{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2025,12,23]],"date-time":"2025-12-23T12:32:25Z","timestamp":1766493145529,"version":"3.37.3"},"reference-count":105,"publisher":"Springer Science and Business Media LLC","issue":"4","license":[{"start":{"date-parts":[[2021,7,27]],"date-time":"2021-07-27T00:00:00Z","timestamp":1627344000000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.springer.com\/tdm"},{"start":{"date-parts":[[2021,7,27]],"date-time":"2021-07-27T00:00:00Z","timestamp":1627344000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/www.springer.com\/tdm"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Oper Res Int J"],"published-print":{"date-parts":[[2022,9]]},"DOI":"10.1007\/s12351-021-00660-3","type":"journal-article","created":{"date-parts":[[2021,7,27]],"date-time":"2021-07-27T10:03:47Z","timestamp":1627380227000},"page":"3767-3808","update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":9,"title":["Corporate R&D intensity and high cash holdings: post-crisis analysis"],"prefix":"10.1007","volume":"22","author":[{"given":"Efstathios","family":"Magerakis","sequence":"first","affiliation":[]},{"given":"Konstantinos","family":"Gkillas","sequence":"additional","affiliation":[]},{"ORCID":"https:\/\/orcid.org\/0000-0002-1801-2929","authenticated-orcid":false,"given":"Christos","family":"Floros","sequence":"additional","affiliation":[]},{"given":"George","family":"Peppas","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2021,7,27]]},"reference":[{"key":"660_CR1","doi-asserted-by":"crossref","first-page":"559","DOI":"10.1016\/j.ribaf.2017.07.001","volume":"42","author":"S Akbar","year":"2017","unstructured":"Akbar S, Rehman S, Liu J, Shah SZA (2017) Credit supply constraints and financial policies of listed companies during the 2007\u20132009 financial crisis. Res Int Bus Financ 42:559\u2013571","journal-title":"Res Int Bus Financ"},{"issue":"2","key":"660_CR2","doi-asserted-by":"crossref","first-page":"299","DOI":"10.1017\/S0022109000003537","volume":"43","author":"E Akdo\u011fu","year":"2008","unstructured":"Akdo\u011fu E, MacKay P (2008) Investment and competition. J Financ Quant Anal 43(2):299\u2013330","journal-title":"J Financ Quant Anal"},{"issue":"1","key":"660_CR3","doi-asserted-by":"crossref","first-page":"21","DOI":"10.1111\/radm.12303","volume":"49","author":"A Alam","year":"2017","unstructured":"Alam A, Uddin M, Yazdifar H (2017) Financing behaviour of R&D investment in the emerging markets: the role of alliance and financial system. R&D Manag 49(1):21\u201332","journal-title":"R&D Manag"},{"issue":"5","key":"660_CR4","doi-asserted-by":"crossref","first-page":"1429","DOI":"10.1093\/rfs\/hhm019","volume":"20","author":"H Almeida","year":"2007","unstructured":"Almeida H, Campello M (2007) Financial constraints, asset tangibility, and corporate investment. Rev Financ Stud 20(5):1429\u20131460","journal-title":"Rev Financ Stud"},{"issue":"5","key":"660_CR5","doi-asserted-by":"crossref","first-page":"924","DOI":"10.1016\/j.jbusres.2013.07.012","volume":"67","author":"JR Almeida","year":"2014","unstructured":"Almeida JR, Eid W (2014) Access to finance, working capital management and company value: evidences from Brazilian companies listed on BM&FBOVESPA. J Bus Res 67(5):924\u2013934","journal-title":"J Bus Res"},{"issue":"3","key":"660_CR6","doi-asserted-by":"crossref","first-page":"675","DOI":"10.1016\/j.jcorpfin.2009.04.001","volume":"17","author":"H Almeida","year":"2011","unstructured":"Almeida H, Campello M, Weisbach MS (2011) Corporate financial and investment policies when future financing is not frictionless. J Corp Finan 17(3):675\u2013693","journal-title":"J Corp Finan"},{"issue":"1","key":"660_CR7","doi-asserted-by":"crossref","first-page":"59","DOI":"10.1017\/S0022109000002751","volume":"43","author":"A Antoniou","year":"2008","unstructured":"Antoniou A, Guney Y, Paudyal K (2008) The determinants of capital structure: capital market-oriented versus bank-oriented institutions. J Financ Quant Anal 43(1):59\u201392","journal-title":"J Financ Quant Anal"},{"key":"660_CR8","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1016\/0304-4076(94)01642-D","volume":"68","author":"M Arellano","year":"1995","unstructured":"Arellano M, Bover O (1995) Another look at the instrumental variable estimation of error-components models. J Econom 68:29\u201351","journal-title":"J Econom"},{"key":"660_CR9","doi-asserted-by":"publisher","DOI":"10.1080\/10438599.2017.1378191","author":"G Baldi","year":"2017","unstructured":"Baldi G, Bodmer A (2017) R&D investments and corporate cash holdings. Econ Innov New Technol. https:\/\/doi.org\/10.1080\/10438599.2017.1378191","journal-title":"Econ Innov New Technol"},{"issue":"5","key":"660_CR10","doi-asserted-by":"crossref","first-page":"1985","DOI":"10.1111\/j.1540-6261.2009.01492.x","volume":"64","author":"T Bates","year":"2009","unstructured":"Bates T, Kahle K, Stulz R (2009) Why do U. S. firms hold so much than they used to? J Finance 64(5):1985\u20132021","journal-title":"J Finance"},{"issue":"2","key":"660_CR11","doi-asserted-by":"crossref","first-page":"749","DOI":"10.1017\/S002210901700117X","volume":"53","author":"TW Bates","year":"2018","unstructured":"Bates TW, Chang CH, Chi JD (2018) Why has the value of cash increased over time? J Financ Quant Anal 53(2):749\u2013787","journal-title":"J Financ Quant Anal"},{"key":"660_CR12","first-page":"545","volume":"66","author":"WJ Baumol","year":"1952","unstructured":"Baumol WJ (1952) The transactions demand for cash: an inventory theoretic approach. Oxf J 66:545\u2013556","journal-title":"Oxf J"},{"issue":"3","key":"660_CR13","doi-asserted-by":"crossref","first-page":"697","DOI":"10.1016\/j.jfineco.2020.09.001","volume":"139","author":"J Begenau","year":"2021","unstructured":"Begenau J, Palazzo B (2021) Firm selection and corporate cash holdings. J Financ Econ 139(3):697\u2013718","journal-title":"J Financ Econ"},{"key":"660_CR14","volume-title":"Essentials of managerial finance","author":"S Besley","year":"2008","unstructured":"Besley S, Brigham EF (2008) Essentials of managerial finance, 14th edn. Thomson Southwestern, USA, Mason","edition":"14"},{"issue":"1","key":"660_CR15","doi-asserted-by":"crossref","first-page":"26","DOI":"10.1016\/j.jbankfin.2011.06.004","volume":"36","author":"M Bigelli","year":"2012","unstructured":"Bigelli M, S\u00e1nchez-Vidal J (2012) Cash holdings in private firms. J Bank Finance 36(1):26\u201335","journal-title":"J Bank Finance"},{"key":"660_CR16","doi-asserted-by":"crossref","first-page":"115","DOI":"10.1016\/S0304-4076(98)00009-8","volume":"87","author":"R Blundell","year":"1998","unstructured":"Blundell R, Bond S (1998) Initial conditions and moment restrictions in dynamic panel data models. J Econom 87:115\u2013143","journal-title":"J Econom"},{"issue":"1","key":"660_CR17","first-page":"93","volume":"80","author":"P Bolton","year":"1990","unstructured":"Bolton P, Scharfstein D (1990) A theory of predation based on agency problems in financial contracting. Am Econ Rev 80(1):93\u2013106","journal-title":"Am Econ Rev"},{"issue":"1","key":"660_CR18","doi-asserted-by":"crossref","first-page":"159","DOI":"10.1016\/j.jbankfin.2012.08.024","volume":"37","author":"G Borisova","year":"2013","unstructured":"Borisova G, Brown JR (2013) R&D sensitivity to asset sale proceeds: new evidence on financing constraints and intangible investment. J Bank Finance 37(1):159\u2013173","journal-title":"J Bank Finance"},{"issue":"4","key":"660_CR19","doi-asserted-by":"crossref","first-page":"338","DOI":"10.1016\/j.mulfin.2013.06.002","volume":"23","author":"N Boubakri","year":"2013","unstructured":"Boubakri N, Ghoul SE, Saffar W (2013) Cash holdings of politically connected firms. J Multinatl Financ Manag 23(4):338\u2013355","journal-title":"J Multinatl Financ Manag"},{"key":"660_CR20","doi-asserted-by":"crossref","first-page":"37","DOI":"10.1016\/j.jbusres.2019.02.001","volume":"99","author":"R Brown","year":"2019","unstructured":"Brown R, Lee N (2019) Strapped for cash? Funding for UK high growth SMEs since the global financial crisis. J Bus Res 99:37\u201345","journal-title":"J Bus Res"},{"issue":"3","key":"660_CR21","doi-asserted-by":"crossref","first-page":"694","DOI":"10.1016\/j.jcorpfin.2010.01.003","volume":"17","author":"JR Brown","year":"2011","unstructured":"Brown JR, Petersen BC (2011) Cash holdings and R&D smoothing. J Corp Finan 17(3):694\u2013709","journal-title":"J Corp Finan"},{"issue":"4","key":"660_CR22","doi-asserted-by":"crossref","first-page":"441","DOI":"10.1016\/j.jfi.2014.03.002","volume":"24","author":"JR Brown","year":"2015","unstructured":"Brown JR, Petersen BC (2015) Which investments do firms protect? Liquidity management and real adjustments when access to finance falls sharply. J Financ Intermed 24(4):441\u2013465","journal-title":"J Financ Intermed"},{"issue":"8","key":"660_CR23","doi-asserted-by":"crossref","first-page":"1512","DOI":"10.1016\/j.euroecorev.2012.07.007","volume":"56","author":"JR Brown","year":"2012","unstructured":"Brown JR, Martinsson G, Petersen BC (2012) Do financing constraints matter for R&D? Eur Econ Rev 56(8):1512\u20131529","journal-title":"Eur Econ Rev"},{"issue":"2","key":"660_CR24","doi-asserted-by":"crossref","first-page":"195","DOI":"10.1080\/15140326.2004.12040609","volume":"7","author":"WA Bruinshoofd","year":"2004","unstructured":"Bruinshoofd WA, Kool CJM (2004) Dutch corporate liquidity management: new evidence on aggregation. J Appl Econ 7(2):195\u2013230","journal-title":"J Appl Econ"},{"issue":"1","key":"660_CR25","first-page":"31","volume":"32","author":"T Campbell","year":"1977","unstructured":"Campbell T, Brendsel L (1977) The impact of compensating balance requirements on the cash balances of manufacturing corporations: an empirical study. J Finance 32(1):31\u201340","journal-title":"J Finance"},{"key":"660_CR26","unstructured":"Chan SP (2015) Britain on top: recovery from great recession was faster than thought. [Online] Available at: http:\/\/www.telegraph.co.uk\/finance\/economics\/11900934\/UK-GDP-growth-stronger-previously-though-recovery-ONS.html [Accessed 26 September 2020]"},{"issue":"3","key":"660_CR27","first-page":"705","volume":"45","author":"JD Chi","year":"2015","unstructured":"Chi JD, Su X (2015) Product market threats and the value of corporate cash holdings. Financ Manage 45(3):705\u2013735","journal-title":"Financ Manage"},{"issue":"3","key":"660_CR28","doi-asserted-by":"crossref","first-page":"795","DOI":"10.1093\/rfs\/hhi028","volume":"18","author":"H Choe","year":"2005","unstructured":"Choe H, Kho BC, Stulz RM (2005) Do domestic investors have an edge? The trading experience of foreign investors in Korea. Rev of Financ Stud 18(3):795\u2013829","journal-title":"Rev of Financ Stud"},{"issue":"55","key":"660_CR29","doi-asserted-by":"crossref","first-page":"5638","DOI":"10.1080\/00036846.2017.1319564","volume":"49","author":"H Chung","year":"2017","unstructured":"Chung H (2017) R&D investment, cash holdings and the financial crisis: evidence from Korean corporate data. Appl Econ 49(55):5638\u20135650","journal-title":"Appl Econ"},{"issue":"2","key":"660_CR30","doi-asserted-by":"crossref","first-page":"261","DOI":"10.1093\/oxrep\/grt017","volume":"29","author":"C Corrado","year":"2013","unstructured":"Corrado C, Haskel J, Jona-Lasinio C, Iommi M (2013) Innovation and intangible investment in Europe, Japan, and the United States. Oxf Rev Econ Policy 29(2):261\u2013286","journal-title":"Oxf Rev Econ Policy"},{"key":"660_CR31","unstructured":"Correia S (2016) A feasible estimator for linear models with multi-way fixed effects. Working Paper (March). Retrieved from http:\/\/scorreia.com\/research\/hdfe.pdf"},{"key":"660_CR32","doi-asserted-by":"crossref","first-page":"573","DOI":"10.1111\/1468-5957.00008","volume":"30","author":"M Deloof","year":"2003","unstructured":"Deloof M (2003) Does working capital management affect profitability of Belgian firms? J Bus Financ Acc 30:573\u2013587","journal-title":"J Bus Financ Acc"},{"issue":"3","key":"660_CR33","doi-asserted-by":"crossref","first-page":"599","DOI":"10.1016\/j.jfineco.2005.12.006","volume":"83","author":"A Dittmar","year":"2007","unstructured":"Dittmar A, Mahrt-Smith J (2007) Corporate governance and the value of cash holdings. J Financ Econ 83(3):599\u2013634","journal-title":"J Financ Econ"},{"issue":"1","key":"660_CR34","doi-asserted-by":"crossref","first-page":"111","DOI":"10.2307\/4126766","volume":"38","author":"A Dittmar","year":"2003","unstructured":"Dittmar A, Mahrt-Smith J, Servaes H (2003) International corporate governance and corporate cash holdings. J Financ Quant Anal 38(1):111\u2013133","journal-title":"J Financ Quant Anal"},{"key":"660_CR35","doi-asserted-by":"crossref","first-page":"441","DOI":"10.1016\/j.ribaf.2018.09.006","volume":"47","author":"C Driver","year":"2019","unstructured":"Driver C, Mu\u00f1oz-Bugarin J (2019) Financial constraints on investment: effects of firm size and the financial crisis. Res Int Bus Financ 47:441\u2013457","journal-title":"Res Int Bus Financ"},{"issue":"2","key":"660_CR36","doi-asserted-by":"crossref","first-page":"5","DOI":"10.1111\/j.1468-0319.2013.00953.x","volume":"37","author":"O Economics","year":"2013","unstructured":"Economics O (2013a) Why has the UK recovery been so weak? Econ Outlook 37(2):5\u201312","journal-title":"Econ Outlook"},{"issue":"1","key":"660_CR37","doi-asserted-by":"crossref","first-page":"30","DOI":"10.1111\/j.1468-0319.2013.00942.x","volume":"37","author":"O Economics","year":"2013","unstructured":"Economics O (2013b) Why has the recovery in UK business investment been so weak? Econ Outlook 37(1):30\u201339","journal-title":"Econ Outlook"},{"issue":"3","key":"660_CR38","doi-asserted-by":"crossref","first-page":"365","DOI":"10.1016\/S0304-405X(02)00146-0","volume":"65","author":"M Faccio","year":"2002","unstructured":"Faccio M, Lang LHP (2002) The ultimate ownership of Western European corporations. J Financ Econ 65(3):365\u2013395","journal-title":"J Financ Econ"},{"issue":"2","key":"660_CR39","doi-asserted-by":"crossref","first-page":"153","DOI":"10.1016\/S0304-405X(96)00896-3","volume":"43","author":"EF Fama","year":"1997","unstructured":"Fama EF, French KR (1997) Industry costs of equity. J Financ Econ 43(2):153\u2013193","journal-title":"J Financ Econ"},{"issue":"3","key":"660_CR40","doi-asserted-by":"crossref","first-page":"607","DOI":"10.1086\/260061","volume":"81","author":"EF Fama","year":"1973","unstructured":"Fama EF, MacBeth JD (1973) Risk, return, and equilibrium: empirical tests. J Polit Econ 81(3):607\u2013636","journal-title":"J Polit Econ"},{"issue":"2","key":"660_CR41","first-page":"200","volume":"78","author":"SM Fazzari","year":"1988","unstructured":"Fazzari SM, Hubbard RG, Petersen BC (1988) Investment, financing decisions, and tax policy. Am Econ Rev 78(2):200\u2013205","journal-title":"Am Econ Rev"},{"issue":"2","key":"660_CR42","doi-asserted-by":"crossref","first-page":"295","DOI":"10.1111\/j.1354-7798.2004.00251.x","volume":"10","author":"MA Ferreira","year":"2004","unstructured":"Ferreira MA, Vilela AS (2004) Why do firms hold cash? Evidence from EMU countries. Eur Financ Manag 10(2):295\u2013319","journal-title":"Eur Financ Manag"},{"key":"660_CR43","doi-asserted-by":"crossref","first-page":"168","DOI":"10.1016\/j.jcorpfin.2018.08.001","volume":"52","author":"C Florackis","year":"2018","unstructured":"Florackis C, Sainani S (2018) How do chief financial officers influence corporate cash policies? J Corp Finan 52:168\u2013191","journal-title":"J Corp Finan"},{"issue":"3","key":"660_CR44","doi-asserted-by":"crossref","first-page":"579","DOI":"10.1016\/j.jfineco.2006.11.006","volume":"86","author":"FC Foley","year":"2007","unstructured":"Foley FC, Hartzell JC, Titman S, Twite G (2007) Why do firms hold so much cash? A tax-based explanation. J Financ Econ 86(3):579\u2013607","journal-title":"J Financ Econ"},{"key":"660_CR45","doi-asserted-by":"crossref","unstructured":"Foray D, Hall BH, and Mairesse J (2007) Pitfalls in estimating the returns to corporate R&D using accounting data. CDM working papers series CEMI-working paper-2007-003","DOI":"10.2139\/ssrn.1427754"},{"issue":"3","key":"660_CR46","doi-asserted-by":"crossref","first-page":"295","DOI":"10.1017\/S096856501900009X","volume":"26","author":"G Forero-Laverde","year":"2019","unstructured":"Forero-Laverde G (2019) Stock market co-movement, domestic economic policy and the macroeconomic trilemma: the case of the UK (1922\u20132016). Financ Hist Rev 26(3):295\u2013320","journal-title":"Financ Hist Rev"},{"issue":"3","key":"660_CR47","doi-asserted-by":"crossref","first-page":"1097","DOI":"10.1111\/j.1540-6261.2010.01562.x","volume":"65","author":"L Fr\u00e9sard","year":"2010","unstructured":"Fr\u00e9sard L (2010) Financial strength and product market behavior: the real effects of corporate cash holdings. J Financ 65(3):1097\u20131122","journal-title":"J Financ"},{"issue":"5","key":"660_CR48","doi-asserted-by":"crossref","first-page":"1629","DOI":"10.1111\/j.1540-6261.1993.tb05123.x","volume":"48","author":"KA Froot","year":"1993","unstructured":"Froot KA, Scharfstein DS, Stein JC (1993) Risk management: coordinating corporate investment and financing policies. J Finance 48(5):1629\u20131658","journal-title":"J Finance"},{"issue":"1","key":"660_CR49","doi-asserted-by":"crossref","first-page":"149","DOI":"10.1016\/j.jacceco.2014.09.005","volume":"60","author":"J Gallemore","year":"2015","unstructured":"Gallemore J, Labro E (2015) The importance of the internal information environment for tax avoidance. J Account Econ 60(1):149\u2013167","journal-title":"J Account Econ"},{"key":"660_CR50","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2021.02.008","author":"X Gao","year":"2021","unstructured":"Gao X, Zhao J (2021) R&D dynamics and corporate cash saving. Rev Econ Dyn. https:\/\/doi.org\/10.1016\/j.red.2021.02.008","journal-title":"Rev Econ Dyn"},{"issue":"1\u20132","key":"660_CR51","doi-asserted-by":"crossref","first-page":"127","DOI":"10.1111\/j.1468-5957.2007.02022.x","volume":"35","author":"PJ Garc\u00eda-Teruel","year":"2008","unstructured":"Garc\u00eda-Teruel PJ, Mart\u00ednez-Solano P (2008) On the determinants of SME cash holdings: evidence from Spain. J Bus Financ Account 35(1\u20132):127\u2013149","journal-title":"J Bus Financ Account"},{"key":"660_CR53","doi-asserted-by":"crossref","first-page":"R48","DOI":"10.1177\/002795011322400104","volume":"224","author":"P Goodridge","year":"2013","unstructured":"Goodridge P, Haskel J, Wallis G (2013) Can intangible investment explain the UK productivity puzzle? Natl Inst Econ Rev 224:R48\u2013R58","journal-title":"Natl Inst Econ Rev"},{"issue":"11","key":"660_CR54","doi-asserted-by":"crossref","first-page":"4288","DOI":"10.1093\/rfs\/hhy075","volume":"31","author":"JR Graham","year":"2018","unstructured":"Graham JR, Leary MT (2018) The evolution of corporate cash. Rev Financ Stud 31(11):4288\u20134344","journal-title":"Rev Financ Stud"},{"key":"660_CR55","doi-asserted-by":"crossref","first-page":"261","DOI":"10.1016\/j.jcorpfin.2017.07.011","volume":"46","author":"Y Guney","year":"2017","unstructured":"Guney Y, Karpuz A, Ozkan N (2017) R&D investments and credit lines. J Corp Finan 46:261\u2013283","journal-title":"J Corp Finan"},{"key":"660_CR56","first-page":"609","volume-title":"The financing of R&D and innovation","author":"BH Hall","year":"2010","unstructured":"Hall BH, Lerner J (2010) The financing of R&D and innovation. Handbook of the economics of innovation Elsevier, pp 609\u2013639"},{"issue":"1","key":"660_CR57","doi-asserted-by":"crossref","first-page":"43","DOI":"10.1016\/j.jcorpfin.2006.05.002","volume":"13","author":"S Han","year":"2007","unstructured":"Han S, Qiu J (2007) Corporate precautionary cash holdings. J Corp Finan 13(1):43\u201357","journal-title":"J Corp Finan"},{"issue":"3","key":"660_CR58","doi-asserted-by":"crossref","first-page":"535","DOI":"10.1016\/j.jfineco.2007.04.002","volume":"87","author":"J Harford","year":"2008","unstructured":"Harford J, Mansi SA, Maxwell WF (2008) Corporate governance and firm cash holdings in the US. J Financ Econ 87(3):535\u2013555","journal-title":"J Financ Econ"},{"issue":"3","key":"660_CR59","doi-asserted-by":"crossref","first-page":"797","DOI":"10.1016\/j.jfineco.2006.05.007","volume":"84","author":"D Haushalter","year":"2007","unstructured":"Haushalter D, Klasa S, Maxwell WF (2007) The influence of product market dynamics on a firm\u2019s cash holdings and hedging behavior. J Financ Econ 84(3):797\u2013825","journal-title":"J Financ Econ"},{"key":"660_CR60","doi-asserted-by":"crossref","first-page":"280","DOI":"10.1016\/j.jcorpfin.2016.10.006","volume":"41","author":"Z He","year":"2016","unstructured":"He Z, Wintoki MB (2016) The cost of innovation: R&D and high cash holdings in U.S. firms. J Corp Finan 41:280\u2013303","journal-title":"J Corp Finan"},{"issue":"1","key":"660_CR61","doi-asserted-by":"crossref","first-page":"38","DOI":"10.2307\/2109824","volume":"76","author":"CP Himmelberg","year":"1994","unstructured":"Himmelberg CP, Petersen BC (1994) R&D and internal finance: a panel study of small firms in high-tech industries. Rev Econ Stat 76(1):38\u201351","journal-title":"Rev Econ Stat"},{"issue":"1","key":"660_CR62","doi-asserted-by":"crossref","first-page":"293","DOI":"10.1111\/jofi.12050","volume":"69","author":"G Hoberg","year":"2014","unstructured":"Hoberg G, Phillips G, Prabhala N (2014) Product market threats, payouts, and financial flexibility. J Finance 69(1):293\u2013324","journal-title":"J Finance"},{"issue":"1","key":"660_CR63","doi-asserted-by":"crossref","first-page":"159","DOI":"10.1016\/j.jcorpfin.2012.10.005","volume":"19","author":"J Itzkowitz","year":"2013","unstructured":"Itzkowitz J (2013) Customers and cash: how relationships affect suppliers\u2019 cash holdings. J Corp Finan 19(1):159\u2013180","journal-title":"J Corp Finan"},{"issue":"2","key":"660_CR64","first-page":"323","volume":"76","author":"MC Jensen","year":"1986","unstructured":"Jensen MC (1986) Agency costs of free cash flow, corporate finance, and takeovers. Am Econ Rev 76(2):323\u2013329","journal-title":"Am Econ Rev"},{"key":"660_CR65","doi-asserted-by":"crossref","first-page":"54","DOI":"10.1016\/j.iref.2018.01.007","volume":"55","author":"Y Jin","year":"2018","unstructured":"Jin Y, Luo M, Wan C (2018) Financial constraints, macro-financing environment and post-crisis recovery of firms. Int Rev Econ Financ 55:54\u201367","journal-title":"Int Rev Econ Financ"},{"key":"660_CR66","doi-asserted-by":"crossref","first-page":"505","DOI":"10.1111\/fima.12044","volume":"43","author":"P Jiraporn","year":"2014","unstructured":"Jiraporn P, Jiraporn N, Boeprasert A, Chang K (2014) Does corporate social responsibility (CSR) improve credit ratings? Evidence from geographic identification. Financ Manage 43:505\u2013531","journal-title":"Financ Manage"},{"issue":"6","key":"660_CR67","doi-asserted-by":"crossref","first-page":"983","DOI":"10.1111\/j.2041-6156.2008.tb00001.x","volume":"37","author":"K Jung","year":"2008","unstructured":"Jung K, Kim B (2008) Corporate cash holdings and tax-induced debt financing. Asia Pac J Financ Stud 37(6):983\u20131023","journal-title":"Asia Pac J Financ Stud"},{"key":"660_CR106","unstructured":"Keynes JM (1936) The general theory of employment, interest and money. McMillan, London"},{"key":"660_CR68","doi-asserted-by":"crossref","first-page":"101423","DOI":"10.1016\/j.frl.2019.101423","volume":"38","author":"E Kilincarslan","year":"2019","unstructured":"Kilincarslan E (2019) Smoothed or not smoothed: the impact of the 2008 global financial crisis on dividend stability in the UK. Finance Res Lett 38:101423","journal-title":"Finance Res Lett"},{"issue":"3","key":"660_CR69","doi-asserted-by":"crossref","first-page":"725","DOI":"10.1016\/j.jcorpfin.2010.12.002","volume":"17","author":"Y Kusnadi","year":"2011","unstructured":"Kusnadi Y, Wei K (2011) The determinants of corporate cash management policies: evidence from around the world. J Corp Finan 17(3):725\u2013740","journal-title":"J Corp Finan"},{"issue":"2","key":"660_CR70","doi-asserted-by":"crossref","first-page":"285","DOI":"10.1257\/jel.46.2.285","volume":"46","author":"R La Porta","year":"2008","unstructured":"La Porta R, Lopez-de-Silanes F, Shleifer A (2008) The economic consequences of legal origins. J Econ Lit 46(2):285\u2013332","journal-title":"J Econ Lit"},{"key":"660_CR71","volume-title":"Financial management","author":"D Lazaridis","year":"2002","unstructured":"Lazaridis D, Papadopoulos G (2002) Financial management, vol B. Lazaridis-Papadopoulos Editions, Thessaloniki"},{"issue":"3","key":"660_CR72","doi-asserted-by":"crossref","first-page":"561","DOI":"10.15208\/beh.2018.40","volume":"14","author":"DH Le","year":"2018","unstructured":"Le DH, Tran PL, Ta TP, Vu DM (2018) Determinants of corporate cash holding: evidence from UK listed firms. Bus Econ Horiz 14(3):561\u2013569","journal-title":"Bus Econ Horiz"},{"key":"660_CR73","doi-asserted-by":"crossref","first-page":"286","DOI":"10.1016\/j.jbusres.2020.06.034","volume":"118","author":"X Li","year":"2020","unstructured":"Li X, Luo D (2020) Increase in cash holdings of U.S. firms: the role of healthcare and technology industries. J Bus Res 118:286\u2013298","journal-title":"J Bus Res"},{"issue":"6","key":"660_CR74","doi-asserted-by":"crossref","first-page":"1823","DOI":"10.1017\/S0022109016000697","volume":"51","author":"E Lyandres","year":"2016","unstructured":"Lyandres E, Palazzo B (2016) Cash holdings, competition, and innovation. J Financ Quant Anal 51(6):1823\u20131861","journal-title":"J Financ Quant Anal"},{"key":"660_CR75","doi-asserted-by":"crossref","first-page":"101584","DOI":"10.1016\/j.jcorpfin.2020.101584","volume":"62","author":"L Ma","year":"2020","unstructured":"Ma L, Mello AS, Wu Y (2020) First-mover advantage, time to finance, and cash holdings. J Corp Finance 62:101584","journal-title":"J Corp Finance"},{"key":"660_CR76","doi-asserted-by":"crossref","first-page":"24","DOI":"10.1016\/j.jbusres.2017.06.018","volume":"80","author":"M Mann","year":"2017","unstructured":"Mann M, Byun SE (2017) To retrench or invest? Turnaround strategies during a recessionary time. J Bus Res 80:24\u201334","journal-title":"J Bus Res"},{"issue":"1","key":"660_CR77","doi-asserted-by":"crossref","first-page":"92","DOI":"10.1016\/j.bar.2018.04.001","volume":"51","author":"A Marshall","year":"2018","unstructured":"Marshall A, McCann L, McColgan P (2018) The market reaction to debt announcements: UK evidence surrounding the global financial crisis. Br Acc Rev 51(1):92\u2013109","journal-title":"Br Acc Rev"},{"issue":"5","key":"660_CR78","doi-asserted-by":"publisher","first-page":"1531","DOI":"10.1016\/j.jcorpfin.2011.08.006","volume":"17","author":"M Martynova","year":"2011","unstructured":"Martynova M, Renneboog L (2011) Evidence on the international evolution and convergence of corporate governance regulations. J Corp Finan 17(5):1531\u20131557. https:\/\/doi.org\/10.1016\/j.jcorpfin.2011.08.006","journal-title":"J Corp Finan"},{"issue":"2","key":"660_CR79","doi-asserted-by":"crossref","first-page":"275","DOI":"10.2307\/4126751","volume":"38","author":"WH Mikkelson","year":"2003","unstructured":"Mikkelson WH, Partch MM (2003) Do persistent large cash reserves hinder performance? J Financ Quant Anal 38(2):275\u2013295","journal-title":"J Financ Quant Anal"},{"issue":"3","key":"660_CR80","doi-asserted-by":"crossref","first-page":"413","DOI":"10.2307\/1880728","volume":"80","author":"MH Miller","year":"1966","unstructured":"Miller MH, Orr D (1966) A model of the demand for money by firms. Q J Econ 80(3):413\u2013435","journal-title":"Q J Econ"},{"issue":"7","key":"660_CR81","first-page":"897","volume":"46","author":"H Mitani","year":"2020","unstructured":"Mitani H (2020) Predation risk, market power and cash policy. Manag Financ 46(7):897\u2013911","journal-title":"Manag Financ"},{"issue":"3","key":"660_CR82","first-page":"261","volume":"I","author":"F Modigliani","year":"1958","unstructured":"Modigliani F, Miller MH (1958) The cost of capital, corporation finance and the theory of investment. Am Econ Rev XLVI I(3):261\u2013297","journal-title":"Am Econ Rev XLVI"},{"key":"660_CR83","unstructured":"Morellec E, Nikolov B, and Zucchi F (2014) Competition, cash holdings, and financing decisions. Working paper, ecole polytechnique federale de lausanne"},{"issue":"2","key":"660_CR84","doi-asserted-by":"crossref","first-page":"187","DOI":"10.1016\/0304-405X(84)90023-0","volume":"13","author":"SC Myers","year":"1984","unstructured":"Myers SC, Majluf NS (1984) Corporate financing and investment decisions when firms have information that investors do not have. J Financ Econ 13(2):187\u2013221","journal-title":"J Financ Econ"},{"issue":"3","key":"660_CR85","doi-asserted-by":"crossref","first-page":"408","DOI":"10.2307\/1912790","volume":"37","author":"MI Nadiri","year":"1969","unstructured":"Nadiri MI (1969) The determinants of trade credit in the US total manufacturing sector. Econometrica (Pre-1986) 37(3):408","journal-title":"Econometrica (Pre-1986)"},{"issue":"10","key":"660_CR86","doi-asserted-by":"crossref","first-page":"4242","DOI":"10.1016\/j.jbusres.2016.03.001","volume":"69","author":"RS Nason","year":"2016","unstructured":"Nason RS, Patel PC (2016) Is cash king? Market performance and cash during a recession. J Bus Res 69(10):4242\u20134248","journal-title":"J Bus Res"},{"key":"660_CR87","unstructured":"OECD (2009) The impact of the global crisis on SME and entrepreneurship financing and policy responses. In: Contribution to the OECD strategic response to the financial and economic crisis. Centre for entrepreneurship, SMEs and local development. https:\/\/www.oecd.org\/industry\/smes\/43183090.pdfhttps:\/\/scholar.google.com\/scholar_lookup?title=The%20impact%20of%20the%20global%20crisis%20on%20SME%20and%20entrepreneurship%20financing%20and%20policy%20responses&publication_year=2009"},{"key":"660_CR103","unstructured":"Office for National Statistics (2019a). Business enterprise research and development, UK: 2018. [Online] Available at: https:\/\/www.ons.gov.uk\/economy\/governmentpublicsectorandtaxes\/researchanddevelopmentexpenditure\/bulletins\/businessenterpriseresearchanddevelopment\/2018 [Accessed 17 April 2021]"},{"key":"660_CR88","unstructured":"Office for National Statistics (2019b). Household income inequality, UK: financial year ending 2018. Newport. [Online] Available at: https:\/\/www.ons.gov.uk\/peoplepopulationandcommunity\/personalandhouseholdfinances\/incomeandwealth\/bulletins\/householdincomeinequalityfinancial\/yearending2018 [Accessed 26 September 2020]"},{"issue":"1","key":"660_CR89","doi-asserted-by":"crossref","first-page":"3","DOI":"10.1016\/S0304-405X(99)00003-3","volume":"52","author":"T Opler","year":"1999","unstructured":"Opler T, Pinkowitz L, Stulz RM, Williamson R (1999) The determinants and implications of corporate cash holdings. J Financ Econ 52(1):3\u201346","journal-title":"J Financ Econ"},{"issue":"9","key":"660_CR90","doi-asserted-by":"crossref","first-page":"2103","DOI":"10.1016\/j.jbankfin.2003.08.003","volume":"28","author":"A Ozkan","year":"2004","unstructured":"Ozkan A, Ozkan N (2004) Corporate cash holdings: an empirical investigation of UK companies. J Bank Finance 28(9):2103\u20132134","journal-title":"J Bank Finance"},{"issue":"1","key":"660_CR91","doi-asserted-by":"crossref","first-page":"162","DOI":"10.1016\/j.jfineco.2011.12.009","volume":"104","author":"B Palazzo","year":"2012","unstructured":"Palazzo B (2012) Cash holdings, risk, and expected returns. J Financ Econ 104(1):162\u2013185","journal-title":"J Financ Econ"},{"key":"660_CR92","doi-asserted-by":"crossref","first-page":"71","DOI":"10.1016\/j.jbusres.2018.10.001","volume":"95","author":"HV Phan","year":"2019","unstructured":"Phan HV, Nguyen NH, Nguyen HT, Hegde S (2019) Policy uncertainty and firm cash holdings. J Bus Res 95:71\u201382","journal-title":"J Bus Res"},{"key":"660_CR93","doi-asserted-by":"publisher","unstructured":"Pinkowitz LF, Stulz RM, Williamson RG (2013) Is there a US high cash holdings puzzle after the financial crisis? SSRN Electron J. https:\/\/doi.org\/10.2139\/ssrn.2253943","DOI":"10.2139\/ssrn.2253943"},{"key":"660_CR94","unstructured":"Rhodes C, Hutton G, Ward M (2021) House of commons library: briefing paper: number SN04223, 16 March 2021: research & development spending"},{"key":"660_CR95","doi-asserted-by":"crossref","first-page":"86","DOI":"10.1177\/1536867X0900900106","volume":"9","author":"D Roodman","year":"2009","unstructured":"Roodman D (2009) How to do xtabond2: an introduction to difference and system GMM in Stata. Stata J 9:86\u2013136","journal-title":"Stata J"},{"key":"660_CR96","first-page":"3","volume":"Q1","author":"J Saleheen","year":"2017","unstructured":"Saleheen J, Levina I, Melolinna M, Tatomir S (2017) The financial system and productive investment: new survey evidence. Bank Engl Q Bull Q1:3\u201317","journal-title":"Bank Engl Q Bull"},{"issue":"4","key":"660_CR97","first-page":"293","volume":"95","author":"JM S\u00e1nchez","year":"2013","unstructured":"S\u00e1nchez JM, Yurdag\u00fcl E (2013) Why are US firms holding so much cash? An exploration of cross-sectional variation. Federal Reserve Bank St Louis Rev 95(4):293\u2013325","journal-title":"Federal Reserve Bank St Louis Rev"},{"key":"660_CR98","unstructured":"Schwab K (2018) The global competitiveness report 2018. Insight report, world economic forum, geneva. [Online] Available at: http:\/\/www3.weforum.org\/docs\/GCR2018\/05FullReport\/TheGlobalCompetitivenessReport2018.pdf [Accessed 26 September 2020]"},{"key":"660_CR99","doi-asserted-by":"crossref","unstructured":"Schwetzler B, and Reimund C (2004) Valuation effects of corporate cash holdings: evidence from Germany. HHL working paper, HHL\u2013Leipzig graduate school of management","DOI":"10.2139\/ssrn.490262"},{"issue":"2","key":"660_CR100","doi-asserted-by":"crossref","first-page":"219","DOI":"10.1016\/S0304-405X(98)00051-8","volume":"51","author":"L Shyam-Sunder","year":"1999","unstructured":"Shyam-Sunder L, Myers SC (1999) Testing static tradeoff against pecking order models of capital structure. J Financ Econ 51(2):219\u2013244","journal-title":"J Financ Econ"},{"issue":"4","key":"660_CR101","doi-asserted-by":"crossref","first-page":"448","DOI":"10.1016\/j.bar.2015.04.001","volume":"48","author":"J Sun","year":"2016","unstructured":"Sun J, Ding L, Guo JM, Li Y (2016) Ownership, capital structure and financing decision: evidence from the UK. Br Acc Rev 48(4):448\u2013463","journal-title":"Br Acc Rev"},{"key":"660_CR102","doi-asserted-by":"crossref","unstructured":"Thakor RT and Lo AW (2015) Competition and R&D financing decisions: theory and evidence from the biopharmaceutical industry. NBER working paper no. 20903.","DOI":"10.3386\/w20903"},{"issue":"9","key":"660_CR104","doi-asserted-by":"crossref","first-page":"2648","DOI":"10.1016\/j.jbankfin.2006.09.011","volume":"31","author":"E Vos","year":"2007","unstructured":"Vos E, Yeh AJY, Carter S, Tagg S (2007) The happy story of small business financing. J Bank Finance 31(9):2648\u20132672","journal-title":"J Bank Finance"},{"key":"660_CR105","unstructured":"World Economic Forum (2018) The inclusive development index 2018. Summary and data highlights, world economic forum, geneva. [Online] Available at: http:\/\/www3.weforum.org\/docs\/WEF_Forum_IncGrwth_2018.pdf [Accessed 26 September 2020]"}],"container-title":["Operational Research"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s12351-021-00660-3.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s12351-021-00660-3\/fulltext.html","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s12351-021-00660-3.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,8,18]],"date-time":"2022-08-18T10:31:11Z","timestamp":1660818671000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s12351-021-00660-3"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2021,7,27]]},"references-count":105,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2022,9]]}},"alternative-id":["660"],"URL":"https:\/\/doi.org\/10.1007\/s12351-021-00660-3","relation":{},"ISSN":["1109-2858","1866-1505"],"issn-type":[{"type":"print","value":"1109-2858"},{"type":"electronic","value":"1866-1505"}],"subject":[],"published":{"date-parts":[[2021,7,27]]},"assertion":[{"value":"20 January 2021","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"4 May 2021","order":2,"name":"revised","label":"Revised","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"11 July 2021","order":3,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"27 July 2021","order":4,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}}]}}