Stock Liquidity and Cash Holdings: Evidence from Malaysia

IF 0.7 Q4 BUSINESS, FINANCE

Asian Academy of Management Journal of Accounting and Finance Pub Date : 2023-06-22 DOI:10.21315/aamjaf2023.19.1.4

Shiang Shen Kwan, Roy W. L. Khong, Woan Ting Hung

引用次数: 0

Abstract

The level of cash held by listed companies has raised academic interest. In particular, many studies have been conducted to understand the reason why companies hold so much cash. Previous studies on the determinants of cash holdings have focused on firm-specific characteristics. More recently, researchers have found that stock liquidity played an important role in explaining the cash holding behaviour. This study examines the effect of stock liquidity on cash holdings among listed companies in Malaysia. The findings indicate that stock liquidity has a positive impact on cash holdings. This suggests that companies have a higher propensity to hold cash to repurchase its own stocks, which resulted in higher stock liquidity.

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股票流动性与现金持有：来自马来西亚的证据

上市公司持有的现金水平引起了学术界的兴趣。特别是，已经进行了许多研究来了解公司持有如此多现金的原因。以往关于现金持有决定因素的研究都集中在企业的特定特征上。最近，研究人员发现，股票流动性在解释现金持有行为方面发挥了重要作用。本研究考察了股票流动性对马来西亚上市公司现金持有量的影响。研究结果表明，股票流动性对现金持有量有积极影响。这表明，公司更倾向于持有现金回购自己的股票，这导致了更高的股票流动性。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Academy of Management Journal of Accounting and Finance BUSINESS, FINANCE-

CiteScore

1.50

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： To provide a forum for the exchange of ideas and dissemination of empirical findings and analytical research in the specialized areas of accounting and finance with special emphasis on scholarly works with policy implications for countries in the Asia Pacific. The following are some of the topical subject areas relevant to the journal (but are not limited to): Accounting • Financial reporting and accounting standards • Auditing issues • Value based accounting and its relevance • Theory of accounting firm • Environmental auditing • Corporate governance issues • Public sector accounting Finance • Valuation of financial assets • International capital flows • Ownership and agency theory • Stock market behavior • Investment and portfolio management • Islamic banking and finance • Microstructures of financial markets