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This paper investigates how a firm’s employment stability affects the level of its cash holdings. We find that firms with high employment stability (as measured by one minus a firm’s employment elasticity with respect to its sales) maintain large cash holdings. The positive effect of employment stability on cash holdings is stronger for R&amp;D intensive firms and firms with high firm-specific human capital. These results are consistent with theories predicting that firms hold cash to signal the credibility of their employment policies regarding job security.

Employment stability and corporate cash holdings