公司流动性:来自伊斯兰和非伊斯兰国家的证据

N. Chen, Tsai-Chen Yang
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摘要

本研究考察了伊斯兰教是否以及如何影响公司的流动性(现金持有量)。1996年至2011年期间,对68个国家(12个伊斯兰国家和56个非伊斯兰国家)的34,895家非金融公司的回顾显示,伊斯兰国家的现金比非伊斯兰国家少。增长机会对现金的积极影响在伊斯兰国家也比在非伊斯兰国家弱,因此表明前者比后者更倾向于为即将到来的增长机会囤积现金,这可能是因为公司治理是以利益相关者为基础的,因此股东财富最大化不是伊斯兰国家的公司目标。此外,债务发行对现金的负面影响在伊斯兰国家比在非伊斯兰国家更强,从而表明债务在降低代理成本方面的有效性在前者比后者更高。
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Corporate Liquidity: Evidence from Islamic and non-Islamic Countries
This study examines whether and how Islam has bearings on corporate liquidity (cash holdings). A review of 34,895 non-financial firms from 68 countries (12 Islamic countries and 56 non-Islamic countries) for the period 1996 -2011 reveals that cash is lower in Islamic countries than in non-Islamic countries. The positive effect of growth opportunities on cash is also weaker in Islamic countries than in non-Islamic countries, thereby indicating lower propensity to hoard cash for upcoming growth opportunities in the former than in the latter likely because corporate governance is stakeholder-based such that shareholder wealth maximization is not the corporate objective in Islamic countries. Furthermore, the negative effect of debt issuance on cash is stronger in Islamic countries than in non-Islamic countries, thereby signifying higher effectiveness of debt in reducing agency cost in the former than in the latter.
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