Recommendation
Due to the conclusions of the determinants of corporate cash holdings and the speed of adjustment towards the target cash ratio seem to demonstrate that there is weak evidence of the trade-off theory to explain corporate cash holdings of Thai firms. As shown in this paper, we find that Thai firms do not adjust their cash holdings to the target cash ratio. Therefore, future research of corporate cash holdings will be benefit to try to investigate whether Thai corporate cash holdings decision can explained and supported by the pecking order theory instead of the trade-off theory.