期刊名称：International Journal of Business and Management
印刷版ISSN：1833-3850
电子版ISSN：1833-8119
出版年度：2013
卷号：8
期号：1
页码：104
DOI：10.5539/ijbm.v8n1p104
语种：English
出版社：Canadian Center of Science and Education
摘要：Adequate cash levels are fundamental towards smooth operations of firms. Managers have a tendency to hold a significant share of firms’ assets as liquid assets in order to reinvest on other physical assets, payments to stockholders and to keep cash inside the firm. Cash levels are influenced by firms´ capital structure, cash flow, investments and asset management policies as well as by theirs working capital requirements, and dividend payments. This paper focuses on analyzing the drivers of cash holdings of non-financial Portuguese manufacturing small and medium sized companies (SMEs), for the period 2001 to 2007. Results show that firm size, growth opportunity, relationship with banks, cash flow uncertainty, debt structure, liquidity and leverage have a significant influence on the level of cash holdings of non-financial SMEs in Portugal.
