Determinants of corporate cash holdings: Evidence from Pakistan

سال انتشار: 1394
نوع سند: مقاله کنفرانسی
زبان: انگلیسی
مشاهده: 276

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شناسه ملی سند علمی:

NCMCONF01_067

تاریخ نمایه سازی: 19 خرداد 1396

چکیده مقاله:

Corporate cash holdings always involves 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 panel data of 150 Pakistani non-financial listed firms in KSE during the time period 2004-2012. The findings of this study implies 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. In this study, we find out that both pecking order theory and trade-off theory play an important role in explaining the determinants of corporate cash holdings

نویسندگان

Mohsin Shabbir

Muhammad Ali Jinnah University

Shujahat Haider Hashmi

Lecturer, Muhammad Ali Jinnah University, Islamabad

Ghulam Mujtaba Chaudhary

Assistant Professor, Department of Business Administration University of Management Sciences and Information Technology, Kotli (AJ&K)

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