거시경제적 요소가 기업의 현금보유에 대한 투자자의 인식에 미치는 영향 : Covid－19 기간을 대상으로

[Purpose] This study examines how investors perceive corporate cash holdings during macroeconomic crises, with a focus on the Covid－19 pandemic. [Methodology] This study conducts regression analysis using a sample of Korean listed companies during Covid－19 periods (2020－2021). [Findings] First, during the Covid－19 period, a negative relationship is observed between cash holdings and the cost of equity capital, indicating that investors value cash reserves positively in times of heightened uncertainty. Second, this negative relationship is only evident in firms with high investment efficiency, suggesting that even during crises, investors favor cash holdings primarily in companies capable of deploying them effectively in future investments. Third, the negative association between cash holdings and the cost of equity capital is found predominantly in firms with high leverage, implying that financially constrained firms can receive additional favorable evaluations from the market when they bolster cash reserves during periods of limited external financing. [Implications] This study provides implications that companies need to maintain an appropriate level of cash equivalents in preparation for future economic uncertainty and it can contribute to reducing capital costs and increasing corporate value.