Bae Jaewan, Kang Jangkoo
College of Business, Korea Advanced Institute of Science and Technology, 85 Hoegiro, Dongdaemun-Gu, Seoul 02455, Republic of Korea.
College of Business, Korea Advanced Institute of Science and Technology, Republic of Korea.
Econ Lett. 2023 Mar;224:111034. doi: 10.1016/j.econlet.2023.111034. Epub 2023 Feb 10.
This study investigates the dynamics of corporate cash holdings. We argue that firms in industries with low remote work feasibility have more incentives to hold cash during COVID-19 because of a precautionary saving motive or to retain their employees. The analysis results consistently show that firms less able to transition to remote work maintain higher cash holdings during COVID-19, and, more importantly, this effect is stronger for firms with more employees. Furthermore, we find that a higher share of female workers is associated more strongly with high levels of cash holdings for firms with low remote work capacity during COVID-19.
本研究考察了企业现金持有量的动态变化。我们认为，在新冠疫情期间，远程工作可行性较低行业的公司，出于预防性储蓄动机或留住员工的考虑，有更强的动机持有现金。分析结果一致表明，在新冠疫情期间，较难转向远程工作的公司会保持更高的现金持有量，更重要的是，这种影响在员工较多的公司中更为明显。此外，我们发现，在新冠疫情期间，对于远程工作能力较低的公司而言，女性员工比例较高与高水平的现金持有量之间的关联更为紧密。
