Determinants of corporate cash holdings in Pakistan
محل انتشار: مجله بین المللی رهبری سازمانی، دوره: 5، شماره: 1
سال انتشار: 1395
نوع سند: مقاله ژورنالی
زبان: انگلیسی
مشاهده: 434
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شناسه ملی سند علمی:
JR_IJOL-5-1_006
تاریخ نمایه سازی: 16 شهریور 1395
چکیده مقاله:
Corporate cash holdings always involve a trade-off between benefits and costs. This study investigates the determinants of corporate cash holdings. Cash flows, leverage, liquidity, cash flows volatility, profitability, growth opportunities, firm size, debt maturity, and dividend represent the independent variables in the research study. It is based on a panel data of 150 Pakistani non-financial listed firms on KSE during the period 2004-2012. Panel regression analysis has been conducted to determine the major factors affecting cash holdings. The results imply that growth opportunity, company size, cash flows, and profitability of the firms exert a positive effect while leverage and liquidity show a significant negative impact on corporate cash holding. The findings indicated that both pecking order theory and trade-off theory play an important role in explaining the determinants of corporate cash holdings. The findings are beneficial for managers, shareholders, investors, regulatory bodies, and researchers for developing appropriatepolicies.
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نویسندگان
Mohsin Shabbir
CUST, Islamabad, Pakistan
Shujahat Haider Hashmi
CUST, Islamabad, Pakistan
Ghulam Mujtaba Chaudhary
UMSIT, Kotli (AJK), Pakistan