Cash Holdings: Determining Factors and Impact on Future Operating Performance for Listed versus Unlisted Firms

Author:

Anagnostopoulou Seraina C.1

Affiliation:

1. Department of Accounting and Finance, Athens University of Economics and Business, 76, Patission St. Athens, 10434, Greece

Abstract

Research suggests that the cash ratios of private firms are lower than the ones of public firms, which is not consistent with an expectation for increased importance of the precautionary motive for firms with fewer funding options. The study provides a significant explanation on these lower ratios, attributed to differences in leverage, capital expenditures, internally generated cash flows, and corporate governance. The study finally testifies that excess cash holdings are positively associated with future operating performance for private, but not public firms, a finding which is interpreted as a manifestation of capital raising constraints for unlisted versus listed firms.

Publisher

World Scientific Pub Co Pte Lt

Subject

Economics and Econometrics,Finance

Cited by 7 articles. 订阅此论文施引文献 订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献

1. The Treynor Ratio as a Risk-adjusted Return of Croatian Listed Firms;International Journal of Economic Sciences;2023-11-13

2. Firm Size Does Matter: New Evidence on the Determinants of Cash Holdings;Journal of Risk and Financial Management;2020-07-27

3. Political connections and corporate financial decision making;Review of Quantitative Finance and Accounting;2018-11-16

4. How firms manage their cash flows: an examination of diversification’s effect;Review of Quantitative Finance and Accounting;2016-03-25

5. An analysis of working capital efficiency and shareholder return;Review of Quantitative Finance and Accounting;2016-01-09

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