Informal institutions such as culture play an important role in corporate decision-making and behavior.Taking Chinese A-share listed companies from 2008 to 2022 as the research sample,this paper discusses the impact of speculative cul-ture on corporate cash holdings.It's found that the stronger the speculative culture in the region,the higher the cash holding le-vel of local enterprises.Moreover,the promoting effect of speculative culture on cash holdings mainly exists in enterprises with poor external governance environment,such as low shareholding ratio of institutional investors,audits by"non-top-ten"account-ing firms,low analyst attention and insufficient media attention,which indicates that speculative culture mainly improves the cash holding level of enterprises by strengthening the agency motives of insiders based on resource encroachment.Further re-search shows that for large-scale enterprises,non-high-tech enterprises and enterprises with high industry concentration,the positive correlation between speculative culture and cash holdings is stronger.Finally,it is found that excessive cash holdings will bring about the economic consequences of capital occupation and underinvestment,and the speculative culture significantly enhances the adverse effects of cash holdings on capital occupation and underinvestment.
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万方数据
