Skip navigation

What determines cash holdings at privately held and publicly traded firms? Evidence from 20 emerging markets

What determines cash holdings at privately held and publicly traded firms? Evidence from 20 emerging markets

Hall, Thomas, Mateus, Cesario and Mateus, Irina Bezhentseva (2014) What determines cash holdings at privately held and publicly traded firms? Evidence from 20 emerging markets. International Review of Financial Analysis, 33. pp. 104-116. ISSN 1057-5219 (doi:https://doi.org/10.1016/j.irfa.2013.11.002)

[img] PDF (Publisher's PDF)
14998 MATEUS_What_Determines_Cash_Holdings_2014.pdf - Published Version
Restricted to Registered users only

Download (389kB)
[img] PDF (Publisher's PDF)
14998 MATEUS_What_Determines_Cash_Holdings_2014.pdf - Published Version
Restricted to Registered users only

Download (296kB)

Abstract

We provide one of the first large sample studies to examine how firm-level characteristics and national-level institutions affect cash balances in privately held and publicly traded firms and investigate whether the determinants of cash holdings for both types of firms are similar. Using panel analysis for data we analyze a sample of 9453 private versus 7319 public firms and 104,571 firm-year observations from Central and Eastern Europe over the period 2001-2010. We first show that privately held firms tend to hold more cash than publicly traded firms. Second, firms in more market-oriented countries, according to transition indicators, have larger cash reserves. Third, the same determinants of cash balances are relevant for both privately held and publicly traded firms regardless the stage in the transition to capitalism.

Item Type: Article
Uncontrolled Keywords: Cash holdings, Debt, Central and Eastern Europe
Faculty / Department / Research Group: Faculty of Business
Faculty of Business > Department of Accounting & Finance
Last Modified: 11 Aug 2017 11:18
Selected for GREAT 2016: GREAT b
Selected for GREAT 2017: None
Selected for GREAT 2018: None
Selected for GREAT 2019: None
URI: http://gala.gre.ac.uk/id/eprint/14998

Actions (login required)

View Item View Item

Downloads

Downloads per month over past year

View more statistics