How does the Social Dishonesty Environment Affect Corporate Cash Holdings? Empirical Evidence from Urban Discreditable Persons Subject to Enforcement

FAN Run; ZHAI Shu-ping

Volume 38 Issue 5

Sep. 2023

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2023 > 38(5): 96-112

FAN Run, ZHAI Shu-ping. How does the Social Dishonesty Environment Affect Corporate Cash Holdings? Empirical Evidence from Urban Discreditable Persons Subject to Enforcement[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(5): 96-112.

Citation:

FAN Run, ZHAI Shu-ping. How does the Social Dishonesty Environment Affect Corporate Cash Holdings? Empirical Evidence from Urban Discreditable Persons Subject to Enforcement[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(5): 96-112.

Citation:

FAN Run, ZHAI Shu-ping. How does the Social Dishonesty Environment Affect Corporate Cash Holdings? Empirical Evidence from Urban Discreditable Persons Subject to Enforcement[J]. Journal of Guangdong University of Finance & Economics, 2023, 38(5): 96-112.

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How does the Social Dishonesty Environment Affect Corporate Cash Holdings? Empirical Evidence from Urban Discreditable Persons Subject to Enforcement

School of Accounting, Tianjin University of Finance and Economics, Tianjin 300222, China

Received Date: 2023-04-04
Available Online: 2023-11-28
Publish Date: 2023-09-28

Abstract

Abstract

Taking the listed companies of Shanghai and Shenzhen A-shares from 2007 to 2020 as samples, this paper discusses the impact of social dishonesty environment on corporate cash holdings. The study indicates that the social dishonesty environment significantly improved the cash holding level of enterprises. The function channel test shows that the social dishonesty environment promotes enterprises to increase cash holdings by increasing transaction costs, intensifying financing constraints and agency problems. Heterogeneity analysis shows that the positive impact of social dishonesty environment on corporate cash holdings is more significant in enterprises with low information transparency, fierce industry competition and in poor development of regional digital finance. This paper explores the influencing factors of corporate cash holdings from a new perspective of the social dishonesty environment, and also enriches the study of the micro-economic consequences of the social dishonesty environment. At the same time, it provides empirical evidence for government departments to further deepen the construction of social credit system and improve the efficiency of corporate cash management.
- social dishonesty environment,
- cash holding,
- transaction cost,
- financing constraints,
- agency cost

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References(38)

References

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