참고문헌
- Acharya, V. V., Almeida, H. and Campello, M. (2007). Is cash negative debt? A hedging perspective on corporate financial policies. Journal of Financial Intermediation, 16, 515-554. https://doi.org/10.1016/j.jfi.2007.04.001
- Adam, T. and Goyal, V. (2008). The investment opportunity set and its proxy variables. The Journal of Financial Research, 31, 41-63. https://doi.org/10.1111/j.1475-6803.2008.00231.x
- Almeida, H., Campello, M., and Weisbach, M. S. (2004). The cash flow sensitivity of cash. Journal of Finance, 59, 1777-1804. https://doi.org/10.1111/j.1540-6261.2004.00679.x
- Barclay, M. J. and Smith, C. W. (1995). The maturity structure of corporate debt. Journal of Finance, 50, 609-631. https://doi.org/10.1111/j.1540-6261.1995.tb04797.x
- Bates, T. W., Kahle, K. M. and Stulz, R. M. (2009). Why do U.S. firms hold so much more cash than they used to? Journal of Finance, 59, 1985-2021.
- Begenau, J. and Palazzo, B. (2016). Firm selection and corporate cash holdings, Working Paper.
- Baumol, W. (1952). The transaction demand for cash: An inventory theoretic approach. The Quarterly Journal of Economics, 66. 545-556. https://doi.org/10.2307/1882104
- D’Mello, R., Krishnaswami, S. Larkin, P. J. (2008). Determinants of corporate cash holdings, evidence from spin-offs. Journal of Banking & Finance, 32, 1209-1220. https://doi.org/10.1016/j.jbankfin.2007.10.005
- Dickinson, V. (2011). Cash flow patterns as a proxy for firm life cycle. The Accounting Review, 86, 1969-1994. https://doi.org/10.2308/accr-10130
- Dittmar, A. and Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83, 599-634. https://doi.org/10.1016/j.jfineco.2005.12.006
- Dittmar, A., Mahrt-Smith, J. and Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative Analysis, 38, 111-133. https://doi.org/10.2307/4126766
- Dittmar, A. and Duchin, R. (2011). The Dynamics of cash, Working Paper.
- Drobetz W., Halling, M. and Schroder, H. (2015). Corporate life-cycle dynamics of cash holdings, Working Paper.
- Duchin, R. (2010). Cash holdings and corporate diversification. Journal of Finance, 65, 955-992. https://doi.org/10.1111/j.1540-6261.2010.01558.x
- Fama, E. F. and French, K. R. (1993), Common risk factors in the returns on stocks and bonds. Journal of Financial Economics, 33, 3-56. https://doi.org/10.1016/0304-405X(93)90023-5
- Fama, E. F. and French, K. R. (1998). Taxes, financing decisions, and firm value. Journal of Finance, 53, 819-843. https://doi.org/10.1111/0022-1082.00036
- Faulkender, M. (2002). Cash holdings among small businesses, Working Paper.
- Faulkender, M. and Wang, R. (2006). Corporate financial policy and the value of cash. Journal of Finance, 61, 1957-1990. https://doi.org/10.1111/j.1540-6261.2006.00894.x
- Ferreira, M. A. and Vilela, A. S. (2004). Why do firms hold cash? Evidence from EMU countries. European Financial Management, 10, 295-319. https://doi.org/10.1111/j.1354-7798.2004.00251.x
- Foley, C. F., Hartzell, J. C., Titman, S. and Twite, G. (2007). Why do firms hold so much cash? A tax-based explanation. Journal of Financial Economics, 86, 579-607. https://doi.org/10.1016/j.jfineco.2006.11.006
- Flannery, M .J. and Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79, 469-506. https://doi.org/10.1016/j.jfineco.2005.03.004
- Frank, M. Z. and Goyal, V. K. (2008). Trade-off and pecking order theories of debt, Espen Eckbo (ed.), Handbook of Corporate Finance, Empirical Corporate Finance (Handbooks in Finance Series, Elsevier/North-Holland), Chapter 7.
- Frank, M. Z. and Goyal, V. K. (2009), Capital structure decisions: Which factors are reliably important? Financial Management, 38, 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
- Graham J. R. and Leary, M. T. (2015). The Evolution of corporate cash, Working Paper.
- Harford, J. (1999). Corporate cash reserves and acquisitions. Journal of Finance, 54, 1969-1997. https://doi.org/10.1111/0022-1082.00179
- Jalivand, A. and Harris, R. (1984). Corporate behavior in adjusting to capital structure and dividedn targets: An econometric study. Journal of Finance, 39, 127-145. https://doi.org/10.1111/j.1540-6261.1984.tb03864.x
- Jensen, M. C. and Meckling, W. H. (1976). Theory of the firm, nanagerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3, 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
- Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76, 323-329.
- John, T. A. (1993). Accounting measures of corporate liquidity, leverage, and costs of financial distress. Financial Management, 22, 91-100. https://doi.org/10.2307/3665930
- Jung, K. and Kim, B. (2008). Corporate cash holdings and tax-induced debt financing. Asia-Pacific Journal of Financial Studies, 37, 983-1023. https://doi.org/10.1111/j.2041-6156.2008.tb00001.x
- Keyens. J. H. (1936). The general theory of money, interest and employment, Reprinted in the collected writings of John maynard keynens 7.
- Kim, C. S., Mauer, D. C. and Sherman, A. E. (1998). The determinants of corporate liquidity, Theory and evidence. Journal of Financial and Quantitative Analysis, 33, 335-359. https://doi.org/10.2307/2331099
- Kim, S.P. (2007). The Influence of Corporate Ownership Structure on Cash Holdings. Korean Management Review, 36, 739-763.
- Keefe, M. O'C. and Kieschnick, R. (2013). Why does the marginal value of cash to shareholders vary over time, Working Paper.
- Kraus, A. and Litzenberger. (1973). A state-preference model of opitmal financial leverage. Journal of Finance, 28, 911-922. https://doi.org/10.1111/j.1540-6261.1973.tb01415.x
- Muliert, M., Schoors, K. and Merlevede, B. (2014). Investment cash flow sensitivity, The role of cash flow volatility, Working Paper.
- Mikkelson, W. H. and Partch, M. M. (2003). Do persistent large cash reserves hinder performance? Journal of Financial and Quantitative Analysis, 38, 275-294. https://doi.org/10.2307/4126751
- Miller, D. and Friesen, P. H. (1984). A Longitudinal study of the corporate life cycle. Management Science, 30, 1161-1183. https://doi.org/10.1287/mnsc.30.10.1161
- Miller, M. and Orr, D. (1966). A model of the demand for money by firms. The Quarterly Journal of Economics, 80, 413-435. https://doi.org/10.2307/1880728
- Modigliani, F. and Miller, M. H. (1963). Corporate income taxes and the cost of capital, A correction. The American Economic Review, 53, 433-443.
- Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5, 147-175. https://doi.org/10.1016/0304-405X(77)90015-0
- Myers, S. C. (1984). The capital structure puzzle. Journal of Finance, 39, 574-592. https://doi.org/10.1111/j.1540-6261.1984.tb03646.x
- Myers, S. C. and Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13, 187-221. https://doi.org/10.1016/0304-405X(84)90023-0
- Oler, D. K. and Picconi, M. P. (2014). Implications of insufficient and excess cash for future performance. Contemporary Account Research, 31, 253-283. https://doi.org/10.1111/1911-3846.12012
- Opler, T. C., Pinkowitz, L., Stulz, R. M. and Williamson, R. (1999). The determinants and Implications of corporate cash holdings. Journal of Financial Economics, 52, 3-46. https://doi.org/10.1016/S0304-405X(99)00003-3
- Ozkan, A. and Ozkan, N. (2004). Corporate cash holdings, An empirical investigation of UK companies. Journal of Banking & Finance, 28, 2103-2134. https://doi.org/10.1016/j.jbankfin.2003.08.003
- Pinkowitz, L. and Williamson, R. (2001). Bank power and cash holdings, Evidence from Japan. Review of Financial Studies, 14, 1059-1082. https://doi.org/10.1093/rfs/14.4.1059
- Park, C. G. and Nam. H. J. (2014). An Internalization and cash holdings of corporation. The Korean Journal of Financial Engineering, 13, 129-148.
- Pinkowitz, L., Dahiya, E., Dastidar, P. and Harford, J. (2002). The market for corporate control and corporate cash holdings, Working Paper.
- Pinkowitz, L. and Williamson, R. (2002). What is a dollar worth? The market value of cash holdings, Working Paper.
- Saddour, K. (2006). The determinants and the value of cash holdings: Evidence from french firms, Working Paper.
- Seo, J. Y. (2011), Is korean SMEs' cash holding level target-oriented? The Korean Academic Association of Business Administration, 24, 2729-2744.
- Shin. M. S. and Kim, S. E. (2010), The relations between ownership structure and cash holdings of firms. The Korean Journal of Financial Management, 27, 89-120.
- Stulz, R. M. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26, 3-27. https://doi.org/10.1016/0304-405X(90)90011-N
- Shyam-Sunder, L. and Myers, S. C. (1999). Testing static tradeoff against pecking order models of capital structure. Journal of Financial Economics, 51, 219-244. https://doi.org/10.1016/S0304-405X(98)00051-8
- Titman, S. and Wessels, R. (1988). The determinants of capital structure choice. Journal of Finance, 43, 1-19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
- Tobin. J. (1956). The interest-elasticity of transactions demand for cash. The review of Economics and Statistics, 38, 241-247. https://doi.org/10.2307/1925776
- Whalen, E. (1966). A rationalization of the precautionary demand for cash. The Quarterly Journal of Economics, 80, 314-324. https://doi.org/10.2307/1880695
- Weidemann, J. F. (2015). A State-of-the-art review of corporate cash holding Research, Working Paper.
- Wooldridge, J. M. (2002). Econometric analysis of cross Section and panel data, The MIT Press.
- Yang, H., Choi J. S., Han, J. T. and Jeong, J. (2015). Influence of tuition and scholarship on the stop-out rate: An empirical analysis using panel regression model. Journal of the Korean Data & Information Science Society, 26, 631-638. https://doi.org/10.7465/jkdi.2015.26.3.631