Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of

Short term financial decisions such as cash holding and working capital management may affect firm’s value in the long term. The purpose of this study is to provide help for managers to know the importance of cash holding and management of working capital to choose the best financial decisions. Also...

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Formato:	article
Lenguaje:	FA
Publicado:	Shahid Bahonar University of Kerman 2013
Materias:	cash holding working capital firm value excess return Accounting. Bookkeeping HF5601-5689
Acceso en línea:	https://doaj.org/article/9c413ab261df4d02b9485add9b8d9b2e
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spelling	oai:doaj.org-article:9c413ab261df4d02b9485add9b8d9b2e2021-11-04T19:45:28ZInvestigation of the Impact of Cash Holding and Working Capital Management on Excess Return of2008-89142476-292X10.22103/jak.2013.602https://doaj.org/article/9c413ab261df4d02b9485add9b8d9b2e2013-12-01T00:00:00Zhttps://jak.uk.ac.ir/article_602_c5f248117c880b7036298d90609d3ac4.pdfhttps://doaj.org/toc/2008-8914https://doaj.org/toc/2476-292XShort term financial decisions such as cash holding and working capital management may affect firm’s value in the long term. The purpose of this study is to provide help for managers to know the importance of cash holding and management of working capital to choose the best financial decisions. Also, understanding the relationship between cash holding and working capital management on Excess Return are important for investors to choose the best investments. This paper takes a sample of firms listed in Tehran Stock Exchange to investigate the relationship between cash holding and working capital management on Excess Return. In this study 84 companies during 1385 to 1389 were selected and the panel data analysis was carried on. The results show that there are significant relationships between cash holding and working capital management with Excess Return, regarding the effects of the last year cash holding and working capital on the current year cash holding and working capital, and the leverage affects on them. The finding shows the importance of the short term financial decision on Excess Return in emerging market, and because of the financial constraints, the relationships between cash holding and working capital management with Excess Return are positive.Shahid Bahonar University of Kermanarticlecash holdingworking capitalfirm valueexcess returnAccounting. BookkeepingHF5601-5689FAمجله دانش حسابداری, Vol 4, Iss 14, Pp 27-49 (2013)
institution	DOAJ
collection	DOAJ
language	FA
topic	cash holding working capital firm value excess return Accounting. Bookkeeping HF5601-5689
spellingShingle	cash holding working capital firm value excess return Accounting. Bookkeeping HF5601-5689 Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of
description	Short term financial decisions such as cash holding and working capital management may affect firm’s value in the long term. The purpose of this study is to provide help for managers to know the importance of cash holding and management of working capital to choose the best financial decisions. Also, understanding the relationship between cash holding and working capital management on Excess Return are important for investors to choose the best investments. This paper takes a sample of firms listed in Tehran Stock Exchange to investigate the relationship between cash holding and working capital management on Excess Return. In this study 84 companies during 1385 to 1389 were selected and the panel data analysis was carried on. The results show that there are significant relationships between cash holding and working capital management with Excess Return, regarding the effects of the last year cash holding and working capital on the current year cash holding and working capital, and the leverage affects on them. The finding shows the importance of the short term financial decision on Excess Return in emerging market, and because of the financial constraints, the relationships between cash holding and working capital management with Excess Return are positive.
format	article
title	Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of
title_short	Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of
title_full	Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of
title_fullStr	Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of
title_full_unstemmed	Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of
title_sort	investigation of the impact of cash holding and working capital management on excess return of
publisher	Shahid Bahonar University of Kerman
publishDate	2013
url	https://doaj.org/article/9c413ab261df4d02b9485add9b8d9b2e
_version_	1718444666803716096

Investigation of the Impact of Cash Holding and Working Capital Management on Excess Return of

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