Abstract

http://ssrn.com/abstract=2028605
 


 



Cash Holdings: Determinants and Impact on Future Operating Performance for Listed vs. Unlisted Firms


Seraina C. Anagnostopoulou


Athens University of Economics and Business - Department of Accounting and Finance

December 6, 2012

Review of Pacific Basin Financial Markets and Policies (RPBFMP), Vol. 16, No. 2, 2013

Abstract:     
Research suggests that the cash ratios of private firms are lower than the ones of public firms, which is not consistent with an expectation for increased importance of the precautionary motive for firms with fewer funding options. The study provides a significant explanation on these lower ratios, attributed to differences in leverage, capital expenditures, internally generated cash flows, and corporate governance. The study finally testifies that excess cash holdings are positively associated with future operating performance for private, but not public firms, a finding which is interpreted as a manifestation of capital raising constraints for unlisted vs. listed firms.

Number of Pages in PDF File: 50

Keywords: cash policy, private firms, liquidity, performance

JEL Classification: G32, M40

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Date posted: March 26, 2012 ; Last revised: September 5, 2014

Suggested Citation

Anagnostopoulou, Seraina C., Cash Holdings: Determinants and Impact on Future Operating Performance for Listed vs. Unlisted Firms (December 6, 2012). Review of Pacific Basin Financial Markets and Policies (RPBFMP), Vol. 16, No. 2, 2013. Available at SSRN: http://ssrn.com/abstract=2028605 or http://dx.doi.org/10.2139/ssrn.2028605

Contact Information

Seraina C. Anagnostopoulou (Contact Author)
Athens University of Economics and Business - Department of Accounting and Finance ( email )
76 Patission Street
GR-104 34 Athens
Greece
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