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标题：Corporate dynamism and cash holding decision in listed manufacturing firms in Nigeria
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作者：Emmanuel Ozordi ; Dorcas Titilayo Adetula ; Damilola Felix Eluyela 等
期刊名称：Problems and Perspectives in Management
印刷版ISSN：1727-7051
电子版ISSN：1810-5467
出版年度：2019
卷号：17
期号：4
页码：1-12
DOI：10.21511/ppm.17(4).2019.01
语种：English
出版社：LLC "CPC "Business Perspectives"
摘要：Cash holding decision is a very crucial decision that strongly affects the performance of an organization.Corporate dynamism as a corporate governance tool was explored in this study in order to establish its relationship with cash holding decision in listed manufacturing companies in Nigeria.Board skill,female leadership,foreign directors,board ownership and directors’ compensation were used as proxies for corporate dyna_x005f_x005f_x0002_mism.A panel regression model was adopted in this study to examine the implication of corporate dynamism on cash holding decisions spanning six years from 2012 to 2017.Random sampling technique was employed in order to arrive at thirty firms out of thirty-seven listed manufacturing firms,which comprised industrial and consumer goods sector.Board ownership and the existence of foreign expatriates were found to have a significant effect on cash holding decisions.It is concluded that directors with significant holdings tend to be more aggressive towards activities that enhance the performance of a firm,one of which is ensuring that optimal level of cash is held at a particular point in time in order to guide against liquidity problems,which may be caused by overtrading or even keeping excess idle cash,which is supposed to be invested in profitable ventures.Also,the fact that the existence of foreign expatriates will affect cash holding decisions,which may be justified by the fact foreign expatriates are displaying expertise because of diverse experience that they have been able to gain from different parts of the world.
关键词：Cash holding decision is a very crucial decision that strongly affects the performance of an organization.Corporate dynamism as a corporate governance tool was explored in this study in order to establish its relationship with cash holding decision in listed manufacturing companies in Nigeria.Board skill,female leadership,foreign directors,board ownership and directors’ compensation were used as proxies for corporate dyna_x005f_x005f_x0002_mism.A panel regression model was adopted in this study to examine the implication of corporate dynamism on cash holding decisions spanning six years from 2012 to 2017.Random sampling technique was employed in order to arrive at thirty firms out of thirty-seven listed manufacturing firms,which comprised industrial and consumer goods sector.Board ownership and the existence of foreign expatriates were found to have a significant effect on cash holding decisions.It is concluded that directors with significant holdings tend to be more aggressive towards activities that enhance the performance of a firm,one of which is ensuring that optimal level of cash is held at a particular point in time in order to guide against liquidity problems,which may be caused by overtrading or even keeping excess idle cash,which is supposed to be invested in profitable ventures.Also,the fact that the existence of foreign expatriates will affect cash holding decisions,which may be justified by the fact foreign expatriates are displaying expertise because of diverse experience that they have been able to gain from different parts of the world.