Corporate cash holding under liquidity crisis: A Panel analysis of Zimbabwean firms
Tij S Research Journal of Economics Business Studies Rjebs, Dec 31, 2013
Vera Pack 12.00 ABSTRACT The study sort to establish the determinants of corporate cash holdings ... more Vera Pack 12.00 ABSTRACT The study sort to establish the determinants of corporate cash holdings in Zimbabwe. The study was based on 29 nonfinancial firms listed on the Zimbabwe Stock Exchange selected from all sectors including Properties, Agriculture, and Mining among others. The study was based on secondary data obtained from company annual reports. Descriptive statistics, the correlation matrix, the multicollinearity test, the Lagrange Multiplier test and Random effects panel regression were part of the analysis. The results demonstrated that significant positive relationship exists between dividends, return on assets, cash flow to assets and firm cash holding. Sales growth, debt maturity structure, capital expenditure and net working capital had a significant negative impact on firm corporate cash holding. Normal 0 false false false EN-US X-NONE X-NONE /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-qformat:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";} table.MsoTableGrid {mso-style-name:"Table Grid"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-unhide:no; border:solid windowtext 1.0pt; mso-border-alt:solid windowtext .5pt; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-border-insideh:.5pt solid windowtext; mso-border-insidev:.5pt solid windowtext; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman","serif";}
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