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The sensitivity of cash flows to cash holdings: case studies at Vietnamese enterprises

Investment management & financial innovations, 2020-03, Vol.17 (1), p.266-276 [Peer Reviewed Journal]

Apr 2020. This work is published under http://creativecommons.org/licenses/by/4.0/ (the “License”). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 1810-4967 ;EISSN: 1812-9358 ;DOI: 10.21511/imfi.17(1).2020.23

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  • Title:
    The sensitivity of cash flows to cash holdings: case studies at Vietnamese enterprises
  • Author: Dang Ngoc, Hung ; Vu Thi Thuy, Van ; Nguyen Duy, Hung
  • Subjects: Cash flow ; Cash management ; constraints ; GMM ; sensitivity ; Vietnam
  • Is Part Of: Investment management & financial innovations, 2020-03, Vol.17 (1), p.266-276
  • Description: Cash management plays an important role in the business operations. However, holding too much cash results in unnecessary expenses such as opportunity costs, management costs, and representation costs due to negative cash holdings. This study examines the sensitivity of cash flows to cash holdings. The paper uses regression methods for table data, including FEM, REM, GLS, and GMM regression, with a research dataset including non-financial companies listed on Vietnam’s stock market in the period 2008–2018. Empirical results show that cash flows are positively associated with cash holdings levels. At the same time, research has shown an asymmetry in cash flows sensitivity to cash holdings. The study also classified the companies with limited and no financial restrictions. In the Vietnamese context, compared to unrestricted companies, financially restricted companies have a lower cash flows sensitivity. The research results are the basis for enterprises to manage cash better and increase business efficiency in the future.
  • Publisher: Sumy: Business Perspectives Ltd
  • Language: English
  • Identifier: ISSN: 1810-4967
    EISSN: 1812-9358
    DOI: 10.21511/imfi.17(1).2020.23
  • Source: ProQuest Central
    DOAJ Directory of Open Access Journals
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