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Determinants of corporate cash holdings in Pakistan

    Authors

    • Mohsin Shabbir
    • Shujahat Haider Hashmi
    • Ghulam Mujtaba Chaudhary
,
10.33844/ijol.2016.60263
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Abstract

Corporate cash holdings always involve a trade-off between benefits and costs. This study investigates the determinants of corporate cash holdings. Cash flows, leverage, liquidity, cash flows volatility, profitability, growth opportunities, firm size, debt maturity, and dividend represent the independent variables in the research study. It is based on a panel data of 150 Pakistani non-financial listed firms on KSE during the period 2004 - 2012. Panel regression analysis has been conducted to determine the major factors affecting cash holdings. The results imply that growth opportunity, company size, cash flows, and profitability of the firms exert a positive effect while leverage and liquidity show a significant negative impact on corporate cash holding. The findings indicated that both pecking order theory and trade-off theory play an important role in explaining the determinants of corporate cash holdings. The findings are beneficial for managers, shareholders, investors, regulatory bodies, and researchers for developing appropriate policies. 

Keywords

  • Cash Holdings
  • Pecking Order Theory
  • Trade-Off Theory
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International Journal of Organizational Leadership
Volume 5, Issue 1
January 2016
Page 50-62
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  • Article View: 945
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APA

Shabbir, M. , Haider Hashmi, S. and Mujtaba Chaudhary, G. (2016). Determinants of corporate cash holdings in Pakistan. International Journal of Organizational Leadership, 5(1), 50-62. doi: 10.33844/ijol.2016.60263

MLA

Shabbir, M. , , Haider Hashmi, S. , and Mujtaba Chaudhary, G. . "Determinants of corporate cash holdings in Pakistan", International Journal of Organizational Leadership, 5, 1, 2016, 50-62. doi: 10.33844/ijol.2016.60263

HARVARD

Shabbir, M., Haider Hashmi, S., Mujtaba Chaudhary, G. (2016). 'Determinants of corporate cash holdings in Pakistan', International Journal of Organizational Leadership, 5(1), pp. 50-62. doi: 10.33844/ijol.2016.60263

CHICAGO

M. Shabbir , S. Haider Hashmi and G. Mujtaba Chaudhary, "Determinants of corporate cash holdings in Pakistan," International Journal of Organizational Leadership, 5 1 (2016): 50-62, doi: 10.33844/ijol.2016.60263

VANCOUVER

Shabbir, M., Haider Hashmi, S., Mujtaba Chaudhary, G. Determinants of corporate cash holdings in Pakistan. International Journal of Organizational Leadership, 2016; 5(1): 50-62. doi: 10.33844/ijol.2016.60263

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