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Theses

Three essays on corporate cash management

Abstract : The increasingly competitive and uncertain economic environment requires firms to show caution and to anticipate their needs. Based on this observation, this thesis discusses several topics that are closely related to corporate cash management choices. The first chapter of this thesis show that offering an optional stock dividend enables firms to temporarily reduce cash outflows to shareholders without being penalized by the market. This peculiar type of payout then allows firms to maintain their levels of liquidity and flexibility during economic downturns. The second chapter focuses on the link between customer risk and corporate liquidity management choices. High customer risk then appears to firms holding higher cash reserves compared to credit lines. Finally, the third chapter highlights the benefits of maintaining long-term buyer-supplier relationships. These partnerships then arises as sources of increased operating efficiency and profitability for firms.
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Thomas David. Three essays on corporate cash management. Business administration. Université Paris sciences et lettres, 2016. English. ⟨NNT : 2016PSLED041⟩. ⟨tel-01537448⟩

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