Why Do Firms Hold Cash? Evidence from EMU Countries

By Miguel A. Ferreira, A. Vilela. 2003

877 citations recorded by the source corpus.

Subfields: Accounting, Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/5ac877806157140de892d8ca83a233903d141d46

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Cemil Kuzey
2. Ali Uyar
3. Pedro J. García-Teruel
4. P. Martínez‐Solano
5. Cristina Martínez-Sola
6. Athanasios Lampousis
7. J. P. Sánchez‐Ballesta
8. S. Banerji

In Economics and Econometrics

1. Ali Uyar
2. Cemil Kuzey
3. Pedro J. García-Teruel
4. P. Martínez‐Solano
5. Athanasios Lampousis
6. Cristina Martínez-Sola
7. J. P. Sánchez‐Ballesta
8. S. Banerji

Citations in the corpus

• On the Determinants of SME Cash Holdings: Evidence from Spain (2008, positive): “Similarly, various international studies (Dittmar, Marth-Smith and Servaes, 2003; Guney, Ozkan and Ozkan, 2003; Pinkowitz, Stulz and Williamson, 2003; and Ferreira and Vilela, 2004 ) demonstrated that firms’ cash holdings are conditioned by the legal structure of the country concerned, with lower l”
• Determinants of corporate cash holdings: evidence from the emerging market of Turkey (2014, methodology): “Firms with higher investment opportunities are expected to hold larger amounts of cash to reduce the likelihood of forgoing these investments (Ferreira and Vilela, 2004; AlNajjar and Belghitar, 2011; Kim et al., 2011; Bigelli and Sánchez-Vidal, 2012).”
• Does the board of directors affect cash holdings? A study of French listed firms (2013, neutral): “Ferreira and Vilela (2004) document that, in the European Union, where capital markets are not as well developed as in the United States, firms predominately have large cash holdings, owing to the difficulties surrounding their access to external financing.”
• Trade Credit Provision and National Culture (2016, background): “1 For instance, a large number of studies examine the determinants of international differences in corporate cashing holdings (e.g., Dittmar et al., 2003; Ferreira and Vilela, 2004; Kalcheva and Lins, 2007; Khurana et al., 2006; Kusnadi and Wei, 2011; Lins et al., 2010; Pinkowitz et al., 2003; Pinko”
• Why Do Firms Use High Discount Rates (2016, background): “Furthermore, Ferreira and Vilela (2004) observe that firms with richer investment opportunities, and firms with high cash flows, exhibit higher cash holdings.”
• Corporate cash holdings: Causes and consequences (2015, positive): “Dittmar et al. (2003) find that firms hold more cash when capital market development is weak while Ferreira and Vilela (2004) find that capital market development has a negative effect on cash holdings.”
• The impact of corporate governance on working capital management efficiency of American manufacturing firms (2013, background): “minimization of the costs of raising external funds or liquidating existing assets (Ferreira and Vilela, 2004).”
• Determinants of Corporate Cash Holdings: Evidence from Canada (2011, background): “The findings from the manufacturing industry lend some support to the findings of: i) Ferreira and Vilela (2004) who found a negative relationship between firm size and cash holdings. ii) Nguyen (2005) who found that cash holdings decrease with the firm size. iii) Saddour (2006) who found cash…”
• Corporate cash holding and firm value (2013, background): “cedents of corporate cash holdings (Kim et al., 1998; Opler et al., 1999; Ferreira and Vilela, 2004; Ozkan and Ozkan, 2004; Garcı́a-Teruel and Martı́nezSolano, 2008).”