Vilka faktorer påverkar företags kassahållning?
En studie av svenska börsbolag 1999 - 2009
This paper investigates the determinants of corporate cash holdings for a broad sample of Swedish non-financial firms in the 1999 - 2009 period. Using a fixed effect regression model, we find that firms with riskier cash flow hold relatively high ratios of cash to total assets. This is in line with both the precautionary motive and agency motive for cash holdings. Net working capital is found to be negatively related to corporate cash holdings. A result commonly interpreted as support for a negative substitution effect between net working capital and cash. Furthermore, we present evidence of a significant and possibly non-linear relation between leverage and cash holdings.