Batuman, B., Yildiz, Y., Karan, M.B. (2022) The impact of the global financial crisis on corporate cash holdings: Evidence from Eastern European countries. Borsa Istanbul Review, 22 (4). pp. 678-687. ISSN 2214-8450. (doi:10.1016/j.bir.2021.10.002) (The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided) (KAR id:100047)
The full text of this publication is not currently available from this repository. You may be able to access a copy if URLs are provided. (Contact us about this Publication) | |
Official URL: https://dx.doi.org/10.1016/j.bir.2021.10.002 |
Abstract
This study investigates the impact of the global financial crisis on the determinants of corporate cash holdings and adjustments towards target cash levels using a sample of Eastern European firms. Employing panel fixed effects and GMM estimations, the results reveal that firm-level determinants of cash holdings significantly differ for pre- and post-crisis periods. Moreover, we find significantly lower adjustment speed to attain the optimal cash level in the post-crisis period. Our results are robust to correction for endogeneity. These results hold important implications for Eastern European firms, which are significantly afflicted by the global financial crisis in terms of liquidity shortage and limited financial flexibility.
Item Type: | Article |
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DOI/Identification number: | 10.1016/j.bir.2021.10.002 |
Uncontrolled keywords: | Cash holdings; Global financial crisis; Adjustment speed; Eastern Europe |
Subjects: | H Social Sciences |
Divisions: | Divisions > Kent Business School - Division > Department of Accounting and Finance |
Funders: | University of Huddersfield (https://ror.org/05t1h8f27) |
Depositing User: | Yilmaz Yildiz |
Date Deposited: | 17 Feb 2023 11:38 UTC |
Last Modified: | 04 Mar 2024 17:40 UTC |
Resource URI: | https://kar.kent.ac.uk/id/eprint/100047 (The current URI for this page, for reference purposes) |
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