The investigation of cash holdings of firms has recently gained a great deal of
attention in the empirical literature. An important strand of this literature focuses
on the determinants of corporate cash holdings. 1 For example, Kim et al. (1998)
analysed the determinants of cash holdings for a sample of US companies. They report
that firms facing higher costs of external financing, having more volatile earnings,
and those firms with relatively lower returns on assets hold significantly larger
liquid assets. For similar firms, Opler et al. (1999) provide evidence that small firms
and firms with strong growth opportunities and riskier cash flows hold larger
amounts of cash. More recently, Pinkowitz and Williamson (2001) examine the cash
holdings of firms from the United States, Germany, and Japan. In addition to the
findings similar to those in Opler et al. (1999), they document that the monopoly
power of banks has a significant impact on cash balance.
The investigation of cash holdings of firms has recently gained a great deal ofattention in the empirical literature. An important strand of this literature focuseson the determinants of corporate cash holdings. 1 For example, Kim et al. (1998)analysed the determinants of cash holdings for a sample of US companies. They reportthat firms facing higher costs of external financing, having more volatile earnings,and those firms with relatively lower returns on assets hold significantly largerliquid assets. For similar firms, Opler et al. (1999) provide evidence that small firmsand firms with strong growth opportunities and riskier cash flows hold largeramounts of cash. More recently, Pinkowitz and Williamson (2001) examine the cashholdings of firms from the United States, Germany, and Japan. In addition to thefindings similar to those in Opler et al. (1999), they document that the monopolypower of banks has a significant impact on cash balance.
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