Investigating the Asymmetric Models of Cash Holding Adjustment Speed: Dummy Variable, Quadratic and Threshold Regression Models
- سال انتشار: 1402
- محل انتشار: فصلنامه پیشرفتهایی در ریاضیات مالی و کاربردها، دوره: 8، شماره: 2
- کد COI اختصاصی: JR_AMFA-8-2_002
- زبان مقاله: انگلیسی
- تعداد مشاهده: 104
نویسندگان
Ph.D. Student, Department of Accounting, Babol Branch, Islamic Azad University, Babol, Iran.
Department of Management, Babol Branch, Islamic Azad University, Babol, Iran.
Department of Accounting, University of Qom, Qom, Iran
Department of Economic, Babol Branch, Islamic Azad University, Babol, Iran.
چکیده
Proving helpful in an efficient management of cash in order to reach optimal cash and clearly explain relevant optimization policies, this study examined the adjustment speed of cash holding using asymmetric models. The sample consisted of ۱۱۷ firms listed in Tehran Stock Exchange and their financial details over the ۲۰۰۹-۲۰۱۸ period. Once the optimal level for cash holding was identified, asymmetric models such as the dummy variable approach, the quadratic model, and the threshold regression model were employed to test the adjustment speed of cash holding. The results revealed that cash-rich firms are moving toward optimal cash at a greater speed than cash-poor firms. In addition, the results from the quadratic model showed a non-linear, skewing effect of the cash holding adjustment speed in terms of the different cash levels. Therefore, there is an optimal level of cash holding that enables firms to deviate from the cash target. Should firms fall outside the optimal cash range, cash adjustment will occur at a greater speed, and it will be both partial and asymmetric.کلیدواژه ها
Optimal Cash, cash holding adjustment Speed, Asymmetric Modelsاطلاعات بیشتر در مورد COI
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