How to cite this paper
Mouline, B & Sadok, H. (2021). Determinants of corporate cash holdings: Evidence from the Moroccan market.Accounting, 7(6), 1231-1240.
Refrences
Afza, T., & Adnan Sh, M. (2007). Determinants of Corporate Cash Holdings: A Case Study of Pakistan. Singapore Economic review and University of Manchester, 164-165.
Al-Najjar, B., & Belghitar, Y. (2011). Corporate cash holdings and dividend payments: evidence from simultaneous analysis. Managerial and Decision Economics, 32(4), 231‑241. https://doi.org/10.1002/mde.1529
Anderson, R. W., & Hamadi, M. (2009). Large powerful shareholders and cash holding. Luxembourg School of Finance Research Working Paper Series 09.
Arora, R. K. (2019). Corporate Cash Holdings: An Empirical Investigation of Indian Companies. Global Business Review, 20(4), 1088‑1106. https://doi.org/10.1177/0972150919844911
Baklouti, I., & Bouri, A. (2015). Les déterminants de la détention de trésorerie. La Revue des Sciences de Gestion, 3, 57‑65. https://doi.org/10.3917/rsg.273.0057
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance, 64(5), 1985-2021. doi:10.1111/j.1540-6261.2009. 01492.x
Baumol, W. J. (1952). The Transactions Demand for Cash: An Inventory Theoretic Approach. The Quarterly Journal of Economics, 66(4), 545‑556. https://doi.org/10.2307/1882104
Beckhart, B. H., & Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Political Science Quarterly, 51(4), 600. https://doi.org/10.2307/2143949
Bigelli, M., & Sánchez-Vidal, J. (2012). Cash holdings in private firms. Journal of Banking & Finance, 36(1), 26‑35. https://doi.org/10.1016/j.jbankfin.2011.06.004
Chrisman, J. J., Chua, J. H., Pearson, A. W., & Barnett, T. (2010). Family Involvement, Family Influence, and Family-Centered Non-Economic Goals in Small Firms. Entrepreneurship Theory and Practice, 36(2), 267‑293. https://doi.org/10.1111/j.1540-6520.2010.00407.x
Couderc, N. (2006). La détention d’actifs liquides par les entreprises. Revue économique, 57(3), 485‑496. https://doi.org/10.3917/reco.573.0485
De Cesari, A. (2012). Expropriation of minority shareholders and payout policy. The British Accounting Review, 44(4), 207‑220. https://doi.org/10.1016/j.bar.2012.09.002
Diamond, D. W. (1989). Reputation Acquisition in Debt Markets. Journal of Political Economy, 97(4), 828‑862. https://doi.org/10.1086/261630
Drobetz, W., & Grüninger, M. C. (2007). Corporate cash holdings: Evidence from Switzerland. Financial Markets and Portfolio Management, 21(3), 293‑324. https://doi.org/10.1007/s11408-007-0052-8
Ferreira, M. A., & Vilela, A. S. (2004). Why Do Firms Hold Cash? Evidence from EMU Countries. European Financial Management, 10(2), 295‑319. https://doi.org/10.1111/j.1354-7798.2004.00251.x
García-Teruel, P. J., & Martínez-Solano, P. (2008). On the Determinants of SME Cash Holdings: Evidence from Spain. Journal of Business Finance & Accounting, 35(1‑2), 127‑149. https://doi.org/10.1111/j.1468-5957.2007.02022.x
Gill, J., & Johnson, P. (2010). Research Methods for Managers. Sage Publications 4th Edition. London.
Gomes, A. R., & Novaes, W. (2001). Sharing of Control as a Corporate Governance Mechanism. SSRN Electronic Journal, 1‑29. https://doi.org/10.2139/ssrn.277111
Graham, J. R., & Leary, M. T. (2018). The Evolution of Corporate Cash. The Review of Financial Studies, 31(11), 4288‑4344. https://doi.org/10.1093/rfs/hhy075
Guney, Y., Ozkan, A., & Ozkan, N. (2003). Additional International Evidence on Corporate Cash Holdings. SSRN Electronic Journal. doi:10.2139/ssrn.406721
Guney, Y., Ozkan, A., & Ozkan, N. (2007). International evidence on the non-linear impact of leverage on corporate cash holdings. Journal of Multinational Financial Management, 17(1), 45‑60. https://doi.org/10.1016/j.mulfin.2006.03.003
Harford, J., Mansi, S., & Maxwell, W. F. (2006). Corporate Governance and Firm Cash Holdings. SSRN Electronic Journal, 535‑555. https://doi.org/10.2139/ssrn.595150
Jensen, M. C. (1999). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. SSRN Electronic Journal, 323‑329. https://doi.org/10.2139/ssrn.99580
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305‑360. https://doi.org/10.1016/0304-405x(76)90026-x
Kalcheva, I., & Lins, K. V. (2006). International Evidence on Cash Holdings and Expected Managerial Agency Problems. SSRN Electronic Journal, 1087‑1112. https://doi.org/10.2139/ssrn.477241
Kim, C.-S., Mauer, D. C., & Sherman, A. E. (1998). The Determinants of Corporate Liquidity: Theory and Evidence. The Journal of Financial and Quantitative Analysis, 33(3), 335‑358. https://doi.org/10.2307/2331099
Kuan, T.-H., Li, C.-S., & Chu, S.-H. (2011). Cash holdings and corporate governance in family-controlled firms. Journal of Business Research, 64(7), 757‑764. https://doi.org/10.1016/j.jbusres.2010.07.004
Laeven, L., & Levine, R. (2007). Complex Ownership Structures and Corporate Valuations. Review of Financial Studies, 21(2), 579‑604. https://doi.org/10.1093/rfs/hhm068
La Cava, G., & Windsor, C. (2016). Why do companies hold cash?. No. rdp2016-03, Reserve Bank of Australia, Sydney.
Levasseur, M. (1979). Gestion de trésorerie , Economica
Maheshwari, Y., & Rao, K. V. (2017). Determinants of Corporate Cash Holdings. Global Business Review, 18(2), 416-427. doi:10.1177/0972150916668610
Miller, M. H., & Orr, D. (1966). A Model of the Demand for Money by Firms. The Quarterly Journal of Economics, 80(3), 413‑435. https://doi.org/10.2307/1880728
Mulligan, C. B. (1997). Scale Economies, the Value of Time, and the Demand for Money : Longitudinal Evidence from Firms. Journal of Political Economy, 105(5), 1061‑1079. https://doi.org/10.1086/262105
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187‑221. https://doi.org/10.1016/0304-405x(84)90023-0
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103‑2134. https://doi.org/10.1016/j.jbankfin.2003.08.003
Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3, Part 1), 461-488. doi:10.1086/261385
Smith, C. W., & Warner, J. B. (1979). On financial contracting. Journal of Financial Economics, 7(2), 117-161. doi:10.1016/0304-405x(79)90011-4
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1-19. doi:10.1111/j.1540-6261.1988.tb02585.x
Yogesh, M., & Vigneswara, R. (2017). Determinants of Corporate Cash Holdings. Global Business Review,18, 416–427
Younas, Z. I., Klein, C., & Zwergel, B. (2017). The effects of ownership concentration on sustainability: A case of listed firms from USA, UK and German. Corporate Ownership and Control, 14(3), 113‑121. https://doi.org/10.22495/cocv14i3art11
Al-Najjar, B., & Belghitar, Y. (2011). Corporate cash holdings and dividend payments: evidence from simultaneous analysis. Managerial and Decision Economics, 32(4), 231‑241. https://doi.org/10.1002/mde.1529
Anderson, R. W., & Hamadi, M. (2009). Large powerful shareholders and cash holding. Luxembourg School of Finance Research Working Paper Series 09.
Arora, R. K. (2019). Corporate Cash Holdings: An Empirical Investigation of Indian Companies. Global Business Review, 20(4), 1088‑1106. https://doi.org/10.1177/0972150919844911
Baklouti, I., & Bouri, A. (2015). Les déterminants de la détention de trésorerie. La Revue des Sciences de Gestion, 3, 57‑65. https://doi.org/10.3917/rsg.273.0057
Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why Do U.S. Firms Hold So Much More Cash than They Used To? The Journal of Finance, 64(5), 1985-2021. doi:10.1111/j.1540-6261.2009. 01492.x
Baumol, W. J. (1952). The Transactions Demand for Cash: An Inventory Theoretic Approach. The Quarterly Journal of Economics, 66(4), 545‑556. https://doi.org/10.2307/1882104
Beckhart, B. H., & Keynes, J. M. (1936). The General Theory of Employment, Interest and Money. Political Science Quarterly, 51(4), 600. https://doi.org/10.2307/2143949
Bigelli, M., & Sánchez-Vidal, J. (2012). Cash holdings in private firms. Journal of Banking & Finance, 36(1), 26‑35. https://doi.org/10.1016/j.jbankfin.2011.06.004
Chrisman, J. J., Chua, J. H., Pearson, A. W., & Barnett, T. (2010). Family Involvement, Family Influence, and Family-Centered Non-Economic Goals in Small Firms. Entrepreneurship Theory and Practice, 36(2), 267‑293. https://doi.org/10.1111/j.1540-6520.2010.00407.x
Couderc, N. (2006). La détention d’actifs liquides par les entreprises. Revue économique, 57(3), 485‑496. https://doi.org/10.3917/reco.573.0485
De Cesari, A. (2012). Expropriation of minority shareholders and payout policy. The British Accounting Review, 44(4), 207‑220. https://doi.org/10.1016/j.bar.2012.09.002
Diamond, D. W. (1989). Reputation Acquisition in Debt Markets. Journal of Political Economy, 97(4), 828‑862. https://doi.org/10.1086/261630
Drobetz, W., & Grüninger, M. C. (2007). Corporate cash holdings: Evidence from Switzerland. Financial Markets and Portfolio Management, 21(3), 293‑324. https://doi.org/10.1007/s11408-007-0052-8
Ferreira, M. A., & Vilela, A. S. (2004). Why Do Firms Hold Cash? Evidence from EMU Countries. European Financial Management, 10(2), 295‑319. https://doi.org/10.1111/j.1354-7798.2004.00251.x
García-Teruel, P. J., & Martínez-Solano, P. (2008). On the Determinants of SME Cash Holdings: Evidence from Spain. Journal of Business Finance & Accounting, 35(1‑2), 127‑149. https://doi.org/10.1111/j.1468-5957.2007.02022.x
Gill, J., & Johnson, P. (2010). Research Methods for Managers. Sage Publications 4th Edition. London.
Gomes, A. R., & Novaes, W. (2001). Sharing of Control as a Corporate Governance Mechanism. SSRN Electronic Journal, 1‑29. https://doi.org/10.2139/ssrn.277111
Graham, J. R., & Leary, M. T. (2018). The Evolution of Corporate Cash. The Review of Financial Studies, 31(11), 4288‑4344. https://doi.org/10.1093/rfs/hhy075
Guney, Y., Ozkan, A., & Ozkan, N. (2003). Additional International Evidence on Corporate Cash Holdings. SSRN Electronic Journal. doi:10.2139/ssrn.406721
Guney, Y., Ozkan, A., & Ozkan, N. (2007). International evidence on the non-linear impact of leverage on corporate cash holdings. Journal of Multinational Financial Management, 17(1), 45‑60. https://doi.org/10.1016/j.mulfin.2006.03.003
Harford, J., Mansi, S., & Maxwell, W. F. (2006). Corporate Governance and Firm Cash Holdings. SSRN Electronic Journal, 535‑555. https://doi.org/10.2139/ssrn.595150
Jensen, M. C. (1999). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. SSRN Electronic Journal, 323‑329. https://doi.org/10.2139/ssrn.99580
Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305‑360. https://doi.org/10.1016/0304-405x(76)90026-x
Kalcheva, I., & Lins, K. V. (2006). International Evidence on Cash Holdings and Expected Managerial Agency Problems. SSRN Electronic Journal, 1087‑1112. https://doi.org/10.2139/ssrn.477241
Kim, C.-S., Mauer, D. C., & Sherman, A. E. (1998). The Determinants of Corporate Liquidity: Theory and Evidence. The Journal of Financial and Quantitative Analysis, 33(3), 335‑358. https://doi.org/10.2307/2331099
Kuan, T.-H., Li, C.-S., & Chu, S.-H. (2011). Cash holdings and corporate governance in family-controlled firms. Journal of Business Research, 64(7), 757‑764. https://doi.org/10.1016/j.jbusres.2010.07.004
Laeven, L., & Levine, R. (2007). Complex Ownership Structures and Corporate Valuations. Review of Financial Studies, 21(2), 579‑604. https://doi.org/10.1093/rfs/hhm068
La Cava, G., & Windsor, C. (2016). Why do companies hold cash?. No. rdp2016-03, Reserve Bank of Australia, Sydney.
Levasseur, M. (1979). Gestion de trésorerie , Economica
Maheshwari, Y., & Rao, K. V. (2017). Determinants of Corporate Cash Holdings. Global Business Review, 18(2), 416-427. doi:10.1177/0972150916668610
Miller, M. H., & Orr, D. (1966). A Model of the Demand for Money by Firms. The Quarterly Journal of Economics, 80(3), 413‑435. https://doi.org/10.2307/1880728
Mulligan, C. B. (1997). Scale Economies, the Value of Time, and the Demand for Money : Longitudinal Evidence from Firms. Journal of Political Economy, 105(5), 1061‑1079. https://doi.org/10.1086/262105
Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187‑221. https://doi.org/10.1016/0304-405x(84)90023-0
Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103‑2134. https://doi.org/10.1016/j.jbankfin.2003.08.003
Shleifer, A., & Vishny, R. W. (1986). Large Shareholders and Corporate Control. Journal of Political Economy, 94(3, Part 1), 461-488. doi:10.1086/261385
Smith, C. W., & Warner, J. B. (1979). On financial contracting. Journal of Financial Economics, 7(2), 117-161. doi:10.1016/0304-405x(79)90011-4
Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1-19. doi:10.1111/j.1540-6261.1988.tb02585.x
Yogesh, M., & Vigneswara, R. (2017). Determinants of Corporate Cash Holdings. Global Business Review,18, 416–427
Younas, Z. I., Klein, C., & Zwergel, B. (2017). The effects of ownership concentration on sustainability: A case of listed firms from USA, UK and German. Corporate Ownership and Control, 14(3), 113‑121. https://doi.org/10.22495/cocv14i3art11