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Copyright of Journal of Technology Economics is the property of Chinese Society of Technology Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of China Forestry Economy is the property of China Forestry Economy Magazine Agency and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Accounting Review is the property of Journal of Accounting Review and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Management & Business Research (2521-4306) is the property of Chinese Management Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Journal of Management (0255-9838) is the property of Chinese Management Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Political connection is an informal system commonly existing in the world. Especially in China, the Government plays an important role in resource allocation. In order to obtain more resources, individual-controlled firms always seek to build political connection with the Government. Although the political connection could ease firms' financial constraints and weaken the motivation for holding cash, it could also intensify their agency problems and strengthen the motivation for holding cash. Based on the sample of individual-controlled firms listed with initial public offering from 2005 to 2012 in Chinese capital markets, this paper examines the impact of political connection on corporate cash holdings. The empirical results show that politically connected firms hold less cash than their non-connected peers, and the higher degree of political connection, the lower level of corporate cash holdings. In additional analyses, we find that the results above are attributed to the effect of financial constraints rather than the effect of agency conflicts. The conclusions above deepen the understanding of the influence of political connection on firms' financial policy. Some policy implications are suggested. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Zhejiang University. Humanities & Social Sciences / Zhejiang Daxue Xuebao is the property of Zhejiang University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)