Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry
This study investigates the determinants of cash-holdings levels in the US retail industry. The sample contains 706 firms in a 20 year period of 1992 to 2011. This study employed an eight-variable model to determine whether these variables exerted a significant impact on the level of cash holdings i...
| Main Author: | |
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| Format: | Dissertation (University of Nottingham only) |
| Language: | English |
| Published: |
2012
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| Online Access: | https://eprints.nottingham.ac.uk/25862/ |
| _version_ | 1848793069977075712 |
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| author | Zhang, Yuan |
| author_facet | Zhang, Yuan |
| author_sort | Zhang, Yuan |
| building | Nottingham Research Data Repository |
| collection | Online Access |
| description | This study investigates the determinants of cash-holdings levels in the US retail industry. The sample contains 706 firms in a 20 year period of 1992 to 2011. This study employed an eight-variable model to determine whether these variables exerted a significant impact on the level of cash holdings in the US retail industry- the eight variables are, investment opportunity, firm size, cash flow, leverage, bank debt, liquid asset substitutes, capital expenditure and dividend pay-out. The study found that investment opportunities had a significantly positively relationship to the level of cash holdings, whilst firm size, bank debt, liquid asset substitutes and dividend pay-out has a significantly negatively relationship to cash holdings. The results provided support for the trade-off theory and the transaction motive and the precautionary motive in relation to level of cash-holdings in the US retail industry. |
| first_indexed | 2025-11-14T18:54:27Z |
| format | Dissertation (University of Nottingham only) |
| id | nottingham-25862 |
| institution | University of Nottingham Malaysia Campus |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T18:54:27Z |
| publishDate | 2012 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | nottingham-258622017-10-19T13:09:14Z https://eprints.nottingham.ac.uk/25862/ Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry Zhang, Yuan This study investigates the determinants of cash-holdings levels in the US retail industry. The sample contains 706 firms in a 20 year period of 1992 to 2011. This study employed an eight-variable model to determine whether these variables exerted a significant impact on the level of cash holdings in the US retail industry- the eight variables are, investment opportunity, firm size, cash flow, leverage, bank debt, liquid asset substitutes, capital expenditure and dividend pay-out. The study found that investment opportunities had a significantly positively relationship to the level of cash holdings, whilst firm size, bank debt, liquid asset substitutes and dividend pay-out has a significantly negatively relationship to cash holdings. The results provided support for the trade-off theory and the transaction motive and the precautionary motive in relation to level of cash-holdings in the US retail industry. 2012 Dissertation (University of Nottingham only) NonPeerReviewed application/pdf en https://eprints.nottingham.ac.uk/25862/1/Dissertation-_Written_2012_FINAL.pdf Zhang, Yuan (2012) Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry. [Dissertation (University of Nottingham only)] (Unpublished) |
| spellingShingle | Zhang, Yuan Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry |
| title | Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry |
| title_full | Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry |
| title_fullStr | Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry |
| title_full_unstemmed | Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry |
| title_short | Determinants of Corporate Cash-holding Levels: An Investigation of the US Retail Industry |
| title_sort | determinants of corporate cash-holding levels: an investigation of the us retail industry |
| url | https://eprints.nottingham.ac.uk/25862/ |