文章基本信息

标题：Determinants of Cash Holdings in Private Firms: The Case of the Slovenian SMEs
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作者：Marija Angelovska ; Aljoša Valentinčič
期刊名称：Economic and Business Review
印刷版ISSN：1580-0466
出版年度：2020
卷号：22
期号：1
页码：5-36
DOI：10.15458/ebr95
出版社：University of Ljubljana
摘要：This paper examines the determinants of cash holdings in a large sample of the Slovenian small and medium sized companies in the period 2006-2013. The empirical results provide support for the transactions and precautionary motives in the cash policies of the analysed SMEs. However, we find evidence in favour of the speculative motive as well, by ascertaining that smaller, exporting and more profitable firms hold more cash. The paper also establishes that the net working capital and financial debt can be considered as cash substitutes and that keeping close relationships with banks reduces agency costs and information asymmetries and leads to lower cash levels. In addition, the ability to internally generate funds expressed as higher operating cash flow reduces the amounts of cash held. Finally, evidence shows that longer cash conversion cycles and requirements for mandatory retirement benefit contributions result in higher cash balances, while weaker empirical support is found also for the negative influence of the interest rate level on cash holdings.
关键词：cash holdings; liquidity; financial Crisis; SMEs; Panel data