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dc.contributor.advisorBhabra, Gurmeet
dc.contributor.authorSkeggs, Jonathan Mitchell
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
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.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 Flow
dc.subjectAgency Costs
dc.subjectAsymmetric Information
dc.subjectFinancial Constraint
dc.subjectLiquidity Management
dc.subjectCorporate Governance
dc.subjectFinancial Distress
dc.subjectCleary Index
dc.subjectCorporate Policy
dc.titleAgency Conflicts and the Cash Flow Sensitivity of Cash in Australia
dc.language.rfc3066en and Accountancy of Business of Otago
otago.openaccessAbstract Only
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