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This study examines the effect of technology spillovers on corporate cash holdings. The authors find that firms facing greater technology spillovers hold higher cash balances, and this effect is more pronounced for financially constrained firms and firms likely to benefit more from diffused technology. The spillover impact remains strong after accounting for product market competition and own-firm innovations. The study identifies technology spillovers as an important factor in determining corporate cash po

Author

123qwe99

Language

EN