Determinant Factors of Cash Holdings in Taiwan’s Listed Electronic Companies
Date Issued
2014
Date
2014
Author(s)
Kuo, Yen-Han
Abstract
Cash management is an important issue in the process of business operations. The electronic industry has been regarded as the most competitive industry in Taiwan. Facing of market innovation, the industry should have sufficient funds into research and development to support business grow. In view of the importance of cash management and
electronic industry as an important industry in Taiwan, this paper investigated the factors that affect cash holdings of listed companies in Taiwan electronics industry. This paper use TEJ database during the period of 2002-2012 and use panel data model to analyze. Then, testing fixed effect model and random effect model which is suitable for the research data. Finally, we discuss whether the cash holding determinants will change direction or not after the 2008 financial crisis.
The Empirical results shows that it has a negative
correlation between cash holdings with net working capital ratio、debt ratio、capital expenditures ratio and interest
rates. It has a positive correlation between cash holdings with cash flow ratio and the index of industrial production. In OLS and time fixed effect model, the correlation between cash holdings with size is negative and the correlation between cash holdings with R&D ratio is positive. In individual fixed effect model, the correlation between cash holdings with size is positive and the correlation between cash holdings with R&D ration is negative.
Subjects
電子業
現金持有
追蹤資料
固定效果模型
SDGs
Type
thesis
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