Earticle

초록

영어

This research examines corporate cash holdings in Vietnam, an emerging market, and finds reverse peer effects on them - that is, a firm’s level of cash holdings negatively relates to those of its peers. We also note the reverse peer effects are stronger for firms facing less competition and with low intangibility. Because the Vietnam market has noticeably lower competition and investment in innovation than in developed economics like the U.S., our evidence supports the role of competition and innovation investment in driving cash holdings’ peer effects and complements the literature that mostly focuses on developed economies. Our findings are consistent with the notion that some firms strategically accumulate cash to drive their competitors’ cash level lower when they are in less competitive industries or when they have lower innovation investments. Thus, the existing competition or innovation environment is crucial when modeling the cash holding behavior among industry peers. However, our tests on the preemptive motive for peer effects on cash holdings are inconclusive. Lastly, our results also support heterogeneity across countries in peer mimicking behavior and contributes to the cash holdings literature for the Vietnam market.

목차

Abstract
Ⅰ. Introduction
Ⅱ. Literature review and hypotheses’ development
Ⅲ. Methodology and data
1. Empirical model specification
2. Data and summary statistics
Ⅳ. Empirical results
1. Characteristics of the Vietnam market
2. Association between a firm’s own cash holdings and peer firms’ cash holdings
3. The effects of competitiveness in Vietnam
4. The effect of intangibility in Vietnam
5. The role of financial constraints
Ⅴ. Conclusion
References
Appendix

키워드

저자

• Nghia Huu Nguyen [ PhD Candidate, Department of Finance, National Central University ] Corresponding author
• Wei-Hsien Li [ Associate Professor, Department of Finance, National Central University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  재무연구 [Asian Review of Financial Research]

• 간기

  계간

• pISSN

  1229-0351

• eISSN

  2713-6531

• 수록기간

  1988~2026

• 등재여부

  KCI 등재,SCOPUS

• 십진분류

  KDC 325 DDC 330