Peer-Reviewed Journal Articles

Journal Rankings:

• AJG (2024): 1 × ABS 4★★★★ | 3 × ABS 3★★★ | 8 × ABS 2★★ | 1 × ABS 1★
• ABDC (2026): 1 × A* | 6 × A | 5 × B | 2 × C

Total: 16 publications in international peer-reviewed journals

• Magerakis, E., & Habib, A. (2026). Biodiversity risk and working capital management. Business Strategy and the Environment, 35(3), 3445-3467. 🔗 doi (IF: 13.3, ABS: 3, ABDC: A).

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  Using a large sample of US‐listed firms, this study explores the relationship between biodiversity risk and working capital management. Biodiversity risk, an emerging external factor, pressures firms to optimize resource allocation due to increasing regulatory scrutiny and stakeholder awareness. Using a novel firm‐level proxy derived from 10‐K filings, we find that biodiversity‐related risk is negatively associated with a firm's working capital. These findings align with both the precautionary motive theory and the disciplinary channel framework, suggesting that biodiversity risk incentivizes firms to divert resources from working capital management. Cross‐sectional analyses show that this effect is particularly pronounced in financially constrained, distressed, and non–high‐tech firms. Our results are robust to several identification and sensitivity tests, including two‐step GMM estimation, propensity score matching, entropy balancing test, and placebo test, among other approaches. This study highlights the critical role of biodiversity risk as a driver of corporate financial behavior.

• Magerakis, E. (2025). Industry differences and their influence on why companies retain cash: the impact of the COVID-19 pandemic. Journal of Management Control, 36(2), 205-267. 🔗 doi (IF: 3.6, ABS: 2, ABDC: A).

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  This study investigates how industry characteristics impact corporate cash policies and whether these relationships shifted during the COVID-19 pandemic, using a sample of Greek private firms from 2015 to 2021. We employ regression analysis with pandemic interaction terms to quantify industry differences in cash holdings determinants before and during the COVID-19 crisis. Results show that while leverage, profitability, working capital, size, and capital intensity significantly affect cash holdings, substantial heterogeneity emerges across the manufacturing, retail, transportation, and hospitality sectors. Firms increased precautionary cash during the pandemic, but sensitivities between key determinants and liquidity diverged across industries, reflecting different financial constraints and risk exposures. In additional tests, we identify plausible channels through which firm-level determinants affect cash holdings, and we further find that excess cash stimulates capital investments, while liquidity shortfalls curtail expenditures and heighten default risks. By leveraging exogenous variation from the COVID-19 shock and quantifying sectoral differences, this study provides novel evidence on drivers of corporate cash policies across industries. These findings suggest that targeted liquidity strategies can help managers navigate systemic shocks and inform policymakers on designing sector-specific relief measures.

• Magerakis, E., & Theodoraki, C. (2026). Environmental uncertainty and corporate performance: Can R&D investments provide a silver lining to this cloud? Review of Managerial Science, 20(6), 1871-1913. 🔗 doi (IF: 9.6, ABS: 2, ABDC: A).

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  This study examines the impact of perceived environmental uncertainty on corporate performance, questioning the moderating role of investments in research and development. To test the empirical conjecture, we implement regression analysis on a sample of nonfinancial Greek firms. Our findings show that environmental uncertainty significantly hinders firm performance, in line with the view that uncertainty exacerbates information asymmetry. However, we find that the association between uncertainty and performance is contingent on innovation investment, suggesting that R&D spending provides firms with dynamic capabilities to navigate economic downturns. The moderating effect is more pronounced for larger firms. While acknowledging the short-term negative effects, our analyses indicate that R&D investments’ benefits capitalize as improved profitability over longer time horizons. The results are robust to alternative specifications, endogeneity, and sensitivity tests. The findings imply that managers should consider investing in R&D to offset the negative impacts of increased environmental volatility. Policymakers should consider whether to provide subsidies or other forms of supporting corporate R&D activities. This study provides a new perspective on the contingent role of R&D in the relationship between uncertainty and business outcomes, offering insights for strategic decision-making in turbulent environments.

• Magerakis, E., & Habib, A. (2024). Organizational strategy, abnormal cash holdings, and future operating returns. Journal of Accounting Literature. Advance online publication. 🔗 doi (IF: 1.1, ABS: 3, ABDC: A).

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  Purpose. This paper empirically investigates (1) the association between business strategy and abnormal cash position and (2) the future performance implications of abnormal cash holdings conditional on business strategy for a sample of US firms.

  Design/methodology/approach. We use the firm-specific composite business score developed by Bentley et al. (2013) and examine its relationship with abnormal cash holdings. We employ the cash holding model of Opler et al. (1999) to determine the level of normal cash holdings with the residual being labeled as the abnormal cash holdings.

  Findings. Using a sample of US firms, we confirm a positive and significant association between business strategy and abnormal cash holdings. We also reveal that a deviation from the estimated cash level can lead to an improved future performance but a prospector (defender) -type business strategy weakens (strengthens) the excess cash–firm performance relationship.

  Originality/value. While the prior evidence show the effects of business strategies on corporate cash holding, there is no evidence of the association between business strategy and abnormal cash holdings and the performance implications of the strategy-cash holdings nexus. Hence, through the lens of business strategy, this study aims to fill this gap in the literature.

• Floros, C., Galariotis, E., Gkillas, K., Magerakis, E., & Zopounidis, C. (2024). Time-varying firm cash holding and economic policy uncertainty nexus: a quantile regression approach. Annals of Operations Research, 341(2-3), 859-895. 🔗 doi (IF: 4.4, ABS: 3, ABDC: A).

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  This paper examines the time-varying nature of various decisive factors on cash holding decisions. First, we revisit the issue of cash holding determinants of U.S. corporations and argue that firm cash holding predictability is time-varying. To this end, this research proposes a novel empirical framework that builds on the impact of business cycles on firm cash holding’s predictability. Using a three-stage empirical analysis, we also posit that the conventional argument on the EPU-CASH relationship is dependent on the time-varying market structure. Earlier studies have shown that economic policy uncertainty may increase the propensity of cash holding at the firm level. To estimate the theoretical assumption and capture different dynamic relationships, we convert monthly EPU data to annual and develop a cash quantile regression model including several financial characteristics. Employing a large sample of U.S. non-financial firms and non-utilities, we initially estimate 6-year rolling fixed window quantile regressions during the 1970–2016 period. The resulting series of beta estimates are regressed on economic policy uncertainty. The main results confirm the time-varying nature of determinants related to corporate liquidity management. Our findings add a new dimension to the existing literature and therefore be important to the market participants for portfolio allocation in the developed markets. Overall, the new methodology presented in this study contributes to the field of operational research by providing a robust approach to analyze policy uncertainty and its impact on cash management.

• Magerakis, E., Pantzalis, C., & Park, J. C. (2023). The effect of proximity to political power on corporate cash policy. Journal of Corporate Finance, 82, 102448. 🔗 doi (IF: 6.1, ABS: 4, ABDC: A*).

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  We expand on prior evidence that national-level policy uncertainty affects corporate cash policies and hypothesize that political geography has a significant effect on corporate cash holdings as bi-annual shifts in firms' location on the political map give rise to both time- and spatially-varying levels of exposure to policy risk. We use a state-level index of political alignment with the President as a proxy for political geography and empirically confirm that companies headquartered in states closely aligned with the President tend to increase their cash holdings. Moreover, and in line with the notion that policy uncertainty associated with proximity to political power provides a precautionary motive for holding more cash, the cash flow sensitivity of cash is more pronounced among firms that are financially constrained and politically unconnected. Finally, our tests suggest that such corporate cash management policy in the face of exposure to policy risk can have value implications.

• Magerakis, E., & Tzelepis, D. (2023). Corruption, cash holdings and firm performance: empirical evidence from an emerging market. Journal of Applied Accounting Research, 24(3), 483-507. 🔗 doi (IF: 3.0, ABS: 2, ABDC: B).

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  Purpose. This paper aims to examine the impact of corruption on firm performance considering the interventional role of cash policy in the emerging market of Greece.

  Design/methodology/approach. The current study utilizes a sample of 142,079 firm-year observations for the period 2006–2014. Descriptive statistics, multiple regression analyses and robustness checks are used to test the study's hypotheses.

  Findings. The results reveal that firm performance is positively related to the control of institutional corruption, implying that firms perform better when operating in a low-corruption environment. All other things being equal, we also find that firm cash holding strengthens the positive association between control of corruption and corporate financial performance.

  Research limitations/implications. This research paper takes a more holistic approach by considering institutional factors in conjunction with corporate financial policies and outcomes. In a pervasive corrupt environment, the article illustrates how firm-level mechanisms can preclude political rent-seeking to improve corporate performance. The study's main limitation is that it focuses exclusively on a single country setting, based on the extreme-critical case's logic.

  Practical implications. The findings might be useful for business executives and regulators seeking a better understanding of the planning and implementation of firms' asset allocation strategies and anti-corruption policies.

  Originality/value. The study augments the relevant literature on the firm-level implications of corruption by providing empirical evidence for the interventional role of cash management in the relation between corruption and firm performance, in the context of an emerging economy.

• Magerakis, E. (2022). The importance of managerial discretion on managerial ability–firm cash holding nexus. Management Decision, 60(12), 3275-3303. 🔗 doi (IF: 4.6, ABS: 2, ABDC: B).

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  Purpose. This paper examines the role of managerial discretion in the relation between managerial ability on the level of corporate cash.

  Design/methodology/approach. Conjoining the upper echelons theory's premises and the theoretical framework of cash holdings, we posit that the managerial ability's effect on cash policy varies with managerial discretion using firm-level data. To test the empirical prediction, we employ a linear regression model with fixed effects with a sample of US listed firms from 1980 to 2016.

  Findings. The findings reveal that the positive association between the ability of chief executive officers and corporate cash savings is weakened by firm-level managerial discretion. The results are robust to various additional analyses, namely lagged independent variables regression, reduced form regression and granger causality test. Overall, the findings are generally consistent with the cash holding motives yielding transaction and precautionary demand for money. However, our findings also shed light on whether managerial discretion moderates or exacerbates agency problems related to top executives' cash holding policies.

  Originality/value. This work's distinct characteristic is the investigation of the joint effect of managerial talent and discretion on a firm's cash holding, which remains unexplored in the literature.

• Magerakis, E. (2022). Chief executive officer ability and cash holding decision. Review of Accounting and Finance, 21(5), 449-485. 🔗 doi (IF: 2.4, ABS: 2, ABDC: B).

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  Purpose. This paper aims to consider the effect of the chief executive officer’s (CEO) ability on the amount of cash stock at the firm level.

  Design/methodology/approach. The empirical hypothesis is examined via fixed-effect regression models using data from US incorporated firms.

  Findings. Consistent with the upper echelon theory and cash holding motives, the results reveal that able CEOs are associated with an increased level of cash stock, ceteris paribus. Further analysis shows that the association between CEO ability and firm cash holding is more profound for financially sound firms. The authors also demonstrate that firm size significantly affects the relationship between CEO ability and cash management. The results are robust to various sensitivity analyses and additional tests.

  Research limitations/implications. This work is subject to limitations inherent in the use of relevant proxies. Thus, the study implements several model specifications to ensure the validity of findings in a more generic context. Future research should investigate the board structure’s role and the monitoring procedures on the CEOs’ cash holding behavior as a natural extension to this study.

  Practical implications. The insights derived from the study are expected to advance the decision-making process of cash policies and CEO selection for shareholders, business executives and investment strategists.

  Originality/value. Overall, the study provides new evidence that CEO ability is a contingent factor of corporate cash stock.

• Magerakis, E., & Habib, A. (2022). Environmental uncertainty and corporate cash holdings: The moderating role of CEO ability. International Review of Finance, 22(3), 402-432. 🔗 doi (IF: 1.7, ABDC: A).

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  This article empirically tests the association between environmental uncertainty and corporate cash holdings and whether CEO ability moderates this association. Based on the precautionary motive for holding cash, we predict that firms will hold more cash when operating in an environment of high uncertainty. To test this prediction, we utilize a panel of non‐financial U.S. firms throughout 1980–2016. Using the coefficient of variation in sales as a proxy for environmental uncertainty, we find that environmental uncertainty increases firm cash holding. We then explore the moderating role of CEO ability and find that more‐able CEOs weaken the positive association between environmental uncertainty and cash holding. Further, the results demonstrate that small‐sized, financially sound, and low leveraged firms are likely to hoard more cash during periods of heightened uncertainty. Our study provides new insights for investors, shareholders, and policymakers into companies' decision‐making concerning liquid assets.

• Magerakis, E., Gkillas, K., Floros, C., & Peppas, G. (2021). Corporate R&D intensity and high cash holdings: post-crisis analysis. Operational Research, 22(4), 3767–3808. 🔗 doi (IF: 2.7, ABS: 1, ABDC: C).

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  This paper examines the effect of R&D investment on firms’ level cash holdings in the UK market after the financial market crisis, using the trade-off model and the pecking order model as a theoretical backdrop. For this purpose, we employ a sample of UK listed non-financial no-utility firms throughout 2010–2018. Our findings indicate that R&D spending provides a reasonable explanation for UK firms’ increased cash ratio during post-crisis. Using Fama and French’s (Industry costs of equity. J Financ Econ 43(2): 153–193, 1997) classification, we conduct cross-sectional linear regression analysis for industry and firm groups’ sub-samples. The analysis provides evidence of considerable heterogeneity in terms of cash holding and investment spending across industries. What is more, technology and healthcare firms have contributed to the increase in cash levels. The findings reveal a positive and significant effect of R&D intensity on cash holdings, while R&D-intensive firms hoard cash driven by industry concentration. We confirm our findings’ persistence after performing various additional analyses and robustness checks. This is the first study to provide empirical evidence in the post-crisis era on how R&D influences firm-level cash holdings in the UK market setting.

• Magerakis, E., & Habib, A. (2021). Business strategy and environmental inefficiency. Journal of Cleaner Production, 302, 127014. 🔗 doi (IF: 11.1, ABS: 2, ABDC: C)

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  This study examines the relationship between firm-level business strategy and environmental inefficiency, measured by the total amount of chemical releases reported to the U.S. Environmental Protection Agency’s (EPA) Toxics Release Inventory (TRI). Based on Miles and Snow’s (1978, 2003) organizational theory, we consider the environmental inefficiency of Prospector and Defender business strategy types. Using a large sample of U.S. data spanning the period 1990-2014, we find that prospector-type firms reduce their toxic chemicals, relative to defender-type strategy firms. Our findings remain robust to fixed effects regression, 2SLS analysis, and the Granger-Causality test. This study offers useful insights to environmentally concerned policymakers, regulators, and investment strategists. From a practical point of view, our results suggest that a firm's business strategy could determine how it responds to the need for protecting the natural environment. By integrating strategic management and environmental sustainability research, we offer new insights into how business strategies shape firms’ responses to environmental efficiency.

• Magerakis, E. & Tzelepis, D. (2020). The impact of business strategy on corporate cash policy. Journal of Applied Accounting Research, 21(4), 677-699. 🔗 doi (IF: 3.0, ABS: 2, ABDC: B).

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  Purpose. The purpose of this study is to explore the association between cash holdings and business strategy for nonfinancial and nonutility US firms over the period from 1970 to 2016.

  Design/methodology/approach. The authors have used Miles and Snow's (1978, 2003) theoretical background and followed Bentley et al. (2013) to construct a strategy index. Thus, the authors have distinguished two extreme corporate strategies, prospectors and defenders, based on a firm's resource allocation and investment behavior patterns. Following the methodology of Bates et al. (2009), the authors have used the multiple regression analysis to explore the relationship between business strategy and corporate cash holdings.

  Findings. The empirical results show that business strategy is positively related to cash holdings. Prospectors are more likely to hold higher cash levels than defenders. Furthermore, the authors have found that cash holding's speed of adjustment (SOA) is slower for prospectors than for defenders, suggesting that business strategy influences cash holding's trend. Interestingly, the results show that the market value of cash increases significantly only for the firms that pursue a defender strategy.

  Research limitations/implications. The results of this work have valuable implications for researchers, by unveiling the relationship between corporate strategy and firm's cash holdings. This study, however, is limited to a sample of US firms; empirical evidence based on international samples of firms would add value to the current literature.

  Practical implications. The findings could be useful to financial managers and investment strategists, who seek to maximize firm value through the adoption of an effective liquidity policy. What is more, this study provides support for the view that strategic choice and optimal cash management are of great importance for firms' market value.

  Originality/value. This study enriches the knowledge of business strategy's impact on financing policy of firms and contributes to the empirical literature of cash holdings' determinants. In addition, it complements previous studies on US firms by documenting the effect of business strategy on the SOA in cash holdings and firm value.

• Magerakis, E., Gkillas, K., Tsagkanos, A., & Siriopoulos, C. (2020). Firm size does matter: New evidence on the determinants of cash holdings. Journal of Risk and Financial Management, 13(8), 163. MDPI AG. 🔗 doi (IF: 2.8).

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  We study the financial determinants of cash holdings and discuss the importance of firm size in the post-crisis period. We employ panel data regression analysis on a sample of 6629 non-financial and non-utility listed companies in the United Kingdom from 2010 to 2018. We focus on the comparative analysis of large, medium, and small size firms in terms of cash holdings. Our findings indicate that cash levels are higher for firms with riskier cash flows, more growth opportunities, and higher R&D expenditures. In contrast, the firms’ cash holdings decrease when the substitutes of cash, cash flows, and capital expenditures increase. We show that small-sized firms tend to hold more cash than their larger counterparts due to precautionary motives. Further, we confirm a significant and varying association between managerial ownership and cash holdings. The study is robust to different regression specifications, additional analyses, and endogeneity tests. Overall, we add to the prior literature by identifying the effect of firm-level attributes and governance characteristics on cash policy during the post-crisis period. To the best of the authors’ knowledge, this is the first work that provides insights on the way that firm characteristics impact cash holdings, considering the differences among firm size groupings.

• Magerakis, E. (2020). Corporate cash holdings and financial crisis: Evidence from the emerging market of Greece. International Journal of Managerial and Financial Accounting, 12(2), 186-215. 🔗 doi (IF: 1.4, ABS: 2, ABDC: B).

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  This paper investigates the determinants and implications of cash holdings during both a recessionary and a growth phase of the Greek economy. Using a sample from 2003 to 2014, we find that, on average, Greek firms hold 13.8% of their total assets as cash and cash equivalents. We build upon the theoretical underpinnings of cash holdings determinants and provide evidence generally supportive of both a static trade-off model and pecking order model. The empirical results indicate that the cash ratio is positively associated with cash flow to assets, capital expenditures, industry cash flow volatility, and dividend payment. In contrast, corporate leverage, net working capital ratio, firm size, and loss are negatively related to cash ratio. This study highlights the importance of formulating additional regulatory actions and accounting policies to shield markets from a looming global shock.

• Magerakis, E., Siriopoulos, C., & Tsagkanos, A. (2015). Cash holdings and firm characteristics: Evidence from UK market. Journal of Risk and Control, 2(1), 19-43.

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  This paper investigates the determinants of UK corporate cash holdings during the period 1980-2012. The global and long term phenomenon of corporate cash pilling has drawn significant attention from researchers. Similarly, this study aims at shedding light on the empirical relationship between cash holding and specific firm characteristics. The empirical findings suggest that cash holdings are positively related to investment opportunity, as R&D and market to book ratio. Cash ratio is also positively related to industry cash flow volatility and negatively affected by cash flow, net working capital, capital expenditures, leverage, tax expenses, age and size. Regarding the development of the determinants of cash holdings, the study indicates that three major variables influenced cash holdings over the years of analysis. In particular, leverage, tax regime and capital expenditures significantly affect the corporate liquidity in UK market. Furthermore, the results suggest that cash holdings are mostly defined by trade off theory. Indeed, our findings offer stimulating insights on the factors that determine the firms’ cash holdings during the past three decades.

Working Papers

• Magerakis, E., Ranasinghe, D., & Habib, A. (2026). Does cybersecurity risk disclosure influence firm operational efficiency? 🔗 SSRN

• Magerakis, E., & Tzelepis, D. (2025). Subnational corruption and corporate tax avoidance. (Working paper)

• Magerakis, E. (2024). Corporate tax avoidance under economic policy uncertainty: Does the quality of institutional governance matter? 🔗 Research Square (Under review)

Other Publications

• Magerakis, E. (2022). Essays in financial accounting and corporate finance (Doctoral dissertation, University of Patras, Greece. School of Economics and Business. Department of Economics).

• Magerakis, E. (2017). The role of business strategy in corporate liquidity: Evidence from US firms (MSc Thesis, University of Patras, Greece. School of Economics and Business. Department of Economics).

• Magerakis, E. (2015). Cash holdings and firm characteristics: Evidence from UK market (MBA Thesis, University of Patras, Greece. School of Economics and Business. Department of Business Administration.

Interactive Visualizations

• Dimitras, A., Magerakis, E., & Peppas, G. (2026). Is the relationship between climate policy uncertainty and cash holding nonlinear? 15th International Conference of the Financial Engineering and Banking Society (FEBS), Florence School of Banking and Finance, European University Institute, Badia Fiesolana, Florence, Italy, May 21-23.

• Dimitras, A., Magerakis, E., & Peppas, G. (2025). Is the relationship between climate policy uncertainty and cash holding nonlinear? International Conference on Business & Economics 2025, Hellenic Open University, Athens, Greece, September 26-27.

• Magerakis, E., Floros, C., & Gkillas, K. (2025). Political uncertainty and cybersecurity risk: How competing forces shape corporate cash policy. FAME 2025 - International Conference on AI in Finance, Accounting, Management and Energy, Heraklion, Crete, Greece, September 19-20. *

• Magerakis, E. (2024). Corporate tax avoidance under economic policy uncertainty: Does the quality of institutional governance matter? International Conference on Business & Economics 2024, Hellenic Open University, Athens, Greece, September 27-28.

• Seremetis, K., Dimitras, A., Peppas, G., & Magerakis, E. (2024). Cash flows, accruals and corporate returns. International Conference on Business & Economics 2024, Hellenic Open University, Athens, Greece, September 27-28. *

• Gkillas, K., Floros, C., Magerakis, E. (2022). Time-varying firm cash holding and economic policy uncertainty nexus: a quantile regression approach. 12th National Conference of the Financial Engineering and Banking Society (FEBS), Athens, Greece, December 19-20.*

• Gkillas, K., Floros, C., Magerakis, E. (2022). Time-varying firm cash holding and economic policy uncertainty nexus: a quantile regression approach. The 94th meeting of the EURO working group on Multiple Criteria Decision Aiding (EWG-MCDA 94), Agios Nikolaos, Greece, September 15-17.*

• Magerakis, E. & Tzelepis, D. (2021). Corruption, cash holdings and firm performance: Evidence from an emerging market. European Accounting Association 2020 Conference, Bucharest, Romania (postponed), Brussels, Belgium, Virtual Congress, 26 - 28 May 2021.

• Magerakis, E. and Tzelepis, D. (2019). Corruption, cash holdings and firm performance: Evidence from an emerging market. 18th HFAA Conference, Athens, Greece, December 13-14.

• Magerakis, E. and Tzelepis, D. (2018). Making the link: Cash holdings, managerial ability and discretion. 17th HFAA Conference, Athens, Greece, December 14-15.

• Magerakis, E. and Tzelepis, D. (2018). The role of business strategy in corporate liquidity: Evidence from US firms. 7th IMAEF Meeting, Corfu, Greece, June 20-22.

• Magerakis, E. and Tzelepis, D. (2017). The determinants of corporate cash holdings: Evidence from Greece. 16th HFAA Conference, Athens, Greece, December 15-16.

• Magerakis, E. and Loukopoulos, P. (2016). Cash reserves and R&D investment effect: A UK intra-industry overview. 15th HFAA Conference, Athens, Greece, December 16-17.

• Magerakis, E. (2015). Leadership ethics, CSR & change management. 12th Student Conference on Management Science and Technology, pp. 178–187, Athens, Greece, May 14.

• Magerakis, E., Tsagkanos, A., and Siriopoulos, C. (2015). Corporate liquidity, firm size and the impact of financial crisis in UK market. 14th HFAA Conference, Athens, Greece, December 18-19.

• Magerakis, Ε., Beretoulis, P., Karabagias, S., and Gavrilakis, N. (2009). The Greek reality of the Photovoltaic market: Future trends and incentives in energy development. Proceedings of the 2nd International Conference on Environmental Management, Engineering, Planning and Economics (CEMEPE 09) & SECOTOX Conference, pp. 667-673, Mykonos, Greece, 21-26 June, 2009.*

Note: “*” indicates presentation by coauthor.

Welcome to the audio versions of my papers and featured podcasts. Here you can listen to narrated versions of my publications generated using NotebookLM.

Episode 1

Briefing Doc: The Effect of Proximity to Political Power on Corporate Cash Policy

Source: Magerakis, E., Pantzalis, C., & Park, J. C. (2023). The effect of proximity to political power on corporate cash policy. Journal of Corporate Finance, 82, 102448.

Main Theme: This study examines how a firm’s proximity to political power, specifically its location within the US political landscape, influences its cash holding decisions. The authors argue that firms headquartered in states with a higher degree of political alignment with the President’s party face elevated policy risk, leading them to adopt more conservative cash policies as a hedging mechanism.

You can listen to the audio version of this paper here.

Current appointment: Assistant Professor of Financial Economics, Department of Economics, University of Patras (2026–present).

Currently teaching (undergraduate): Accounting I · Accounting II · Corporate Finance · Special Topics in Finance

Previously taught at the University of Patras (2017–2026): Investment Appraisal · Financial Analysis and Management · Business Financial Analysis (MSc)

My full teaching and appointment history is in my CV.