Determinants of corporate cash holdings in South Africa
نویسندگان
چکیده
Globally, corporate cash holdings have risen since the 1980s. In South Africa, some commentators accused corporations of engaging in an ‘investment strike’, while others see liquidity as a precaution against systemic uncertainty. We use unique African Revenue Service/National Treasury firm-level dataset to scrutinize liquidity, using panel analysis. Relative GDP, and not increased between 2010 2017. However, is high international comparison has grown at firm level. do find evidence for hypothesis that companies are investment strike. Cash shaped by idiosyncratic sectoral risk factors. short run, heightened uncertainty might reduce firms struggle adjust unexpected economic situation. medium we strong association political holdings.
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ژورنال
عنوان ژورنال: Working Paper Series
سال: 2022
ISSN: ['2624-9650']
DOI: https://doi.org/10.35188/unu-wider/2022/216-4