Corporate Cash Holding in Asia
Copyright policy )Corporate Cash Holding in Asia
In this paper, we analyze the determinants of corporate saving in the form of changes in cash holdings for 11 Asian economies using firm‐level data from the Oriana Database for the 2002–2011 period. We find some evidence that cash flow has a positive impact on the change in cash holdings (i.e. that the cash flow sensitivity of cash is positive) and that the positive impact of cash flow on the change in cash holdings is larger and more significant in the case of smaller and presumably more constrained firms than in the case of larger and presumably less constrained firms in both developed and developing economies. Both of these findings corroborate the importance of financial constraints in Asian firms. In addition, we find that the cash flow sensitivity of cash declined after the global financial crisis and that Tobin's q has a positive impact on the change in cash holdings, especially in the case of larger and presumably unconstrained firms.
- Osaka University Japan
- Kobe University Japan
- University of the Philippines Diliman Philippines
- Asian Growth Research Institute Japan
- Osaka University of Economics Japan
Economics, corporate saving, Social Sciences, corporate saving, corporate investment, borrowing constraints, liquidity constraints, cash flow, cash holdings, cash flow sensitivity of cash, Tobin’s q, firm size, productivity shocks, Asia, Oriana Database, financial sector development, global financial crisis, Business, corporate saving; corporate investment; borrowing constraints; liquidity constraints; cash flow; cash holdings; cash flow sensitivity of cash; Tobin’s q; firm size; productivity shocks; Asia; Oriana Database; financial sector development; global financial crisis, G11, Tobin's q, global financial crisis, Impact of Working Capital Management on Firm Profitability, Cash-Management, O53, ddc:330, Oriana Database, firm size, Cash and cash equivalents, Venture Capital and Start-Up Financing, Cash, Sparen, E22, Cash flow forecasting, Cash management, Schätzung, E21, Monetary economics, cash flow, Asia, Betriebsgröße, Business, Management and Accounting, Corporate Finance, productivity shocks, D92, cash holdings, financial sector development, Accounting, Operating cash flow, Cash flow statement, Corporate Governance and Financial Performance, borrowing constraints, Cash Flow, corporate investment, liquidity constraints, Asien, Cash flow, cash flow sensitivity of cash, Cash on cash return, Tobins Q, Finance, jel: jel:E21, jel: jel:E22, jel: jel:G11, jel: jel:O53, jel: jel:D92
Economics, corporate saving, Social Sciences, corporate saving, corporate investment, borrowing constraints, liquidity constraints, cash flow, cash holdings, cash flow sensitivity of cash, Tobin’s q, firm size, productivity shocks, Asia, Oriana Database, financial sector development, global financial crisis, Business, corporate saving; corporate investment; borrowing constraints; liquidity constraints; cash flow; cash holdings; cash flow sensitivity of cash; Tobin’s q; firm size; productivity shocks; Asia; Oriana Database; financial sector development; global financial crisis, G11, Tobin's q, global financial crisis, Impact of Working Capital Management on Firm Profitability, Cash-Management, O53, ddc:330, Oriana Database, firm size, Cash and cash equivalents, Venture Capital and Start-Up Financing, Cash, Sparen, E22, Cash flow forecasting, Cash management, Schätzung, E21, Monetary economics, cash flow, Asia, Betriebsgröße, Business, Management and Accounting, Corporate Finance, productivity shocks, D92, cash holdings, financial sector development, Accounting, Operating cash flow, Cash flow statement, Corporate Governance and Financial Performance, borrowing constraints, Cash Flow, corporate investment, liquidity constraints, Asien, Cash flow, cash flow sensitivity of cash, Cash on cash return, Tobins Q, Finance, jel: jel:E21, jel: jel:E22, jel: jel:G11, jel: jel:O53, jel: jel:D92
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