holdings and corporate diversification" 65 (65): 955-992, 2010

38 Jensen,M.C, "Agency costs of free cash flow, corporate finance and takeovers" 76 (76): 323-329, 1986

39 Hsu, J, "Advertising expenditure, intangible value and risk: A study of restaurant companies" 27 (27): 259-267, 2008

40 Chung, K. H, "A simple approximation of the Tobin’s q" 23 (23): 70-74, 1994