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| ???org.dspace.app.webui.jsptag.ItemTag.dcfield??? | Value | Language |
|---|---|---|
| dc.contributor.advisor | 吳儀玲(Yi-Lin Wu) | |
| dc.contributor.author | Ping-Shiou Chen | en |
| dc.contributor.author | 陳品秀 | zh_TW |
| dc.date.accessioned | 2023-03-19T23:20:23Z | - |
| dc.date.copyright | 2022-07-05 | |
| dc.date.issued | 2022 | |
| dc.date.submitted | 2022-06-25 | |
| dc.identifier.citation | Addoum, J., Ng, D., Ortiz-Bobea, A. (2020). Temperature Shocks and Establishment Sales. The Review of Financial Studies, 33(3), 1331–1366. Almeida, H., Campello, M., and Weisbach, M. (2004). The cash flow sensitivity of cash. Journal of Finance, 59, 1777–1804. Barnett, M., Brock, W., Hansen, L. (2020). Pricing Uncertainty Induced by Climate Change. The Review of Financial Studies, 33(3), 1024–1066. Chen, D., Li, S., Xiao, J., Zou, H. (2014). The effect of government quality on corporate cash holdings. Journal of Corporate Finance, 27, 384–400. Dieter, C., Maupin, M., Caldwell, R., Harris, M., Ivahnenko, T., Lovelace, J., Barber, N., and Linsey, K. (2018). Estimated use of water in the United States in 2015. U.S. Geological Survey Circular 1441. https://doi.org/10.3133/cir1441. Dittmar, A. and Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83, 599–634. Fang, V., Noe, T., Tice, S. (2009). Stock market liquidity and firm value. Journal of Financial Economics, 94, 150–169. Fisher, A., Hanemann, W., Roberts, M., and Schlenker, W. (2012). The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather: Comment. American Economic Review, 102(7), 3749-60. Deschenes, O. and Greenstone, M. (2007). The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather. The American Economic Review, 97(1), 354-385. Hong, H., Li, F., Xu, J. (2019). Climate risks and market efficiency. Journal of Econometrics, 208, 265-281. Huynh, T., Nguyen, T., Truong, C. (2020). Climate risk: The price of drought. Journal of Corporate Finance, 65, 101750. Hundertmark, T., Lueck, K., Packer, B. (2020). Water: A human and business priority. McKinsey Quarterly. https://www.mckinsey.com/business-functions/sustainability/our-insights/water-a-human-and-business-priority Mulligan, C. (1997). Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms. Journal of Political Economy, 105(5), 1061-1079. Opler, T., Pinkowitz, L., Stulz, R., and Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52, 3–46. Pérez-González, F. and Yun, H. (2013). Risk Management and Firm Value: Evidence from Weather Derivatives. The Journal of Finance, 68 (5), 2143-2176. Petersen, M. A. (2009). Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches. The Review of Financial Studies, 22, 435-480. Qian, H., Zhong, K., and Zhong, Z. (2012). Seasoned Equity Issuers’ RD Investments: Signaling or Overoptimism. Journal of Financial Research, 35(4), 553-580. Shipe, S. (2015). Volatility of Cash Holdings and Firm Value. Job Market Paper. Simutin, M. (2010). Excess Cash and Stock Returns. Financial Management, 39(3), 1197-1222. Bates, T., Kahle, K., Stulz, R. (2009). Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance, 64(5), 1985-2021. Drought Classifications. Retrieved from. https://www.weather.gov/riw/drought_index | |
| dc.identifier.uri | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/85642 | - |
| dc.description.abstract | 此研究的目的是調查乾旱發生時，企業現金持有的政策變化。我們觀察Palmer乾旱指數和現金持有數據，發現乾旱風險和現金持有之間有顯著的正相關關係。當企業所在的郡發生極端乾旱時，企業的現金持有量在資產中的占比增加0.03。此結果符合預防動機理論，即企業會持有更多現金以應對突發的或不可避免的風險。我們還發現，隨著乾旱的加劇，增量現金和現金的波動性皆會增加，表示企業在乾旱發生時會保留更多的現金並動態地調整他們持有的現金數量。整體而言，此研究顯示了受乾旱影響的公司的預防動機，並且提供了企業增加現金持有量的可能原因。 | zh_TW |
| dc.description.abstract | The objective of the study is to investigate the policy change in corporate cash holdings when a drought occurs. We conduct an empirical study of drought on cash holdings. By observing the Palmer Drought Severity Index and cash holding data, we document a significant positive relation between drought risk and cash holding. The estimation shows that the corporate ratio of cash holdings to assets is 0.03 higher when there is extreme drought in the county where the corporates are located in. This result supports the theory of precaution motive and indicates that corporates hold more cash to face unexpected climate risks. We also find that excess cash and cash volatility increase as drought becomes intense, showing that corporates maintain more cash and adjust the amount of cash they hold when drought occurs. Overall, the findings show the precautionary motive for firms affected by droughts and offer possible reasons for the increase in corporate cash holdings. | en |
| dc.description.provenance | Made available in DSpace on 2023-03-19T23:20:23Z (GMT). No. of bitstreams: 1 U0001-2106202222110000.pdf: 654221 bytes, checksum: 04e3535e4d1025837bca1b41afd5b09a (MD5) Previous issue date: 2022 | en |
| dc.description.tableofcontents | 口試委員會審定書i 誌謝ii 中文摘要iii 英文摘要iv 1 Introduction 1 2 Literature Review and Hypothesis 4 2.1 Literature Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2.2 Hypothesis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 3 Data and Variable 8 3.1 Palmer Drought Index . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 3.2 Cash Holdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 3.3 Control Variables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 3.4 Sample . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 4 Empirical Results 15 4.1 10 States With Most Severe Drought . . . . . . . . . . . . . . . . . . . . 15 4.2 Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 4.3 Correlation Coefficient . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 4.4 Regression Analysis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 4.4.1 Drought and Cash Holdings . . . . . . . . . . . . . . . . . . . . 20 4.4.2 Drought and Excess Cash . . . . . . . . . . . . . . . . . . . . . 21 4.4.3 Drought and Cash Holdings: Alternative Cash Measures . . . . . 23 4.4.4 PDSI Volatility and Cash Holdings . . . . . . . . . . . . . . . . . 25 4.4.5 Drought and Cash Holding Volatility . . . . . . . . . . . . . . . 27 5 Robustness Analysis 30 5.1 Cluster-Specific Fixed Effects . . . . . . . . . . . . . . . . . . . . . . . 30 5.2 Drought and Cash Holdings: New Issues . . . . . . . . . . . . . . . . . . 31 5.3 Drought and Cash Holdings: High-tech Corporates . . . . . . . . . . . . 34 6 Discussion and Conclusion 36 References 38 Appendices 41 A Variable Definitions 41 B Excess Cash Definition 42 List of Tables 1 Drought Classifications . . . . . . . . . . . . . . . . . . . . . . . . . . 9 2 Control Variables and Predicted Signs . . . . . . . . . . . . . . . . . . 14 3 10 U.S. States That Have the Worst Droughts from 1993 to 2016 . . . 16 4 Summary Statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 5 Correlation Coefficient . . . . . . . . . . . . . . . . . . . . . . . . . . 19 6 Drought and Cash Holdings . . . . . . . . . . . . . . . . . . . . . . . 22 7 Drought and Excess Cash . . . . . . . . . . . . . . . . . . . . . . . . . 24 8 Drought and Cash holdings: Alternative Cash Measures . . . . . . . 26 9 PDSI Volatility and Cash Holdings . . . . . . . . . . . . . . . . . . . . 28 10 Drought and Cash Volatility . . . . . . . . . . . . . . . . . . . . . . . 29 11 Cluster-Specific Fixed Effects . . . . . . . . . . . . . . . . . . . . . . . 32 12 Drought and Cash Holdings: New Issues . . . . . . . . . . . . . . . . 33 13 Drought and Cash Holdings: High Tech Firms . . . . . . . . . . . . . 35 | |
| dc.language.iso | en | |
| dc.subject | 帕默爾乾旱指數 | zh_TW |
| dc.subject | 公司治理 | zh_TW |
| dc.subject | 現金持有 | zh_TW |
| dc.subject | 乾旱 | zh_TW |
| dc.subject | 氣候變遷 | zh_TW |
| dc.subject | Climate Change | en |
| dc.subject | Cash Holdings | en |
| dc.subject | Drought | en |
| dc.subject | PDSI | en |
| dc.subject | Corporate Governance | en |
| dc.title | 公司現金持有與極端乾旱 | zh_TW |
| dc.title | Corporate Cash Holdings and Extreme Drought | en |
| dc.type | Thesis | |
| dc.date.schoolyear | 110-2 | |
| dc.description.degree | 碩士 | |
| dc.contributor.oralexamcommittee | 樊家忠(Elliott Fan),江淳芳(Chun-Fang Chiang) | |
| dc.subject.keyword | 氣候變遷,帕默爾乾旱指數,乾旱,現金持有,公司治理, | zh_TW |
| dc.subject.keyword | Climate Change,PDSI,Drought,Cash Holdings,Corporate Governance, | en |
| dc.relation.page | 42 | |
| dc.identifier.doi | 10.6342/NTU202201045 | |
| dc.rights.note | 同意授權(全球公開) | |
| dc.date.accepted | 2022-06-28 | |
| dc.contributor.author-college | 社會科學院 | zh_TW |
| dc.contributor.author-dept | 經濟學研究所 | zh_TW |
| dc.date.embargo-lift | 2022-07-05 | - |
| Appears in Collections: | 經濟學系 | |
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| File | Size | Format | |
|---|---|---|---|
| U0001-2106202222110000.pdf | 638.89 kB | Adobe PDF | View/Open |
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