Corporate social responsibility and cash holding: evidence from trucking firms

Ann Shawing Yang, Giovanny Cyntia Susanto

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)


This study analyses the influence of corporate social responsibility (CSR) on the corporate cash management of trucking firms. The fixed-effects model of the panel data analysis is applied from 2007 to 2017. Capital expenditures, dividend payments, and retained earnings negatively influence cash holdings, whereas cash flow, market-to-book ratio, net working capital, and share repurchase for all CSR categories positively influence cash holdings. However, the changes in market leverage, dividends, book-to-market ratio, and firm size negatively and significantly influence excess stock returns. In summary, social and environmental participations positively influence cash holdings and excess stock returns, respectively.

Original languageEnglish
Pages (from-to)85-89
Number of pages5
JournalApplied Economics Letters
Issue number1
Publication statusPublished - 2021

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


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