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dc.contributor.advisorBhabra, Gurmeet
dc.contributor.authorSkeggs, Jonathan Mitchell
dc.date.available2015-02-03T20:10:05Z
dc.date.copyright2015
dc.identifier.citationSkeggs, J. M. (2015). Agency Conflicts and the Cash Flow Sensitivity of Cash in Australia (Thesis, Master of Business). University of Otago. Retrieved from http://hdl.handle.net/10523/5454en
dc.identifier.urihttp://hdl.handle.net/10523/5454
dc.description.abstractThis thesis investigates the primary influences of cross-sectional variation in the cash flow sensitivity of cash in Australian firms over the period 1994-2013. Financial constraints are found to significantly increase the sensitivity of a firm’s cash holdings to internally generated cash flows. The role of corporate governance is examined and agency conflicts are identified to have a significant influence on liquidity management. I provide evidence in favour of the costly contracting hypothesis impacting poorly governed firm’s liquidity policy. Alternative influences, such as industry and financial distress are also shown to explain cross-sectional variation in liquidity management. Ultimately, I find that liquidity policy is not purely driven by a firm’s financial constraint, but however a collective mix of several influences on firm behaviour.
dc.language.isoen
dc.publisherUniversity of Otago
dc.rightsAll items in OUR Archive are provided for private study and research purposes and are protected by copyright with all rights reserved unless otherwise indicated.
dc.subjectCash
dc.subjectCash Flow
dc.subjectSensitivity
dc.subjectAgency Costs
dc.subjectAsymmetric Information
dc.subjectFinancial Constraint
dc.subjectLiquidity Management
dc.subjectCorporate Governance
dc.subjectFinancial Distress
dc.subjectIndustry
dc.subjectMining
dc.subjectCleary Index
dc.subjectCorporate Policy
dc.titleAgency Conflicts and the Cash Flow Sensitivity of Cash in Australia
dc.typeThesis
dc.date.updated2015-02-03T09:22:21Z
dc.language.rfc3066en
thesis.degree.disciplineFinance and Accountancy
thesis.degree.nameMaster of Business
thesis.degree.grantorUniversity of Otago
thesis.degree.levelMasters
otago.interloanno
otago.openaccessAbstract Only
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