文章基本信息

标题：Sensitivity of Cash Positions to Leverage and Firm Size of Selected Listed Manufacturing Firms in Nigeria
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作者：Nnado Celestine Ifeanyi ; Onyeka Virginia Nnenna ; Ugwu Collins Chukwuma 等
期刊名称：Research Journal of Finance and Accounting
印刷版ISSN：2222-1697
出版年度：2020
卷号：11
期号：6
页码：67-76
DOI：10.7176/RJFA/11-6-08
出版社：The International Institute for Science, Technology and Education (IISTE)
摘要：The study examined the empirical relationship between firm size, financial leverage and level of cash and cash equivalents of selected quoted manufacturing firms in the Nigerian Stock Exchange. Ex-post-facto research approach via panel least squares was employed to assess the nature and extent of association between these variables. Data were collated from the audited annual reports of thirty-seven (37) manufacturing firms for the thirteen year period: 2006-2018. Diagnostic tests were carried out on the collated data using Levin-Lin-Chu panel unit-root test which confirmed their stationarity and Westerlund Panel Cointegration Tests that depicted the variables were not cointegrated in the long run. Hypothetical statements tested using panel least squares revealed that while financial leverage (Lev) exerted insignificant negative influence on the firm’s level of cash and cash equivalents, natural logarithm of total assets exerted insignificant but positive influence on cash holdings. These imply that firms keeping insufficient liquid assets may be forced to borrow from external sources at exorbitant costs or become illiquid. The effects of the control variables are, however, statistically relevant.
关键词：financial leverage;cash holding;firm size