Agency Conflicts and the Cash Flow Sensitivity of Cash in Australia
|dc.contributor.author||Skeggs, Jonathan Mitchell|
|dc.identifier.citation||Skeggs, 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/10523/5454||en|
|dc.description.abstract||This 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.publisher||University of Otago|
|dc.rights||All 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.title||Agency Conflicts and the Cash Flow Sensitivity of Cash in Australia|
|thesis.degree.discipline||Finance and Accountancy|
|thesis.degree.name||Master of Business|
|thesis.degree.grantor||University of Otago|
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