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The financial determinants of corporate cash holdings: Evidence from some emerging markets

Al-Najjar, Basil (2013) The financial determinants of corporate cash holdings: Evidence from some emerging markets. International Business Review, 22 (1). pp. 77-88. ISSN 0969-5931

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Abstract

This paper investigates corporate cash holdings in developing countries. In particular, we look into the effect of capital structure and dividend policy on cash holdings in Brazil, Russia, India, and China and compare our results with a control sample from the US and the UK. Our sample contains 1992 firms across these countries for the period 2002–2008. We employ Instrumental Variables analysis to control for the endogeneity of the financial policies (cash holdings, capital structure, and dividend policy). Our results show some evidence that capital structure and dividend policy affect cash holdings. There are similarities between developed and developing countries on the factors determining corporate cash holdings. The results of our cross-country model provide evidence that capital structure, dividend policy, and firm size are important factors in determining cash holdings. Finally, we show that firms operating in countries with low shareholder protection hold more cash.

Item Type: Article
Uncontrolled Keywords: Brazil; Cash holdings; China; India; Russia
Subjects: H Social Sciences > HG Finance
Schools: Huddersfield Business School
Related URLs:
Depositing User: Basil Al-Najjar
Date Deposited: 14 Aug 2017 08:33
Last Modified: 14 Aug 2017 08:33
URI: http://eprints.hud.ac.uk/id/eprint/32779

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