Author : Kose John
Publisher : Emerald Group Publishing
Page : 210 pages
File Size : 46,88 MB
Release : 2011-03-31
Category : Business & Economics
ISBN : 0857249150
Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.
Author : Mai Chi Dao
Publisher : International Monetary Fund
Page : 64 pages
File Size : 40,64 MB
Release : 2018-12-07
Category : Business & Economics
ISBN : 148438539X
Using cross-country national accounts and firm-level data, we document a broad-based trend in rising gross saving and net lending of non-financial corporates across major industrialized countries over the last two decades, though most pronounced in countries with persistent current account surpluses. We find that this trend holds consistently across major industries, and is concentrated among large firms, driven by rising profitability, lower financing costs, and reduced tax rates. At the same time, higher gross corporate saving have not supported a commensurate increase in fixed capital investment, but instead led to a build-up of liquid financial assets (cash). The determinants of corporate cash holding and saving are also broad-based across countries, with the growth in assets of large firms, R&D intensity, and lower effective tax rates accounting for most of the increase over the last 15 years.
Author : Ümit Hacioğlu
Publisher : Springer
Page : 428 pages
File Size : 12,44 MB
Release : 2016-12-07
Category : Business & Economics
ISBN : 331944591X
As the world is currently in the midst of financial and economic crises, this collection of expert contributions focuses on strategy formation and implementation at various organizational levels to address the challenges ahead. The latest economic turmoil and its ongoing impact on business performance are compelling top managers to develop effective business strategies and redefine the boundaries of their operational and strategic activities. On one hand, tremendous challenges in the competitive business environment have become a source of global threats for many small entrepreneurs. On the other, investors faced with today’s volatile economic conditions demand more gains on their capital investments to counter-balance the growing risk of global threats. This book explores the question as to whether it is possible to efficiently and effectively address these threats and obstacles. Are managers capable of planning and implementing strategic actions? What should the major managerial strategy be in order to overcome fluctuations in a market-oriented society? The strategies and practices recommended here are aimed to design continuous development competencies and contribute to the stability, recovery and sustainability of global business operations under volatile economic conditions. This refreshingly novel book seeks to establish managerial strategies and practices for effectively responding to challenges in the competitive business environment, as global volatility and fluctuations continue to worsen.
Author : Soo-fong Chung
Publisher :
Page : 196 pages
File Size : 16,41 MB
Release : 2006
Category : Cash flow
ISBN :
Author : Mohsin Shabbir
Publisher :
Page : 13 pages
File Size : 48,41 MB
Release : 2019
Category :
ISBN :
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 appropriate policies.
Author : Nihal Abodoma
Publisher :
Page : pages
File Size : 44,86 MB
Release : 2018
Category :
ISBN :
Author : Mohsin Shabir
Publisher :
Page : 13 pages
File Size : 28,87 MB
Release : 2016
Category :
ISBN :
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 appropriate policies.
Author : Vojislav Maksimovic
Publisher : World Bank Publications
Page : 77 pages
File Size : 28,29 MB
Release : 2008
Category : Access to Finance
ISBN :
Abstract: China is often mentioned as a counterexample to the findings in the finance and growth literature since, despite the weaknesses in its banking system, it is one of the fastest growing economies in the world. The fast growth of Chinese private sector firms is taken as evidence that it is alternative financing and governance mechanisms that support China's growth. This paper takes a closer look at firm financing patterns and growth using a database of 2,400 Chinese firms. The authors find that a relatively small percentage of firms in the sample utilize formal bank finance with a much greater reliance on informal sources. However, the results suggest that despite its weaknesses, financing from the formal financial system is associated with faster firm growth, whereas fund raising from alternative channels is not. Using a selection model, the authors find no evidence that these results arise because of the selection of firms that have access to the formal financial system. Although firms report bank corruption, there is no evidence that it significantly affects the allocation of credit or the performance of firms that receive the credit. The findings suggest that the role of reputation and relationship based financing and governance mechanisms in financing the fastest growing firms in China is likely to be overestimated.
Author : Maximilian Gennrich
Publisher : GRIN Verlag
Page : 35 pages
File Size : 12,84 MB
Release : 2023-03-07
Category : Business & Economics
ISBN : 3346825094
Seminar paper from the year 2022 in the subject Business economics - Investment and Finance, grade: 1,3, University of Hamburg, language: English, abstract: Why would companies hold cash in their bank accounts, when cash itself does not produce any further value like an investment in a machine does? The academic literature finds different concepts for the reasons of corporate cash holdings. While Keynes (1936) proposes a transaction- and precautionary-motive to hold cash, Jensen (1986) states that managers have a vested interest to accumulate cash, because it exempts them from capital market disciplining. However, country-specific factors and reforms in Japan might also induce the companies to save up liquid assets. The aim of this paper is to study the development, determinants and valuation of Japanese corporate cash holdings in the period from 1988 to 2021, based on the approach of Bates et al. (2009). Furthermore, I want to study how the roles of theoretical cash holding motives and corporate governance (reforms) in Japan are reflected in the three objects of research from above. Since the variables only proxy the theoretical motives, the object of this paper is not to create clear boundaries but to give an insight in the possible forms of their appearing. Therefore the next chapter gives a comprehensive overview about the academic literature regarding the theoretical background for corporate cash holdings and the current state of research of the interaction between corporate governance and cash holdings in Japan. The motives and findings from this section are revisited when explaining the results of the empirical part in this paper. The empirical part is divided in three main parts. The first part discusses the development of corporate cash holdings in general and for different kinds of companies. In the subsequent part, I put a focus on the factors that determine the cash holdings and how they serve as proxies for the theoretical motives, as discussed before. The last part shows how investors in Japan value cash holdings in general. Chapter 5 summarizes the findings.
Author :
Publisher :
Page : 51 pages
File Size : 34,54 MB
Release : 1997
Category : Capital investments
ISBN :
We examine the determinants and implications of holdings of cash and marketable" securities by publicly traded U.S. firms in the 1971-1994 period. Firms with strong growth" opportunities and riskier cash flows hold relatively high ratios of cash to total assets. Firms" that have the greatest access to the capital markets (e.g. large firms and those with credit" ratings) tend to hold lower ratios of cash to total assets. These results are consistent with the" view that firms hold liquid assets to ensure that they will be able to keep investing when cash" flow is too low relative to planned investment and when outside funds are expensive. The" short run impact of excess cash on capital expenditures, acquisition spending and payouts to" shareholders is small. The main reason that firms experience large changes in excess cash is" the occurrence of operating losses. There is no evidence that risk management and cash" holdings are substitutes
