DETERMINANTS OF CORPORATE CASH HOLDINGS IN HOSPITALITY SECTOR OF UNITED STATES OF AMERICA USING TWOSTEP SYSTEM GMM

http://dx.doi.org/10.31703/gmsr.2021(VI-IV).03      10.31703/gmsr.2021(VI-IV).03      Published : Dec 2021
Authored by : Majid Mumtaz , Wisal Ahmad , Yousaf Khan

03 Pages : 25-35

References

  • Ahmad, W., & Adaoglu, C. (2018). Cash management in the travel and leisure sector: evidence from the United Kingdom. Applied Economics Letter, 26(7), 618-621.
  • Ali, A., & Yousaf (2013). Determinants of cash holding in German Market, Journal of Business and Management, 12(6), 28-34.
  • 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
  • Bashir, M. M. S. (2014). Determinants of Corporate Cash Holdings: Panel Data. Analysis: Pakistan. International Journal of Current Research, 6(2), 5316-5318
  • Bates, T., Kahle, K. & Stulz R., (2009). Why do U.S. firms hold so much more Cash than they used to? The Journal of Finance. LXIV(5).
  • Chauhan, Y., Pathak, R., & Kumar, S. (2018). Do bank-appointed directors affect corporate cash holding? International Review of Economics & Finance, 53, 39-56
  • Drobetz, W., & Grüninger, M. C. (2007). Corporate cash holdings: Evidence from Switzerland. Financial Markets Portfolio Management, 21, 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
  • Gill, A., & Shah, C. (2012). Determinants of corporate cash holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70-79.
  • Hardin, W. G., Highfield, M. J., Hill, M. D., & Kelly, W. (2009). The determinants of REIT cash holdings. Journal of Real Estate Financial Economics, 39 (1), 39-57. https://doi.org/10.1007/s11146-007-9103-1
  • Hu, Y., Li, Y., & Zeng, J. (2018). Stock liquidity and corporate cash holdings, Finance Research Letters.
  • Islam, S. (2012). Manufacturing firms' cash holding determinants: Evidence from Bangladesh. International Journal of Business and Management, 7 (6), 172-184. https://doi.org/10.5539/ijbm.v7n6p172
  • Jamil, S., Anwar, A., Afzaal, N., Tariq, A., & Asif, M. (2016). Determinants of 67 Corporate Cash Holdings: Empirical Analysis of Pakistani Firms. Journal of Economics and Finance. 7(3), 29-35.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76,323-339.
  • Kim, J., Kim, H., & Woods, D. (2011). Determinants of corporate cash-holding levels: An empirical examination of the restaurant industry. International Journal of Hospitality Management, 30, 568-574. https://doi.org/10.1016/j.ijhm.2010.10.004
  • Lee, E., & Powell, R. (2011). Excess cash holdings and shareholder value. Journal of Accounting & Finance, 51, 549-574. https://doi.org/10.1111/j.1467- 629x.2010.00359.x
  • Maheshwari, Y., & Rao, K. V. (2017).Determinants of corporate cash holdings. Global Business Review, 18 (2), 416- 427. https://doi.org/10.1177/09721509166686
  • Martínez- Sola, C. Garcia-Teruel, P. J. & Martínez-Solano, P. (2011). Corporate cash holding and firm value. Applied Economics, 45(2), 161-170.
  • Minton, B. A., & Schrand, C. (1999).The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics, 54 (3), 423-460. https://doi.org/10.1016/s0304- 405x(99)00042-2
  • Mumtaz, M., Ahmad, W., & Shah, S. A. A. (2020): Determinants of Corporate Cash Holding in Hospitality Sector of France, Spain and United State of America, Global Economic Review, V (III) 55-66.
  • 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, 13,187-221. https://doi.org/10.1016/0304- 405x
  • Nyborg, K. G., & Wang, Z. (2013). Stock liquidity and corporate cash holdings: Feedback and the Cash as Ammunition Hypothesis, Swiss Finance Institute Research Paper No. 13-36
  • 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. https://doi.org/10.1016/s0304- 405x(99)00003-3
  • Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking and Finance, 28 (9), 2103-2134. https://doi.org/10.1016/j.jbankfin.2003.08.00 3
  • Paskelian, O. G., Bell, S., & Nguyen, C. V. (2010). Corporate governance and cash holdings: a comparative analysis of Chinese and Indian firms. The International Journal of Business and Finance Research, 4, 59-73.
  • Roodman, D. (2009). XTABOND2: Stata module to extend xtabond dynamic panel data Estimator .In Statistical software components S435901. Boston College Department of Economics.
  • Singal, M. (2015). How is the hospitality and tourism industry different? An empirical test of some structural characteristics. International Journal of Hospitality Management, 47, 116-119. https://doi.org/10.1016/j.ijhm.2015.03.006
  • Upenja, A., & Dalbor, M. C. (2001).An examination of capital structure in the restaurant industry. International Journal of Contemporary Hospitality Management, 13(2), 54-59. https://doi.org/10.1108/09596110110381825
  • Uyar, A., & Kuzey, C. (2014). Determinants of corporate cash holdings: Evidence from emerging market of Turkey. Applied Economics, 46 (9), 1035-1048. https://doi.org/10.1080/00036846.2013.8662 03
  • Ahmad, W., & Adaoglu, C. (2018). Cash management in the travel and leisure sector: evidence from the United Kingdom. Applied Economics Letter, 26(7), 618-621.
  • Ali, A., & Yousaf (2013). Determinants of cash holding in German Market, Journal of Business and Management, 12(6), 28-34.
  • 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
  • Bashir, M. M. S. (2014). Determinants of Corporate Cash Holdings: Panel Data. Analysis: Pakistan. International Journal of Current Research, 6(2), 5316-5318
  • Bates, T., Kahle, K. & Stulz R., (2009). Why do U.S. firms hold so much more Cash than they used to? The Journal of Finance. LXIV(5).
  • Chauhan, Y., Pathak, R., & Kumar, S. (2018). Do bank-appointed directors affect corporate cash holding? International Review of Economics & Finance, 53, 39-56
  • Drobetz, W., & Grüninger, M. C. (2007). Corporate cash holdings: Evidence from Switzerland. Financial Markets Portfolio Management, 21, 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
  • Gill, A., & Shah, C. (2012). Determinants of corporate cash holdings: Evidence from Canada. International Journal of Economics and Finance, 4(1), 70-79.
  • Hardin, W. G., Highfield, M. J., Hill, M. D., & Kelly, W. (2009). The determinants of REIT cash holdings. Journal of Real Estate Financial Economics, 39 (1), 39-57. https://doi.org/10.1007/s11146-007-9103-1
  • Hu, Y., Li, Y., & Zeng, J. (2018). Stock liquidity and corporate cash holdings, Finance Research Letters.
  • Islam, S. (2012). Manufacturing firms' cash holding determinants: Evidence from Bangladesh. International Journal of Business and Management, 7 (6), 172-184. https://doi.org/10.5539/ijbm.v7n6p172
  • Jamil, S., Anwar, A., Afzaal, N., Tariq, A., & Asif, M. (2016). Determinants of 67 Corporate Cash Holdings: Empirical Analysis of Pakistani Firms. Journal of Economics and Finance. 7(3), 29-35.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance and takeovers. American Economic Review, 76,323-339.
  • Kim, J., Kim, H., & Woods, D. (2011). Determinants of corporate cash-holding levels: An empirical examination of the restaurant industry. International Journal of Hospitality Management, 30, 568-574. https://doi.org/10.1016/j.ijhm.2010.10.004
  • Lee, E., & Powell, R. (2011). Excess cash holdings and shareholder value. Journal of Accounting & Finance, 51, 549-574. https://doi.org/10.1111/j.1467- 629x.2010.00359.x
  • Maheshwari, Y., & Rao, K. V. (2017).Determinants of corporate cash holdings. Global Business Review, 18 (2), 416- 427. https://doi.org/10.1177/09721509166686
  • Martínez- Sola, C. Garcia-Teruel, P. J. & Martínez-Solano, P. (2011). Corporate cash holding and firm value. Applied Economics, 45(2), 161-170.
  • Minton, B. A., & Schrand, C. (1999).The impact of cash flow volatility on discretionary investment and the costs of debt and equity financing. Journal of Financial Economics, 54 (3), 423-460. https://doi.org/10.1016/s0304- 405x(99)00042-2
  • Mumtaz, M., Ahmad, W., & Shah, S. A. A. (2020): Determinants of Corporate Cash Holding in Hospitality Sector of France, Spain and United State of America, Global Economic Review, V (III) 55-66.
  • 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, 13,187-221. https://doi.org/10.1016/0304- 405x
  • Nyborg, K. G., & Wang, Z. (2013). Stock liquidity and corporate cash holdings: Feedback and the Cash as Ammunition Hypothesis, Swiss Finance Institute Research Paper No. 13-36
  • 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. https://doi.org/10.1016/s0304- 405x(99)00003-3
  • Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking and Finance, 28 (9), 2103-2134. https://doi.org/10.1016/j.jbankfin.2003.08.00 3
  • Paskelian, O. G., Bell, S., & Nguyen, C. V. (2010). Corporate governance and cash holdings: a comparative analysis of Chinese and Indian firms. The International Journal of Business and Finance Research, 4, 59-73.
  • Roodman, D. (2009). XTABOND2: Stata module to extend xtabond dynamic panel data Estimator .In Statistical software components S435901. Boston College Department of Economics.
  • Singal, M. (2015). How is the hospitality and tourism industry different? An empirical test of some structural characteristics. International Journal of Hospitality Management, 47, 116-119. https://doi.org/10.1016/j.ijhm.2015.03.006
  • Upenja, A., & Dalbor, M. C. (2001).An examination of capital structure in the restaurant industry. International Journal of Contemporary Hospitality Management, 13(2), 54-59. https://doi.org/10.1108/09596110110381825
  • Uyar, A., & Kuzey, C. (2014). Determinants of corporate cash holdings: Evidence from emerging market of Turkey. Applied Economics, 46 (9), 1035-1048. https://doi.org/10.1080/00036846.2013.8662 03

Cite this article

    APA : Mumtaz, M., Ahmad, W., & Khan, Y. (2021). Determinants of Corporate Cash Holdings in Hospitality Sector of United States of America: Using Two-Step System GMM. Global Management Sciences Review, VI(IV), 25-35. https://doi.org/10.31703/gmsr.2021(VI-IV).03
    CHICAGO : Mumtaz, Majid, Wisal Ahmad, and Yousaf Khan. 2021. "Determinants of Corporate Cash Holdings in Hospitality Sector of United States of America: Using Two-Step System GMM." Global Management Sciences Review, VI (IV): 25-35 doi: 10.31703/gmsr.2021(VI-IV).03
    HARVARD : MUMTAZ, M., AHMAD, W. & KHAN, Y. 2021. Determinants of Corporate Cash Holdings in Hospitality Sector of United States of America: Using Two-Step System GMM. Global Management Sciences Review, VI, 25-35.
    MHRA : Mumtaz, Majid, Wisal Ahmad, and Yousaf Khan. 2021. "Determinants of Corporate Cash Holdings in Hospitality Sector of United States of America: Using Two-Step System GMM." Global Management Sciences Review, VI: 25-35
    MLA : Mumtaz, Majid, Wisal Ahmad, and Yousaf Khan. "Determinants of Corporate Cash Holdings in Hospitality Sector of United States of America: Using Two-Step System GMM." Global Management Sciences Review, VI.IV (2021): 25-35 Print.
    OXFORD : Mumtaz, Majid, Ahmad, Wisal, and Khan, Yousaf (2021), "Determinants of Corporate Cash Holdings in Hospitality Sector of United States of America: Using Two-Step System GMM", Global Management Sciences Review, VI (IV), 25-35
    TURABIAN : Mumtaz, Majid, Wisal Ahmad, and Yousaf Khan. "Determinants of Corporate Cash Holdings in Hospitality Sector of United States of America: Using Two-Step System GMM." Global Management Sciences Review VI, no. IV (2021): 25-35. https://doi.org/10.31703/gmsr.2021(VI-IV).03