Corporate cash holding under liquidity crisis: A Panel analysis of Zimbabwean firms

Nathan Mugumisi · Wilford Mawanza

16 citations0/0 files storedResearch Journal of Economics & Business Studies

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Corporate Finance and Governance Financial Analysis and Corporate Governance Working Capital and Financial Performance

Abstract

Vera Pack 12.00 ABSTRACT The study sort to establish the determinants of corporate cash holdings in Zimbabwe. The study was based on 29 nonfinancial firms listed on the Zimbabwe Stock Exchange selected from all sectors including Properties, Agriculture, and Mining among others. The study was based on secondary data obtained from company annual reports. Descriptive statistics, the correlation matrix, the multicollinearity test, the Lagrange Multiplier test and Random effects panel regression were part of the analysis. The results demonstrated that significant positive relationship exists between dividends, return on assets, cash flow to assets and firm cash holding. Sales growth, debt maturity structure, capital expenditure and net working capital had a significant negative impact on firm corporate cash holding. Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:Table Normal; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:Times New Roman,serif;} table.MsoTableGrid {mso-style-name:Table Grid; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-unhide:no; border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-border-insideh:.5pt solid windowtext; mso-border-insidev:.5pt solid windowtext; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:Times New Roman,serif;}

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 2003Analysis of Panel Data 1999The determinants and implications of corporate cash holdings 2003Corporate cash holdings: An empirical investigation of UK companies 2007Why do firms hold so much cash? A tax-based explanation 1997Scale Economies, the Value of Time, and the Demand for Money: Longitudinal Evidence from Firms 2007On the Determinants of SME Cash Holdings: Evidence from Spain 2012Cash Holding and Firm Characteristics: Evidence From Nigerian Emerging Market

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