현금보유 결정요인

• 영문명: Determinants of Cash Holdings: An Empirical Examination of the Casino firms
• 발행기관: 관광경영학회
• 저자명: 김지영 김현준
• 간행물 정보: 『관광경영연구』제17권 제3호, 63~81쪽, 전체 19쪽
• 주제분류: 사회과학 > 관광학
• 파일형태: PDF
• 발행일자: 2013.09.30

영문 초록

This study examines the determinants of corporate cash holdings for casino firms. Based on a panel data of 409 firm-year observations obtained from 57 publicly traded US casino firms between 2002 and 2011, we run a weighted least squares regression model to identify the determinants of cash holdings. The study provides evidence that investment opportunities had a significant positive relationship with cash holdings, while firm size, leverage, capital expenditures, cash flow and the paying of dividends all had a negative relationship with cash holdings. Net working capital showed a negative relationship as well, but this result was not statistically significant. The results indicates that the trade-off theory has the most explanatory power for the casino industry’s cash holdings, implying that casino firms amass cash due to the precautionary motive and transaction motive, both of which deal with the difficulty and expense of the borrowing money in the future.

목차

Ⅰ. 서론

Ⅱ. 이론적 배경

Ⅲ. 연구방법

Ⅳ. 실증분석

Ⅴ. 결론 및 시사점

참고문헌

키워드

Casino firms Cash holdings Precautionary motive Trade-off theory Transaction motive Weighted least squares regression