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dc.contributor.authorOstergaard, Charlotte
dc.contributor.authorSasson, Amir
dc.contributor.authorSørensen, Bent E.
dc.date.accessioned2021-06-28T11:27:52Z
dc.date.available2021-06-28T11:27:52Z
dc.date.created2020-01-08T10:58:41Z
dc.date.issued2020
dc.identifier.citationInternational Journal of Banking, Accounting and Finance. 2020, 11 (1), 35-70.en_US
dc.identifier.issn1755-3830
dc.identifier.urihttps://hdl.handle.net/11250/2761623
dc.description.abstractWe study how small firms manage cash flows by estimating cash flow sensitivities for all sources and uses of cash. Our data are Norwegian non-listed firms which can be matched to the banks they borrow from. Firms with low cash holdings mainly use external finance to offset cash flow fluctuations over the cycle, whereas firms with high cash holdings rely mainly on internal finance. Estimating how cash flow sensitivities change with exogenous bank shocks, we find that the cyclicality of cash-poor firms' investment is amplified because they do not substitute internal for external finance. Our results imply that for small firms, the transmission of financial shocks to the real economy is closely tied to their accumulation of cash.en_US
dc.language.isoengen_US
dc.publisherInderscienceen_US
dc.subjectCash holdingsen_US
dc.subjectCash managementen_US
dc.subjectSmall firmsen_US
dc.subjectCash flow sensitivityen_US
dc.subjectBank lending channelen_US
dc.titleThe Marginal Value of Cash, Cash Flow Sensitivities, and Bank-Finance Shocks in Nonlisted Firmsen_US
dc.typeJournal articleen_US
dc.typePeer revieweden_US
dc.description.versionsubmittedVersionen_US
dc.source.pagenumber35-70en_US
dc.source.volume11en_US
dc.source.journalInternational Journal of Banking, Accounting and Financeen_US
dc.source.issue1en_US
dc.identifier.doi10.1504/IJBAAF.2020.104483
dc.identifier.cristin1768365
cristin.ispublishedtrue
cristin.fulltextpreprint
cristin.qualitycode1


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