Determinants of corporate cash holding: evidence from UK listed firms

Duc Hoang Le · Phi Long Tran · Ta Thu Phuong · Duy Minh Vu

22 citations0/0 files storedBusiness and Economic Horizons

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

Abstract

Our paper revisits the determinants of company cash holding.It attempts to explain the cash holding behavior of firms' managers by investigating non-financial companies listed on the London Stock Exchange from 2011 to 2016.Our results indicate that firm size, leverage, cash flow, cash flow volatility, and investment opportunity exert influence on such cash holding behavior.It can be explained by the tradeoff theory, the pecking-order theory and free cash flow theory.Our results may shed light on the decrease in the cash holding level for the post-crisis period.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1973Risk, Return, and Equilibrium: Empirical Tests 1977Determinants of corporate borrowing 1996Agency costs of free cash flow, corporate finance, and takeovers 1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have 1999The determinants and implications of corporate cash holdings 2009Why Do U.S. Firms Hold So Much More Cash than They Used To?

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