Cash Holding and Firm Characteristics: Evidence From Nigerian Emerging Market

Lawrencia Olatunde Ogundipe · Sunday Emmanuel Ogundipe · Samuel Kehinde Ajao

76 citations0/0 files storedDergiPark (Istanbul University)

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

Abstract

This paper aims at shedding light on the empirical relationship between cash holding and firm characteristics. A sample of 54 Nigerian firms listed on Nigerian Stock Exchange for a period of 15 years was selected. This study applied co-relational research design. The results show that cash flow, net working capital, leverage, profitability and investment in capital expenditure significantly affect the corporate cash holdings in Nigeria. The study, therefore, 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 1984The Capital Structure Puzzle 1999The determinants and implications of corporate cash holdings 2004The Cash Flow Sensitivity of Cash 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?1999Corporate Cash Reserves and Acquisitions 2003International Corporate Governance and Corporate Cash Holdings 2003Corporate cash holdings: An empirical investigation of UK companies

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