DETERMINANTS OF CORPORATE CASH HOLDINGS: THE CASE OF AN EMERGING MARKET

Nizamettin Bayyurt and Mirgül Nizaeva

Economy & Business Journal, 2016, vol. 10, issue 1, 191-201

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 (search for similar items in EconPapers)
JEL-codes: A (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:isp:journl:v:10:y:2016:i:1:p:191-201

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