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The role of labor in cash holdings: Evidence from the supply-side impact of COVID-19open access
- Authors
- Bae, Jaewan; Kang, Jangkoo
- Issue Date
- Mar-2023
- Publisher
- ELSEVIER SCIENCE SA
- Keywords
- Cash holdings; COVID-19; Remote work; Labor; Female workers
- Citation
- ECONOMICS LETTERS, v.224
- Journal Title
- ECONOMICS LETTERS
- Volume
- 224
- ISSN
- 0165-1765
1873-7374
- Abstract
- This study investigates the dynamics of corporate cash holdings. We argue that firms in industries with low remote work feasibility have more incentives to hold cash during COVID-19 because of a precautionary saving motive or to retain their employees. The analysis results consistently show that firms less able to transition to remote work maintain higher cash holdings during COVID-19, and, more importantly, this effect is stronger for firms with more employees. Furthermore, we find that a higher share of female workers is associated more strongly with high levels of cash holdings for firms with low remote work capacity during COVID-19.(c) 2023 Elsevier B.V. All rights reserved.
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Related Researcher
- Bae, Jaewan
- Business Administration (Divison of Business Administration)