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| Author: | Ferreira, M. A. Vilela, A. S. |
| Title: | Why do firms hold cash? Evidence from EMU countries |
| Journal: | European Financial Management
2004 : JUN, VOL. 10:2, p. 295-319 |
| Index terms: | Agency theory Cash management Corporate governance European Monetary System Liquidity |
| Language: | eng |
| Abstract: | The determinants of corporate cash holdings in EMU countries are investigated. The findings indicate that cash holdings are positively affected by the investment opportunity set and cash flows and negatively affected by asset's liquidity, leverage and size. Bank debt and cash holdings are negatively related, which supports that a close relationship with banks allows the company to hold less cash for precautionary reasons. |
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