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24/11/2021
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Tran , H. C., & Phan , T. T. D. (2021). Determinants of corporate cash holdings: evidence from Vietnamese materials firms. Journal of International Economics and Management, 21(3), 1-21. https://doi.org/10.38203/jiem.021.3.0033
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Determinants of corporate cash holdings: evidence from Vietnamese materials firms
Main Article Content
Abstract
This paper investigates factors affecting cash holdings of materials firms listed on Vietnamese stock exchanges. The study shows that leverage, profitability, cash conversion cycle, cash flows, and growth opportunities significantly affect the level of cash holdings of Vietnamese materials companies by analyzing data collected from 51 companies over seven years (2013-2019) and using FGLS procedure on fixed effect estimation. This study adds more insights in the field of liquidity management in general and cash management in particular by determining factors influencing cash holdings. Outcomes from this research would help managers, investors, and consultants make corporate governance decisions.
Article Details
Keywords
Cash holdings issues, Corporate governance
References
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Afza, T. and Adnan, S.M. (2007), “Determinants of corporate cash holdings: a case study of Pakistan”, in Proceedings of Singapore Economic Review Conference (SERC) 2007, August 01-04, Singapore Economics Review and The University of Manchester (Brooks WorldPoverty Institute), Singapore, pp. 164 - 165.
Ahmed, R., Qi, W., Ullah, S. and Kimani, D. (2018), “Determinants of corporate cash holdings: an empirical study of Chinese listed firms”, Corporate Ownership & Control, Vol. 15 No. 3, pp. 57 - 65.
Ahrends, M., Drobetz, W. and Nomikos, N.K. (2018), “Corporate cash holdings in the shipping industry”, Transportation Research Part E: Logistics and Transportation Review, Vol. 112, pp. 107 - 124.
Al-Najjar, B. (2013), “The financial determinants of corporate cash holding: evidence from emerging markets”, International Business Review, Vol. 22, pp. 77 - 88.
Al-Najjar, B. and Belghitar, Y. (2011), “Corporate cash holdings and dividend payments: evidence from simultaneous analysis”, Managerial & Decision Economics, Vol. 32 No. 4, pp. 231 - 241.
Almeida, H., Campello, M. and Weisbach, M. (2004), “The cash flow sensitivity of cash”, The Journal of Finance, Vol. 59 No. 4, pp. 1777 - 1804.
Bates, T., Kahle, K. and Stulz, R. (2009), “Why do U.S. firms hold so much more cash than they used to?”, The Journal of Finance, Vol. 64 No. 5, pp. 1985 - 2021.
Cap, K.H. (2014), Corporate cash holdings: determinants and implications from Vietnamese market, Unpublished Manuscript, Master’s dissertation, Royal Docks Business School, University of East London.
Chang-Soo, K., Mauer, D.C., Sherman, A.E. and Kim, C.S. (1998), “The determinants of corporate liquidity: theory and evidence”, Journal of Financial and Quantitative Analysis, Vol. 33 No. 3, pp. 335 - 359.
Chireka, T. and Fakoya, M.B. (2017) “The determinants of corporate cash holdings levels: evidence from selected South African retail firms”, Investment Management and Financial Innovations, Vol. 14 No. 2, pp. 79 - 93.
Cruz, A.F., Kimura, H. and Sobreiro, V.A. (2019), “What do we know about corporate cash holdings? A systematic analysis”, Jounal of Corporate Accounting and Finance, Vol. 30 No. 1, pp. 77 - 143.
Das, S. and Goel, U. (2019), “Determinants of excess and deficit cash holdings of firms: evidence from emerging market”, Global Business Review, Vol. 22 No. 5, pp. 1202 - 1215.
D’Mello, R., Krishnaswami, S. and Larkin, P.J. (2008). “Determinants of corporate cash holdings: evidence from spin-offs”, Journal of Banking and Finance, Vol. 32 No. 7, pp. 1209 - 1220.
Diamond, D. (1991), “Debt maturity structure and liquidity risk”, The Quarterly Journal of Economics, Vol. 106 No. 3, pp. 709 - 737.
Dittmar, A., Mahrt-Smith, J. and Servaes, H. (2003), “International corporate governance and corporate cash holdings”, Journal of Financial and Quantitative Analysis, Vol. 38 No. 1, pp. 111 - 133.
Donaldson, G. (1961), Corporate debt capacity, Division of Research, Graduate School of Business Administration, Harvard University, Boston.
Drobetz, W. and Grüninger, M.C. (2007), “Corporate cash holdings: evidence from Switzerland”, Financial Markets and Portfolio Management, Vol. 21 No. 3, pp. 293 - 324.
Drobetz, W., Haller, R. and Meier, I. (2016a), “Cash flow sensitivities during normal and crisis times:
evidence from shipping”, Transportation Research Part A: Policy and Practice, Vol. 90, pp. 26 - 49.
Drobetz, W., Menzel, C. and Schröder, H. (2016b), “Systematic risk behavior in cyclical industries: the case of shipping”, Transportation Research Part E: Logistics and Transportation Review, Vol. 88, pp. 129 - 145.
Easterbrook, F.H. (1984), “Two agency-cost explanations of dividends”, American Economic Review, Vol. 74 No. 4, pp. 650 - 659.
Faulkender, M. and Wang, R. (2006), “Corporate financial policy and the value of cash”, Journal of Finance, Vol. 61 No. 4, pp. 1957 - 1990.
Ferreira, M.A. and Vilela, A.S. (2004), “Why do firms hold cash? Evidence from EMU countries”, European Financial Management, Vol. 10 No. 2, pp. 295 - 319.
Gao, H., Harford, J. and Li, K. (2013), “Determinants of corporate cash policy: insights from private firms”, Journal of Financial Economics, Vol. 109 No. 3, pp. 623 - 639.
Garcia-Teruel, P. and Martinez-Salona, P. (2008). “On the determinants of SME cash holdings: evidence from Spain”, Journal of Business Finance and Accounting, Vol. 32 No. 1-2, pp. 127 - 149.
Gill, A. and Shah, C. (2012), “Determinants of corporate cash holdings: evidence from Canada”, International Journal of Economics and Finance, Vol. 4 No. 1, pp. 70 - 79.
Greenwood, R. and Hanson, S. (2015), “Waves in ship prices and investment”, The Quarterly Journal of Economics, Vol. 130 No. 1, pp. 55 - 109.
Guizani, M. (2017), “The financial determinants of corporate cash holdings in an oil rich country: evidence from Kingdom of Saudi Arabia”, Borsa Istanbul Review, Vol. 17 No. 3, pp. 133 - 143.
Hardin III, W.G., Highfield, M.J., Hill, M.D. and Kelly, G.W. (2009), “The determinants of REIT cash holdings”, The Journal of Real Estate Finance and Economics, Vol. 39 No. 1, pp. 39 - 57.
Hung, D.N, Van, V.T.T. and Hung, N.D. (2020), “The sensitivity of cash flows to cash holdings:
case studies at Vietnamese enterprises”, Investment Management and Financial Innovations, Vol. 17 No. 1, pp. 266 - 276.
Jani, E., Hoesli, M. and Bender, A. (2004), “Corporate cash holdings and agency conflicts”, Working paper, University of Geneva.
Jebran, K., Iqbal, A., Bhat, K.U., Khan, M.A. and Hayat, M. (2019), “Determinants of corporate cash holdings in tranquil and turbulent period: evidence from an emerging economy”, Financial Innovation, Vol. 5 No. 3, pp. 1 - 12.
Jensen, M.C. (1986), “Agency costs of free cash flow, corporate finance and takeovers”, American Economic Review, Vol. 76 No. 2, pp. 323 - 331.
John, T. (1993), “Accounting measures of corporate liquidity, leverage, and costs of financial distress”, Financial Management, Vol. 22, pp. 91 - 100.
Junli, Z. (2011), The relationship between working capital management and corporate cash holdings, Master’s thesis, University of Eastern Finland, Department of Business.
Kariuki, S., Namusonge, G. and Orwa, G. (2015), “Determinants of corporate cash holdings: evidence from private manufacturing firms in Kenya”, International Journal of Advanced Research in Management and Social Sciences, Vol. 4 No. 6, pp. 15 - 33.
Khalil, M.S. (2017), “Determinants of cash holding in Pakistan: a case of oil and gas sector of Pakistan stock exchange”, City University Research Journal, Vol. 7 No. 2, pp. 167 - 177.
Khuong, N.V., Liem, N.T. and Minh, M.T.H. (2020), “Earnings management and cash holdings: evidence from energy firms in Vietnam”, Journal of International Studies, Vol. 13 No. 1, pp. 247 - 261.
Kim, C., Mauer, D. and Sherman, A. (1998), “The determinants of corporate liquidity: theory and evidence”, Journal of Financial and Quantitative Analysis, Vol. 33 No. 3, pp. 335 - 359.
Kim, J., Kim, H. and Woods, D. (2011), “Determinants of corporate cash-holding levels: an empirical examination of the restaurant industry”, International Journal of Hospitality Management, Vol. 30 No. 3, pp. 568 - 574.
Masood, A., Gulzar, S. and Quddoos, M.U. (2018), “Impact of working capital management on bank’s cash holding decisions in Pakistan”, Pakistan Journal of Social Sciences (PJSS), Vol. 38 No. 2, pp. 641 - 650.
Megginson, W.L. and Wei, Z. (2010), “Determinants and value of cash holdings: evidence from China’s privatized firms”, SSRN Working Paper Series, pp. 1 - 37.
Mahjabeen, R.A. and Rizwan, F. (2018), “Working capital management and corporate cash holdings: a comparative analysis of large and small scale non-financial Pakistani firms”, Journal of Social Sciences, Vol. 18, pp. 1 - 12.
Market research. (2021), “Vietnam Construction Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)”, Mordor Intelligence Inc., Available at https://www.mordorintelligence. com/industry-reports/vietnam-construction-market (Accessed 03 May, 2021).
Miller, M. and Orr, D. (1966), “A model of the demand for money by firms”, The Quarterly Journal of Economics, Vol. 80 No. 3, pp. 413 - 435.
Myers, S. and Majluf, N. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13 No. 2, pp. 187 - 221.
Nguyen, P., Rahaman, N. and Zhao, R. (2013), “Ownership structure and divestiture decisions:
evidence from Australian firms”, International Review of Financial Analysis, Vol. 30, pp. 170 - 181.
Nguyen, P. (2006), “How sensitive are Japanese firms to earnings risk? Evidence from cash holdings”, Available at https://ssrn.com/abstract=889502 (Accessed 29 March, 2021).
Ogundipe, S., Salawu, R.O. and Ogundipe, L.O. (2012), “The determinants of corporate cash holdings in Nigeria: evidence from general method of moments (GMM)”, World Academy of Science, Engineering and Technology, Vol. 61, pp. 978 - 984.
Opler, T., Pinkowitz, L., Stulz, R. and Williamson, R. (1999), “The determinants and implications of corporate cash holdings”, Journal of Financial Economics, Vol. 52 No. 1, pp. 3 - 46.
Ozkan, A. and Ozkan, N. (2004), “Corporate cash holdings: an empirical investigation of UK companies”, Journal of Banking and Finance, Vol. 28 No. 9, pp. 2103 - 2134.
Pinkowitz, L. and Williamson, R. (2001), “Bank power and cash holdings: evidence from Japan”, Review of Financial Studies, Vol. 14 No. 4, pp. 1059 - 1082.
Phung, A.T. and Nguyen, V.K. (2018), “Factors effect on corporate cash holdings of the energy enterprises listed on Vietnam’s stock market”, International Journal of Energy Economics and Policy, Vol. 8 No. 5, pp. 29 - 34.
PwC report. (2018), “Cash for growth or growth for cash”, Available at https://www.pwc.com/vn/ cash-for-growth (Accessed 06 June, 2021).
Quoc, T.T. (2019), “Corporate cash holdings and financial crisis: new evidence from an emerging market”, Eurasian Business Review, Vol. 10, pp. 271 - 285.
Saddour, K. (2006), “The determinants and the value of cash holdings: evidence from French firms”, Working Paper No. 2006-6, Dauphine Recherches en Management - Université Paris Dauphine.
Saleem, F., Zafar, L., Khan, M.T., Khan, Z., Jamil, S. and Ataulla (2021), “Factors effecting corporate cash holdings of the listed non-financial firms in Pakistan”, Ilkogretim Online - Elementary Education Online, Vol 20 No. 3, pp. 1765 - 1775.
Shabbir, M., Hashmi, S.H. and Chaudhary, G.M. (2016), “Determinants of corporate cash holdings in Pakistan”, International Journal of Organizational Leadership, Vol. 5, pp. 50 - 62.
Shah, A. (2011), “The corporate cash holdings: determinants and implications”, African Journal of Business Management, Vol. 5 No. 34, pp. 12939 - 12950.
Sheikh, N.A., Mehmood, K.K. and Kamal, M. (2018), “Determinants of corporate cash holdings:
evidence from MNCs in Pakistan”, Review of Economics and Development Studies, Vol. 4 No. 1, pp. 71 - 78.
Tahir, M., Alifiah, M., Arshard, U. and Saleem, F. (2016), “Financial theories with a focus on corporate cash holding behavior: a comprehensive review”, International Journal of Economics and Financial Issues, Vol. 6 No. 35, pp. 215 - 219.
Thieu, D. (2013), Determinants of corporate cash holdings: a study of listed manufacturing companies in Vietnam, Digital Repository Library, Ho Chi Minh University, Vietnam.
Tong, Z. (2006), “Risk reduction as a CEO’s motive for corporate cash holdings”, Working Paper No. 07/02, Xfi Centre for Finance and Investment, University of Exeter.
Yudaruddin, R. (2019), “Determinants of corporate cash holdings: evidence of the mining sector in Indonesia”, International Journal of Scientific & Technology Research, Vol. 8 No. 10, pp. 1523 - 1526.
Afza, T. and Adnan, S.M. (2007), “Determinants of corporate cash holdings: a case study of Pakistan”, in Proceedings of Singapore Economic Review Conference (SERC) 2007, August 01-04, Singapore Economics Review and The University of Manchester (Brooks WorldPoverty Institute), Singapore, pp. 164 - 165.
Ahmed, R., Qi, W., Ullah, S. and Kimani, D. (2018), “Determinants of corporate cash holdings: an empirical study of Chinese listed firms”, Corporate Ownership & Control, Vol. 15 No. 3, pp. 57 - 65.
Ahrends, M., Drobetz, W. and Nomikos, N.K. (2018), “Corporate cash holdings in the shipping industry”, Transportation Research Part E: Logistics and Transportation Review, Vol. 112, pp. 107 - 124.
Al-Najjar, B. (2013), “The financial determinants of corporate cash holding: evidence from emerging markets”, International Business Review, Vol. 22, pp. 77 - 88.
Al-Najjar, B. and Belghitar, Y. (2011), “Corporate cash holdings and dividend payments: evidence from simultaneous analysis”, Managerial & Decision Economics, Vol. 32 No. 4, pp. 231 - 241.
Almeida, H., Campello, M. and Weisbach, M. (2004), “The cash flow sensitivity of cash”, The Journal of Finance, Vol. 59 No. 4, pp. 1777 - 1804.
Bates, T., Kahle, K. and Stulz, R. (2009), “Why do U.S. firms hold so much more cash than they used to?”, The Journal of Finance, Vol. 64 No. 5, pp. 1985 - 2021.
Cap, K.H. (2014), Corporate cash holdings: determinants and implications from Vietnamese market, Unpublished Manuscript, Master’s dissertation, Royal Docks Business School, University of East London.
Chang-Soo, K., Mauer, D.C., Sherman, A.E. and Kim, C.S. (1998), “The determinants of corporate liquidity: theory and evidence”, Journal of Financial and Quantitative Analysis, Vol. 33 No. 3, pp. 335 - 359.
Chireka, T. and Fakoya, M.B. (2017) “The determinants of corporate cash holdings levels: evidence from selected South African retail firms”, Investment Management and Financial Innovations, Vol. 14 No. 2, pp. 79 - 93.
Cruz, A.F., Kimura, H. and Sobreiro, V.A. (2019), “What do we know about corporate cash holdings? A systematic analysis”, Jounal of Corporate Accounting and Finance, Vol. 30 No. 1, pp. 77 - 143.
Das, S. and Goel, U. (2019), “Determinants of excess and deficit cash holdings of firms: evidence from emerging market”, Global Business Review, Vol. 22 No. 5, pp. 1202 - 1215.
D’Mello, R., Krishnaswami, S. and Larkin, P.J. (2008). “Determinants of corporate cash holdings: evidence from spin-offs”, Journal of Banking and Finance, Vol. 32 No. 7, pp. 1209 - 1220.
Diamond, D. (1991), “Debt maturity structure and liquidity risk”, The Quarterly Journal of Economics, Vol. 106 No. 3, pp. 709 - 737.
Dittmar, A., Mahrt-Smith, J. and Servaes, H. (2003), “International corporate governance and corporate cash holdings”, Journal of Financial and Quantitative Analysis, Vol. 38 No. 1, pp. 111 - 133.
Donaldson, G. (1961), Corporate debt capacity, Division of Research, Graduate School of Business Administration, Harvard University, Boston.
Drobetz, W. and Grüninger, M.C. (2007), “Corporate cash holdings: evidence from Switzerland”, Financial Markets and Portfolio Management, Vol. 21 No. 3, pp. 293 - 324.
Drobetz, W., Haller, R. and Meier, I. (2016a), “Cash flow sensitivities during normal and crisis times:
evidence from shipping”, Transportation Research Part A: Policy and Practice, Vol. 90, pp. 26 - 49.
Drobetz, W., Menzel, C. and Schröder, H. (2016b), “Systematic risk behavior in cyclical industries: the case of shipping”, Transportation Research Part E: Logistics and Transportation Review, Vol. 88, pp. 129 - 145.
Easterbrook, F.H. (1984), “Two agency-cost explanations of dividends”, American Economic Review, Vol. 74 No. 4, pp. 650 - 659.
Faulkender, M. and Wang, R. (2006), “Corporate financial policy and the value of cash”, Journal of Finance, Vol. 61 No. 4, pp. 1957 - 1990.
Ferreira, M.A. and Vilela, A.S. (2004), “Why do firms hold cash? Evidence from EMU countries”, European Financial Management, Vol. 10 No. 2, pp. 295 - 319.
Gao, H., Harford, J. and Li, K. (2013), “Determinants of corporate cash policy: insights from private firms”, Journal of Financial Economics, Vol. 109 No. 3, pp. 623 - 639.
Garcia-Teruel, P. and Martinez-Salona, P. (2008). “On the determinants of SME cash holdings: evidence from Spain”, Journal of Business Finance and Accounting, Vol. 32 No. 1-2, pp. 127 - 149.
Gill, A. and Shah, C. (2012), “Determinants of corporate cash holdings: evidence from Canada”, International Journal of Economics and Finance, Vol. 4 No. 1, pp. 70 - 79.
Greenwood, R. and Hanson, S. (2015), “Waves in ship prices and investment”, The Quarterly Journal of Economics, Vol. 130 No. 1, pp. 55 - 109.
Guizani, M. (2017), “The financial determinants of corporate cash holdings in an oil rich country: evidence from Kingdom of Saudi Arabia”, Borsa Istanbul Review, Vol. 17 No. 3, pp. 133 - 143.
Hardin III, W.G., Highfield, M.J., Hill, M.D. and Kelly, G.W. (2009), “The determinants of REIT cash holdings”, The Journal of Real Estate Finance and Economics, Vol. 39 No. 1, pp. 39 - 57.
Hung, D.N, Van, V.T.T. and Hung, N.D. (2020), “The sensitivity of cash flows to cash holdings:
case studies at Vietnamese enterprises”, Investment Management and Financial Innovations, Vol. 17 No. 1, pp. 266 - 276.
Jani, E., Hoesli, M. and Bender, A. (2004), “Corporate cash holdings and agency conflicts”, Working paper, University of Geneva.
Jebran, K., Iqbal, A., Bhat, K.U., Khan, M.A. and Hayat, M. (2019), “Determinants of corporate cash holdings in tranquil and turbulent period: evidence from an emerging economy”, Financial Innovation, Vol. 5 No. 3, pp. 1 - 12.
Jensen, M.C. (1986), “Agency costs of free cash flow, corporate finance and takeovers”, American Economic Review, Vol. 76 No. 2, pp. 323 - 331.
John, T. (1993), “Accounting measures of corporate liquidity, leverage, and costs of financial distress”, Financial Management, Vol. 22, pp. 91 - 100.
Junli, Z. (2011), The relationship between working capital management and corporate cash holdings, Master’s thesis, University of Eastern Finland, Department of Business.
Kariuki, S., Namusonge, G. and Orwa, G. (2015), “Determinants of corporate cash holdings: evidence from private manufacturing firms in Kenya”, International Journal of Advanced Research in Management and Social Sciences, Vol. 4 No. 6, pp. 15 - 33.
Khalil, M.S. (2017), “Determinants of cash holding in Pakistan: a case of oil and gas sector of Pakistan stock exchange”, City University Research Journal, Vol. 7 No. 2, pp. 167 - 177.
Khuong, N.V., Liem, N.T. and Minh, M.T.H. (2020), “Earnings management and cash holdings: evidence from energy firms in Vietnam”, Journal of International Studies, Vol. 13 No. 1, pp. 247 - 261.
Kim, C., Mauer, D. and Sherman, A. (1998), “The determinants of corporate liquidity: theory and evidence”, Journal of Financial and Quantitative Analysis, Vol. 33 No. 3, pp. 335 - 359.
Kim, J., Kim, H. and Woods, D. (2011), “Determinants of corporate cash-holding levels: an empirical examination of the restaurant industry”, International Journal of Hospitality Management, Vol. 30 No. 3, pp. 568 - 574.
Masood, A., Gulzar, S. and Quddoos, M.U. (2018), “Impact of working capital management on bank’s cash holding decisions in Pakistan”, Pakistan Journal of Social Sciences (PJSS), Vol. 38 No. 2, pp. 641 - 650.
Megginson, W.L. and Wei, Z. (2010), “Determinants and value of cash holdings: evidence from China’s privatized firms”, SSRN Working Paper Series, pp. 1 - 37.
Mahjabeen, R.A. and Rizwan, F. (2018), “Working capital management and corporate cash holdings: a comparative analysis of large and small scale non-financial Pakistani firms”, Journal of Social Sciences, Vol. 18, pp. 1 - 12.
Market research. (2021), “Vietnam Construction Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021-2026)”, Mordor Intelligence Inc., Available at https://www.mordorintelligence. com/industry-reports/vietnam-construction-market (Accessed 03 May, 2021).
Miller, M. and Orr, D. (1966), “A model of the demand for money by firms”, The Quarterly Journal of Economics, Vol. 80 No. 3, pp. 413 - 435.
Myers, S. and Majluf, N. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, Vol. 13 No. 2, pp. 187 - 221.
Nguyen, P., Rahaman, N. and Zhao, R. (2013), “Ownership structure and divestiture decisions:
evidence from Australian firms”, International Review of Financial Analysis, Vol. 30, pp. 170 - 181.
Nguyen, P. (2006), “How sensitive are Japanese firms to earnings risk? Evidence from cash holdings”, Available at https://ssrn.com/abstract=889502 (Accessed 29 March, 2021).
Ogundipe, S., Salawu, R.O. and Ogundipe, L.O. (2012), “The determinants of corporate cash holdings in Nigeria: evidence from general method of moments (GMM)”, World Academy of Science, Engineering and Technology, Vol. 61, pp. 978 - 984.
Opler, T., Pinkowitz, L., Stulz, R. and Williamson, R. (1999), “The determinants and implications of corporate cash holdings”, Journal of Financial Economics, Vol. 52 No. 1, pp. 3 - 46.
Ozkan, A. and Ozkan, N. (2004), “Corporate cash holdings: an empirical investigation of UK companies”, Journal of Banking and Finance, Vol. 28 No. 9, pp. 2103 - 2134.
Pinkowitz, L. and Williamson, R. (2001), “Bank power and cash holdings: evidence from Japan”, Review of Financial Studies, Vol. 14 No. 4, pp. 1059 - 1082.
Phung, A.T. and Nguyen, V.K. (2018), “Factors effect on corporate cash holdings of the energy enterprises listed on Vietnam’s stock market”, International Journal of Energy Economics and Policy, Vol. 8 No. 5, pp. 29 - 34.
PwC report. (2018), “Cash for growth or growth for cash”, Available at https://www.pwc.com/vn/ cash-for-growth (Accessed 06 June, 2021).
Quoc, T.T. (2019), “Corporate cash holdings and financial crisis: new evidence from an emerging market”, Eurasian Business Review, Vol. 10, pp. 271 - 285.
Saddour, K. (2006), “The determinants and the value of cash holdings: evidence from French firms”, Working Paper No. 2006-6, Dauphine Recherches en Management - Université Paris Dauphine.
Saleem, F., Zafar, L., Khan, M.T., Khan, Z., Jamil, S. and Ataulla (2021), “Factors effecting corporate cash holdings of the listed non-financial firms in Pakistan”, Ilkogretim Online - Elementary Education Online, Vol 20 No. 3, pp. 1765 - 1775.
Shabbir, M., Hashmi, S.H. and Chaudhary, G.M. (2016), “Determinants of corporate cash holdings in Pakistan”, International Journal of Organizational Leadership, Vol. 5, pp. 50 - 62.
Shah, A. (2011), “The corporate cash holdings: determinants and implications”, African Journal of Business Management, Vol. 5 No. 34, pp. 12939 - 12950.
Sheikh, N.A., Mehmood, K.K. and Kamal, M. (2018), “Determinants of corporate cash holdings:
evidence from MNCs in Pakistan”, Review of Economics and Development Studies, Vol. 4 No. 1, pp. 71 - 78.
Tahir, M., Alifiah, M., Arshard, U. and Saleem, F. (2016), “Financial theories with a focus on corporate cash holding behavior: a comprehensive review”, International Journal of Economics and Financial Issues, Vol. 6 No. 35, pp. 215 - 219.
Thieu, D. (2013), Determinants of corporate cash holdings: a study of listed manufacturing companies in Vietnam, Digital Repository Library, Ho Chi Minh University, Vietnam.
Tong, Z. (2006), “Risk reduction as a CEO’s motive for corporate cash holdings”, Working Paper No. 07/02, Xfi Centre for Finance and Investment, University of Exeter.
Yudaruddin, R. (2019), “Determinants of corporate cash holdings: evidence of the mining sector in Indonesia”, International Journal of Scientific & Technology Research, Vol. 8 No. 10, pp. 1523 - 1526.