Determinants of Corporate Cash Holdings: Evidence from Canada

Amarjit S. Gill · Charul Shah

269 citations0/0 files storedInternational Journal of Economics and Finance

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

Abstract

The purpose of this study is to investigate the determinants of corporate cash holdings in Canada. This study also seeks to extend the findings of Afza and Adnan (2007). A sample of 166 Canadian firms listed on Toronto Stock Exchange for a period of 3 years (from 2008-2010) was selected. This study applied co-relational and non-experimental research design. The results show that market-to-book ratio, cash flow, net working capital, leverage, firm size, board size, and the CEO (chief executive officer) duality significantly affect the corporate cash holdings in Canada. This study contributes to the literature on the factors that determine the corporate cash holdings. The findings may be useful for the financial managers, investors, and financial management consultants.

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References

1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1996Agency costs of free cash flow, corporate finance, and takeovers 1984The Capital Structure Puzzle 1996Higher market valuation of companies with a small board of directors 1999The determinants and implications of corporate cash holdings 1984The Capital Structure Puzzle 1999Corporate Cash Reserves and Acquisitions 2003International Corporate Governance and Corporate Cash Holdings

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