2021
DOI: 10.1016/j.frl.2021.101926
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The implications of financial conservatism for African firms

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Cited by 10 publications
(9 citation statements)
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“…Conversely, firm value is negatively associated with short-term debt (STDA), long-term debt (LTDA) and firm age (AGE). The majority of the coefficients for the control variables align with previous studies (see Chipeta et al. , 2021; Fauver et al.…”
Section: Resultssupporting
confidence: 86%
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“…Conversely, firm value is negatively associated with short-term debt (STDA), long-term debt (LTDA) and firm age (AGE). The majority of the coefficients for the control variables align with previous studies (see Chipeta et al. , 2021; Fauver et al.…”
Section: Resultssupporting
confidence: 86%
“…Interestingly, the benefits of mimicking, as shown by the positive association between the instrumented peer firms' cash holdings and firm value, are more pronounced when a firm mimic decreases relative to increases in peer firms' cash holdings. This asymmetry suggests that investors view hoarding cash less favourably as it entails curtailing and postponing investments (Chipeta et al. , 2021).…”
Section: Resultsmentioning
confidence: 99%
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