Three essays on corporate cash flow.

Summary In an economic environment that is increasingly competitive, tense and uncertain, companies must demonstrate adaptability, precaution and anticipation. This manuscript addresses several themes related to this observation, which closely touch the notion of cash management. The first essay of this thesis shows that the distribution of a stock dividend allows firms to temporarily reduce the remuneration of their shareholders, without being sanctioned by the latter. This mechanism allows firms to maintain liquidity and flexibility in times of economic contraction. The second essay deals with the link between customer risk and liquidity management policy. Increased customer risk seems to push firms to hold more cash and to use credit lines less. Finally, the third essay justifies the interest of establishing long-term customer-supplier relationships. These partnerships appear to be a source of increased efficiency and profitability in the operational cycle of companies.