Determinants of Corporate Cash Holdings in Pakistan
عنوان مقاله: Determinants of Corporate Cash Holdings in Pakistan
شناسه ملی مقاله: NCMCONF01_066
منتشر شده در کنفرانس بین المللی چالش های نوین در مدیریت در سال 1394
شناسه ملی مقاله: NCMCONF01_066
منتشر شده در کنفرانس بین المللی چالش های نوین در مدیریت در سال 1394
مشخصات نویسندگان مقاله:
Mohsin Shabbir - Muhammad Ali Jinnah University
Shujahat H. Hashmi - Muhammad Ali Jinnah University
Ghulam Mujtaba Chaudhary - University of Management Sciences and Information Technology, Kotli
خلاصه مقاله:
Mohsin Shabbir - Muhammad Ali Jinnah University
Shujahat H. Hashmi - Muhammad Ali Jinnah University
Ghulam Mujtaba Chaudhary - University of Management Sciences and Information Technology, Kotli
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 time period 2004-2012. 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. 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.
کلمات کلیدی: cash holdings, pecking order theory, trade off theory
صفحه اختصاصی مقاله و دریافت فایل کامل: https://civilica.com/doc/592732/