“…Additionally, studies have explored the relationship between cash holdings and financial crisis (Bliss et al, ; Campello et al, , ; Davydova & Sokolov, ; Nason & Patel, ), corruption (Smith, ; Thakur & Kannadhasan, ; Xu & Li, , GDP growth (Graham & Leary, ), creditor rights (Yung & Nafar, ), national cultures (Chen, Dou, et al, ; Ramírez & Tadesse, ), sectors (Bates et al, ; Lamont, ), institutions, and structures such as banks (Francis et al, ; Kahle & Stulz, ), unions (Klasa, Maxwell, & Ortiz‐Molina, ), and governments (Chen, Li, Xiao, & Zou, ; Feng & Johansson, ; Xu, Chen, Xu, & Chan, ).…”