Cash Balance Management in Innovative Companies
نویسندگان
چکیده
Since the 1980s, innovative companies all over world have been holding a substantial cash balance on their books dueto transactional, preventive, agency, tax-related and macroeconomic motives by limitations in capital availability information asymmetry. Our research examines determinants that influence analysis of holdings hightechand non-high-tech companies.
 Financial for 38,386 unique was obtained from 2009–2017 Compustat database. The final sampleversion comprised 12,083 companies, which 2,909 were innovative. We used panel regression method, selectingthe appropriate calculation model number proxy variables.
 confirmed existence companies’ significant holdings. Adding factorvariable (GDP growth) to justified only. In spite insignificant impactof GDP, increased GDP growth resulted decreased ratio companies. authors also revealthe insignificance R&D expenditures prove ranking amount ofR&D using this variable as innovation inexpedient. addition, confirm positiverelationship between opportunities, company size negative relationship dividendpayout holdings.
 An understanding reasons accumulation facilitates prudential management companies.This paper contributes new evidence study corporate holding, focusing specifically companies,which not examined separately past.
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ژورنال
عنوان ژورنال: Journal of Corporate Finance Research
سال: 2022
ISSN: ['2073-0438']
DOI: https://doi.org/10.17323/j.jcfr.2073-0438.16.1.2022.113-135