Financial Shared Service Centers and Corporate Cash Holdings

We hand-collected the data on financial shared service centers (FSSCs) manually and retrieved all financial and accounting data from the China Stock Market and Accounting Research Database (CSMAR). We then constructed our research sample by merging these two datasets for the period 2007–2023, with financial sector firms and observations with missing values excluded. The final sample comprises 370 unique firms that have established an FSSC, yielding a panel of 27,660 firm-year observations.