أثر العوامل الداخلية للشركة في الاحتفاظ بالنقدية: دليل من المملكة العربية السعودية
Abstract
هدف البحث إلى استكشاف أثر عدد من الخصائص المتعلقة بأداء الشركة إضافة إلى خاصية متعلقة بالمدير التنفيذي الا وهي عمر هذا المدير على الاحتفاظ بالنقدية. ومن اجل تحقيق هذا، وظف الباحث بيانات الشركات السعودية المدرجة في سوق المال السعودي (تداول) للفترة من 2003-2019. ووثقت النتائج إلى وجود أثر سالب لكل من عمر المدير التنفيذي ومقسوم الأرباح على الاحتفاظ بالنقدية، ووجود أثر موجب لكل من رأس المال العامل وتقلب الأرباح ونمو المبيعات على الاحتفاظ بالنقدية. والدراسة الحالية تساهم في تسليط الضوء على الاحتفاظ بالنقدية على الاقتصاديات الناشئة وبشكل خاص السوق المالي السعودي، اذ تعد هذه الدراسة من الدراسات القلائل التي تناولت الاحتفاظ بالنقدية والدراسة الوحيدة التي اختبرت أثر هذه العوامل في الاحتفاظ بالنقدية.
Deprecated: Return type of Carbon\Traits\Date::createFromTimestamp($timestamp, $tz = null) should either be compatible with DateTime::createFromTimestamp(int|float $timestamp): static, or the #[\ReturnTypeWillChange] attribute should be used to temporarily suppress the notice in /home/iqserver/journals/kjeas.uowasit.edu.iq/lib/pkp/lib/vendor/nesbot/carbon/src/Carbon/Traits/Timestamp.php on line 29
Downloads
References
1. Abdioglu, N. (2016). Managerial ownership and corporate cash holdings: Insights from an emerging market. Business and Economics Research Journal, 7(2), 29.
2. Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets. International business review, 22(1), 77-88.
3. Beuselinck, C., & Du, Y. (2017). Determinants of cash holdings in multinational corporation's foreign subsidiaries: US subsidiaries in China. Corporate Governance: An International Review, 25(2), 100-115.
4. Bick, P., Orlova, S., & Sun, L. (2018). Fair value accounting and corporate cash holdings. Advances in Accounting, 40, 98-110.
5. Cai, W., Zeng, C. C., Lee, E., & Ozkan, N. (2016). Do business groups affect corporate cash holdings? Evidence from a transition economy. China Journal of Accounting Research, 9(1), 1-24.
6. Dittmar, A., Mahrt-Smith, J., & Servaes, H. (2003). International corporate governance and corporate cash holdings. Journal of Financial and Quantitative analysis, 38(1), 111-133.
7. Farinha, J., Mateus, C., & Soares, N. (2018). Cash holdings and earnings quality: evidence from the Main and Alternative UK markets. International Review of Financial Analysis, 56, 238-252.
8. Ferreira, M. A., & Vilela, A. S. (2004). Why do firms hold cash? Evidence from EMU countries. European financial management, 10(2), 295-319.
9. Firmansyah, A., & Kartiko, N. D. (2024). CEO Demographics and Corporate Cash Holdings: Evidence from Banking Companies in Indonesia. Accounting Analysis Journal, 13(3), 184-207.
10. García‐Teruel, P. J., Martínez‐Solano, P., & Sánchez‐Ballesta, J. P. (2009). Accruals quality and corporate cash holdings. Accounting & Finance, 49(1), 95-115.
11. Gill, A., & Shah, C. (2012). Determinants of corporate cash holdings: Evidence from Canada. International journal of economics and finance, 4(1), 70-79.
12. Guha, S., & Rahim, N. (2019). The effect of managerial horizon on cash holdings. Managerial Finance, 45(8), 1092-1110.
13. Guizani, M., & Larabi, C. (2025). Exploring the nexus between CEO characteristics and the value of excess cash holdings through the lens of the resource-based view theory. Corporate Governance: The International Journal of Business in Society, 25(3), 586-605.
14. Hall, T., Mateus, C., & Mateus, I. B. (2014). What determines cash holdings at privately held and publicly traded firms? Evidence from 20 emerging markets. International Review of Financial Analysis, 33, 104-116.
15. Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
16. Kusnadi, Y., Yang, Z., & Zhou, Y. (2015). Institutional development, state ownership, and corporate cash holdings: Evidence from China. Journal of Business Research, 68(2), 351-359.
17. Lee, Y. C., & Li, C. S. (2023). CEO Age, CEO Tenure, and Corporate Cash Holdings: Evidence from Listed Firms in Taiwan. Available at SSRN 4265771.
18. Lee, E., & Powell, R. (2011). Excess cash holdings and shareholder value. Accounting & Finance, 51(2), 549-574.
19. Mansali, H., Derouiche, I., & Jemai, K. (2019). Accruals quality, financial constraints, and corporate cash holdings. Managerial Finance, 45(8), 1129-1145.
20. Nguyen, P. (2005). How Sensitive are Japanese Firms to Earnings Volatility? Evidence from Cash Holdings. Working paper, University of New South Wales.
21. Orens, R., & Reheul, A. M. (2013). Do CEO demographics explain cash holdings in SMEs?. European Management Journal, 31(6), 549-563.
22. 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.
23. Shubita, M. F. (2019). The impact of working capital management on cash holdings of large and small firms: Evidence from Jordan. Investment Management and Financial Innovations, 16(3), 76-86.
24. Sun, Q., Yung, K., & Rahman, H. (2012). Earnings quality and corporate cash holdings. Accounting & Finance, 52(2), 543-571.
25. Wasiuzzaman, S. (2014). Analysis of corporate cash holdings of firms in Malaysia. Journal of Asia Business Studies, 8(2), 118-135.
26. Zhang, S., & Ling, T. (2016). Cash Holding and Firm Value: Evidence from the US Market from 1999 to 2015. Master of Science in Finance, Faculty of Business Administration, Simon Fraser University.
