文章基本信息

标题：The impact of the global financial crisis on corporate cash holdings: Evidence from Eastern European countries
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作者：Billur Batuman ; Yilmaz Yildiz ; Mehmet Baha Karan 等
期刊名称：Borsa Istanbul Review
印刷版ISSN：2214-8450
出版年度：2022
卷号：22
期号：4
页码：678-687
语种：English
出版社：Elsevier B.V.
摘要：This study investigates the impact of the global financial crisis on the determinants of corporate cash holdings and adjustments towards target cash levels using a sample of Eastern European firms. Employing panel fixed effects and GMM estimations, the results reveal that firm-level determinants of cash holdings significantly differ for pre- and post-crisis periods. Moreover, we find significantly lower adjustment speed to attain the optimal cash level in the post-crisis period. Our results are robust to correction for endogeneity. These results hold important implications for Eastern European firms, which are significantly afflicted by the global financial crisis in terms of liquidity shortage and limited financial flexibility.