How to cite this paper
Aksar, M., Hassan, S., Kayani, M., Khan, S & Ahmed, T. (2022). Cash holding and investment efficiency nexus for financially distressed firms: The moderating role of corporate governance.Management Science Letters , 12(1), 67-74.
Refrences
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Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Fi-nance, 23(4), 589-609.
Benlemlih, M., & Bitar, M. (2018). Corporate social responsibility and investment efficiency. Journal of Business Eth-ics, 148(3), 647-671.
Bhagat, S., Moyen, N., & Suh, I. (2005). Investment and internal funds of distressed firms. Journal of Corporate Fi-nance, 11(3), 449-472.
Bhuiyan, M. B. U., & Hooks, J. (2019). Cash holding and over-investment behavior in firms with problem direc-tors. International Review of Economics & Finance, 61, 35-51.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2), 112–131.
Blanchard, O. J., Lopez-de-Silanes, F., & Shleifer, A. (1994). What do firms do with cash windfalls? Journal of Financial Economics, 36(3), 337–360.
Busch, T., Lewandowski, S., (2018). Corporate carbon and financial performance: a meta analysis. J. Ind. Ecol. 22 (4), 745–759.
Chen, Goldstein, I., & Jiang, W. (2006). Price informativeness and investment sensitivity to stock price., Review of Finan-cial Studies, 20(3), 619-650.
Chen, N., Sung, H.-C., & Yang, J. (2017). Ownership structure, corporate governance and investment efficiency of Chi-nese listed firms. Pacific Accounting Review, 29(3), 266-282.
Cherkasova, V., & Rasadi, D. (2017). Earnings quality and investment efficiency: evidence from Eastern Europe. Review of Economic Perspectives, 17(4), 441-468.
Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Jour-nal of Financial and Quantitative Analysis, 38(1), 111–133.
Fazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing constraints and corporate-investment. Brookings Pa-pers on Economic Activity, 1988(1), 141–195.
Habib, A., & Bhuiyan, M. B. U. (2016). Problem directors on the audit committee and financial reporting quality. Ac-counting and Business Research, 46(2), 121–144.
Habib, A., Costa, M. D., Huang, H. J., Bhuiyan, M. B. U., & Sun, L. (2020). Determinants and consequences of financial distress: review of the empirical literature. Accounting & Finance, 60, 1023-1075.
Hayashi, F. (1982). Tobin's marginal q and average q: A neoclassical interpretation. Econometrica, 50(1), 213–224.
Jensen, M.C., & Mecking, W. (1976) Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economy, 3(4), 305–360.
Jiang, L., Kim, J.-B., & Pang, L. (2011). Control-ownership wedge and investment sensitivity to stock price. Journal of Banking & Finance, 35(11), 2856-2867.
Lang, L. H. P., Stulz, R. M., & Walkling, R. A. (1991). A test of the free cash flow hypothesis: The case of bidder re-turns. Journal of Financial Economics, 29(2), 315–335.
Li, Z., Crook, J., Andreeva, G., & Tang, Y. (2020). Predicting the risk of financial distress using corporate governance measures. Pacific-Basin Finance Journal, 101-334.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The Ameri-can Economic Review, 48(3), 261-297.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that in-vestors do not have. Journal of Financial Economics, 13(2), 187–221.
Naeem, K., & Li, M. C. (2019). Corporate investment efficiency: The role of financial development in firms with financ-ing constraints and agency issues in OECD non-financial firms. International Review of Financial Analysis, 62, 53-68.
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: an empirical investigation of UK companies. Journal of Banking and Finance, 28, 2103–2134.
Quah, H., Haman, J., & Naidu, D. (2021). The effect of stock liquidity on investment efficiency under financing con-straints and asymmetric information: Evidence from the United States. Accounting & Finance, 61, 2109-2150.
Shahwan, T. M., & Habib, A. M. (2020). Does the efficiency of corporate governance and intellectual capital affect a firm's financial distress? Evidence from Egypt. Journal of Intellectual Capital, 21(3), 403-430.
Sheu, H.-J., & Lee, S.-Y. (2012). Excess cash holdings and investment: The moderating roles of financial constraints and managerial entrenchment. Accounting and Finance, 52, 287–310.
Sun, Q., Yung, K., & Rahman, H. (2012). Earnings quality and corporate cash holdings. Accounting & Finance, 52(2), 543-571.
Tran, Q. T., & Nguyen, T. T. H. (2014). Dividend policy behavior in emerging stock markets: Evidence from Vietnamese stock market. International Journal of Financial Research, 5(4), 85.
Udin, S., Khan, M. A., & Javid, A. Y. (2017). The effects of ownership structure on likelihood of financial distress: an empirical evidence. Corporate Governance: The International Journal of Business in Society, 14(4), 589-612
Xiong, F., Zheng, Y., An, Z., & Xu, S. (2021). Does internal information quality impact corporate cash holdings? Evidence from China. Accounting & Finance, 61, 2151-2171.
Zhang, X., Yang, X., Strange, R., & Zhang, Q. (2017). Informed trading by Foreign Institutional Investors as a Constraint on Tunneling: Evidence from China. Corporate Governance International Review, 25, 222-235.
Altman, E. I. (1968). Financial ratios, discriminant analysis and the prediction of corporate bankruptcy. The Journal of Fi-nance, 23(4), 589-609.
Benlemlih, M., & Bitar, M. (2018). Corporate social responsibility and investment efficiency. Journal of Business Eth-ics, 148(3), 647-671.
Bhagat, S., Moyen, N., & Suh, I. (2005). Investment and internal funds of distressed firms. Journal of Corporate Fi-nance, 11(3), 449-472.
Bhuiyan, M. B. U., & Hooks, J. (2019). Cash holding and over-investment behavior in firms with problem direc-tors. International Review of Economics & Finance, 61, 35-51.
Biddle, G. C., Hilary, G., & Verdi, R. S. (2009). How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics, 48(2), 112–131.
Blanchard, O. J., Lopez-de-Silanes, F., & Shleifer, A. (1994). What do firms do with cash windfalls? Journal of Financial Economics, 36(3), 337–360.
Busch, T., Lewandowski, S., (2018). Corporate carbon and financial performance: a meta analysis. J. Ind. Ecol. 22 (4), 745–759.
Chen, Goldstein, I., & Jiang, W. (2006). Price informativeness and investment sensitivity to stock price., Review of Finan-cial Studies, 20(3), 619-650.
Chen, N., Sung, H.-C., & Yang, J. (2017). Ownership structure, corporate governance and investment efficiency of Chi-nese listed firms. Pacific Accounting Review, 29(3), 266-282.
Cherkasova, V., & Rasadi, D. (2017). Earnings quality and investment efficiency: evidence from Eastern Europe. Review of Economic Perspectives, 17(4), 441-468.
Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Jour-nal of Financial and Quantitative Analysis, 38(1), 111–133.
Fazzari, S. M., Hubbard, R. G., & Petersen, B. C. (1988). Financing constraints and corporate-investment. Brookings Pa-pers on Economic Activity, 1988(1), 141–195.
Habib, A., & Bhuiyan, M. B. U. (2016). Problem directors on the audit committee and financial reporting quality. Ac-counting and Business Research, 46(2), 121–144.
Habib, A., Costa, M. D., Huang, H. J., Bhuiyan, M. B. U., & Sun, L. (2020). Determinants and consequences of financial distress: review of the empirical literature. Accounting & Finance, 60, 1023-1075.
Hayashi, F. (1982). Tobin's marginal q and average q: A neoclassical interpretation. Econometrica, 50(1), 213–224.
Jensen, M.C., & Mecking, W. (1976) Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economy, 3(4), 305–360.
Jiang, L., Kim, J.-B., & Pang, L. (2011). Control-ownership wedge and investment sensitivity to stock price. Journal of Banking & Finance, 35(11), 2856-2867.
Lang, L. H. P., Stulz, R. M., & Walkling, R. A. (1991). A test of the free cash flow hypothesis: The case of bidder re-turns. Journal of Financial Economics, 29(2), 315–335.
Li, Z., Crook, J., Andreeva, G., & Tang, Y. (2020). Predicting the risk of financial distress using corporate governance measures. Pacific-Basin Finance Journal, 101-334.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The Ameri-can Economic Review, 48(3), 261-297.
Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 39(3), 574–592.
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that in-vestors do not have. Journal of Financial Economics, 13(2), 187–221.
Naeem, K., & Li, M. C. (2019). Corporate investment efficiency: The role of financial development in firms with financ-ing constraints and agency issues in OECD non-financial firms. International Review of Financial Analysis, 62, 53-68.
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: an empirical investigation of UK companies. Journal of Banking and Finance, 28, 2103–2134.
Quah, H., Haman, J., & Naidu, D. (2021). The effect of stock liquidity on investment efficiency under financing con-straints and asymmetric information: Evidence from the United States. Accounting & Finance, 61, 2109-2150.
Shahwan, T. M., & Habib, A. M. (2020). Does the efficiency of corporate governance and intellectual capital affect a firm's financial distress? Evidence from Egypt. Journal of Intellectual Capital, 21(3), 403-430.
Sheu, H.-J., & Lee, S.-Y. (2012). Excess cash holdings and investment: The moderating roles of financial constraints and managerial entrenchment. Accounting and Finance, 52, 287–310.
Sun, Q., Yung, K., & Rahman, H. (2012). Earnings quality and corporate cash holdings. Accounting & Finance, 52(2), 543-571.
Tran, Q. T., & Nguyen, T. T. H. (2014). Dividend policy behavior in emerging stock markets: Evidence from Vietnamese stock market. International Journal of Financial Research, 5(4), 85.
Udin, S., Khan, M. A., & Javid, A. Y. (2017). The effects of ownership structure on likelihood of financial distress: an empirical evidence. Corporate Governance: The International Journal of Business in Society, 14(4), 589-612
Xiong, F., Zheng, Y., An, Z., & Xu, S. (2021). Does internal information quality impact corporate cash holdings? Evidence from China. Accounting & Finance, 61, 2151-2171.
Zhang, X., Yang, X., Strange, R., & Zhang, Q. (2017). Informed trading by Foreign Institutional Investors as a Constraint on Tunneling: Evidence from China. Corporate Governance International Review, 25, 222-235.