The Role of Financial Position and Leverage in Cash Holdings Adjustment Speed Using the Dummy Variable and Dynamic Threshold Models

Publish Year: 1402
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:

JR_IJFMA-8-29_020

تاریخ نمایه سازی: 18 دی 1401

Abstract:

Cash is a crucial resource for businesses, and balancing available cash and needs is the most important business health factor. Therefore, companies seek an optimal cash level according to cost-benefit analysis to maximize their value; and determining optimal cash holdings, target cash holdings adjustment speed, and the effect of firm-specific characteristics are incredibly important to managers. The present study aims to test asymmetric models of cash holdings adjustment speed according to financial positions and leverage. In this regard, ۱۱۷ firms listed on the Tehran Stock Exchange were selected and their ۲۰۰۹-۲۰۱۸ financial information was analyzed. The findings of asymmetric models are shown and suggest that among firms with high fiscal deficit and leverage, firms with high cash regime reach optimal cash holdings faster than firms with low cash regime. The results indicate an optimal level of cash holdings that allows firms to optimally deviate from target cash holdings. Also, when firms leave the optimal range of cash holdings, rapid adjustments are partial and asymmetric.

Keywords:

Cash Holdings Adjustment Speed , Asymmetric Models , Fiscal Deficit or Surplus , Leverage

Authors

Milad Emamgholipour Archi

Ph.D. Student, Department of Accounting, Babol Branch, Islamic Azad University, Babol, Iran

Seyed Ali Nabavi Chashmi

Department of Management, Babol Branch, Islamic Azad University, Babol, Iran

Iman Dadashi

Department of Accounting, Babol Branch, Islamic Azad University, Babol, Iran

Maryam Shafiee Kakhki

Department of Economic, Babol Branch, Islamic Azad University, Babol, Iran

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