Corporate Cash Holding and Monetary Policy

Baki Cem Şahin and Selçuk Gül
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Baki Cem Şahin: Central Bank of Turkey
Selçuk Gül: Central Bank of Turkey

Journal of Finance Letters (Maliye ve Finans Yazıları), 2022, vol. 37, issue 117, 101-114

Abstract: Corporate cash holding behavior is important to understand firms in terms of management and decision-making, and the finance literature provides diverse views on the determinants of corporate cash holdings. In this study, we examine the cash holding decision from a macroeconomic perspective and investigate whether monetary policy affects firms’ cash holding decisions. Our analysis based on turkish listed non-financial firms suggests that monetary policy has no effect on corporate cash holdings, contrary to recent empirical evidence. In this regard, the results infer that the relationship between monetary policy and cash holding decisions established before in the literature could not be generalizable.

Keywords: cash holding; monetary policy; dynamic panel estimation (search for similar items in EconPapers)
JEL-codes: C23 E52 G32 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:acc:malfin:v:37:y:2022:i:117:p:101-114

DOI: 10.33203/mfy.1044804

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