“…A growing body of literature has highlighted the relevance of firm‐level characteristics in determining corporate cash holdings behavior, including size (Bigelli & Sánchez‐Vidal, ; Colquitt, Sommer, & Godwin, ; Orens & Reheul, ), performance (Deb et al, ; Simutin, ), profitability (Mun & Jang, ), leverage (Anderson & Carverhill, ), research & development (Brown & Petersen, ; Dittmar et al, ; He & Wintoki, ), and risk (Acharya et al, ; Harford et al, ; Palazzo, ).…”