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Economy & Business, Volume 10, 2016

DETERMINANTS OF CORPORATE CASH HOLDINGS: THE CASE OF AN EMERGING MARKET
Nizamettin Bayyurt, Mirgül Nizaeva
Pages: 191-201
Published: 28 Aug 2016
Views: 524
Downloads: 190
Abstract: This study attempts to investigate both firm-specific and country specific determinants of corporate cash holding behaviors in case of Turkish listed 164 manufacturing firms over the period of 2003 to 2013. According to our examination, on average, manufacturing firms hold 7.3 % cash to total assets. The findings of the panel data analysis indicate that large firms, based on their total assets, hold more cash than their smaller counterparts. A positive effect of interest rate and risk on corporate cash holding was observed. Furthermore, negative associations between net working capital, leverage, asset tangibility degree, capital expenditures and cash holding level were captured.
Keywords: determinants, corporate cash holdings, emerging market
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