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|Title:||An econometric analysis of corporate liquid reserves: evidence from Greece||Authors:||Arnis, Nikos
|Keywords:||Ρευστότητα (Οικονομική);Liquidity (Economics)||Issue Date:||2008||Publisher:||Department of accounting of the Technological Educational Institute of Piraeus||Abstract:||In this study we investigate the determinants of liquid reserves during the period 1993-2004 in Greek nonfinancial sector. The study is based on an econometric analysis of liquidity management behavior. We employ pa¬nel date techniques to examine the relations between liquid reserves and the factors affect them. It was found that the ratio of cash plus marketa¬ble securities to total assets is negatively correlated with firm size and debt ratio and positively correlated with return on assets, growth options and a measure of cash-flow volatility. We also find that time-varying charac¬teristics drove firms to increase their cash holdings during the period 1999-2001. This finding may support the dominance of the speculative motive when the markets was booming.||URI:||http://cris.teiep.gr/jspui/handle/123456789/1589|
|Appears in Collections:||Δημοσιεύσεις σε Περιοδικά|
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