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Opler, T., Pinkowitz, L., Stulz, R. et al. (1999).The Determinants and Implications of Corporate Cash Holdings. Journal of Financial Economics, 52, 3-46.
https://doi.org/10.1016/S0304-405X(99)00003-3

has been cited by the following article:

• TITLE: Macroeconomic Environment and the Level of Cash Holding: A Literature Review

  AUTHORS: Yingxin Chen

  KEYWORDS: Macroeconomic Environment, The Level of Cash Holding, Trade-Off Theory

  JOURNAL NAME: Open Journal of Social Sciences, Vol.9 No.1, January 25, 2021

  ABSTRACT: The level of corporate cash holding is mainly affected by micro factors. In the past 20 years, the relationship between the level of cash holding and macroeconomic environmental factors has attracted more and more attention. This paper first briefly discusses three traditional theories of the level of cash holding, and proposes the leading role of trade-off theory and pecking order theory in this topic. Then, it sorts the relevant literature on macroeconomic fluctuations and macroeconomic policies.