{"id":"https://openalex.org/W2159449432","doi":null,"title":"Determinants of financial conservatism: Evidence from low-leverage and cash-rich UK firms.","display_name":"Determinants of financial conservatism: Evidence from low-leverage and cash-rich UK firms.","publication_year":2004,"publication_date":"2004-01-21","ids":{"openalex":"https://openalex.org/W2159449432","mag":"2159449432"},"language":"en","primary_location":{"id":"pmh:oai:RePEc:yor:yorken:04/01","doi":null,"is_oa":false,"landing_page_url":"https://www.york.ac.uk/media/economics/documents/discussionpapers/2004/0401.pdf","pdf_url":"https://www.york.ac.uk/media/economics/documents/discussionpapers/2004/0401.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},"volume":null,"type":"preprint","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5111788902","display_name":"Alfonsina Iona","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Alfonsina Iona","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5071889433","display_name":"Leone Leonida","orcid":"https://orcid.org/0000-0002-6721-8413","observed_orcids":["https://orcid.org/0000-0002-6721-8413"]},"institutions":[{"id":"https://openalex.org/I52099693","display_name":"University of York","ror":"https://ror.org/04m01e293","country_code":"GB","type":"education","lineage":["https://openalex.org/I52099693"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Leone Leonida","raw_affiliation_strings":["University of York"],"raw_orcid":"https://orcid.org/0000-0002-6721-8413","affiliations":[{"raw_affiliation_string":"University of York","institution_ids":["https://openalex.org/I52099693"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5086611750","display_name":"Aydin Ozkan","orcid":"https://orcid.org/0000-0003-3404-9040","observed_orcids":["https://orcid.org/0000-0003-3404-9040"]},"institutions":[{"id":"https://openalex.org/I52099693","display_name":"University of York","ror":"https://ror.org/04m01e293","country_code":"GB","type":"education","lineage":["https://openalex.org/I52099693"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Aydin Ozkan","raw_affiliation_strings":["University of York"],"raw_orcid":"https://orcid.org/0000-0003-3404-9040","affiliations":[{"raw_affiliation_string":"University of York","institution_ids":["https://openalex.org/I52099693"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":null,"has_fulltext":false,"cited_by_count":19,"citation_normalized_percentile":null,"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-conservatism","display_name":"financial conservatism","score":0.9980000257492065},{"id":"https://openalex.org/keywords/corporate-cash-holdings","display_name":"cash holdings","score":0.8830000162124634},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.7289999723434448},{"id":"https://openalex.org/keywords/managerial-ownership","display_name":"managerial ownership","score":0.8980000019073486},{"id":"https://openalex.org/keywords/board-composition","display_name":"board composition","score":0.9959999918937683},{"id":"https://openalex.org/keywords/ownership-concentration","display_name":"ownership concentration","score":0.9990000128746033},{"id":"https://openalex.org/keywords/target-leverage","display_name":"target leverage","score":0.8230000138282776},{"id":"https://openalex.org/keywords/non-financial-firms","display_name":"non-financial firms","score":0.8130000233650208},{"id":"https://openalex.org/keywords/uk-firms","display_name":"UK firms","score":0.8960000276565552}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.8283753991127014},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.6609468460083008},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.6318511962890625},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.6119754314422607},{"id":"https://openalex.org/C96640997","wikidata":"https://www.wikidata.org/wiki/Q5163004","display_name":"Conservatism","level":3,"score":0.5647469758987427},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4798154830932617},{"id":"https://openalex.org/C73283319","wikidata":"https://www.wikidata.org/wiki/Q1416617","display_name":"Financial system","level":1,"score":0.3403104543685913},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3347846269607544},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.2785014510154724},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:RePEc:yor:yorken:04/01","doi":null,"is_oa":false,"landing_page_url":"https://www.york.ac.uk/media/economics/documents/discussionpapers/2004/0401.pdf","pdf_url":"https://www.york.ac.uk/media/economics/documents/discussionpapers/2004/0401.pdf","source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"preprint"},{"id":"mag:2159449432","doi":null,"is_oa":false,"landing_page_url":"https://www.york.ac.uk/media/economics/documents/discussionpapers/2004/0401.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":33,"referenced_works":["https://openalex.org/W259850181","https://openalex.org/W1714651000","https://openalex.org/W1850902249","https://openalex.org/W1965115378","https://openalex.org/W1966917639","https://openalex.org/W2020970716","https://openalex.org/W2021347389","https://openalex.org/W2053128971","https://openalex.org/W2061173134","https://openalex.org/W2084310832","https://openalex.org/W2085189944","https://openalex.org/W2122479412","https://openalex.org/W2126924836","https://openalex.org/W2129905273","https://openalex.org/W2131538393","https://openalex.org/W2135241016","https://openalex.org/W2160860931","https://openalex.org/W2167351159","https://openalex.org/W2170466606","https://openalex.org/W2170790204","https://openalex.org/W2752617332","https://openalex.org/W2891717843","https://openalex.org/W3022225504","https://openalex.org/W3122859634","https://openalex.org/W3123125962","https://openalex.org/W3123722965","https://openalex.org/W3124114405","https://openalex.org/W3124737349","https://openalex.org/W3125087107","https://openalex.org/W3125353045","https://openalex.org/W3125372646","https://openalex.org/W3126076569","https://openalex.org/W4251823193"],"related_works":["https://openalex.org/W1714651000","https://openalex.org/W3124884690","https://openalex.org/W2258718853","https://openalex.org/W3157593170","https://openalex.org/W2067322387","https://openalex.org/W2912264577","https://openalex.org/W3021943304","https://openalex.org/W1782163907","https://openalex.org/W1905765489","https://openalex.org/W4408265461"],"abstract_inverted_index":{"This":[0],"paper":[1,43],"investigates":[2],"the":[3,26,58,70,108],"characteristics":[4],"of":[5,11,28,41,65,107,110],"firms":[6,45,68,78,111],"that":[7,76,93],"adopt":[8,51],"persistent":[9],"policies":[10,56],"low":[12],"leverage":[13,85],"and":[14,54],"substantial":[15],"cash":[16],"reserves.":[17],"In":[18],"doing":[19],"so,":[20],"specific":[21],"attention":[22],"is":[23],"paid":[24],"to":[25,80,99],"role":[27],"internal":[29],"corporate":[30],"governance":[31],"mechanisms":[32],"in":[33],"influencing":[34],"firms'":[35],"conservative":[36,48,77,113],"financial":[37,114],"policies.":[38,115],"The":[39],"analysis":[40],"this":[42],"classifies":[44],"as":[46],"financially":[47],"if":[49],"they":[50],"both":[52],"low-leverage":[53],"high-cash":[55],"at":[57],"same":[59],"time.":[60],"Using":[61],"a":[62],"large":[63],"sample":[64],"non-financial":[66],"UK":[67],"over":[69],"period":[71],"1984-2001,":[72],"we":[73],"provide":[74],"evidence":[75],"tend":[79],"undershoot":[81],"(overshoot)":[82],"their":[83],"target":[84],"(cash":[86],"holdings)":[87],"levels.":[88],"Our":[89],"results":[90],"also":[91],"suggest":[92],"managerial":[94],"ownership,":[95],"board":[96],"composition":[97],"and,":[98],"some":[100],"extent,":[101],"ownership":[102],"concentration":[103],"are":[104],"important":[105],"determinants":[106],"probability":[109],"adopting":[112]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2016,"cited_by_count":1},{"year":2014,"cited_by_count":1},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":2}],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}
