A study of the life cycle of dynamic cash holdings and cash management policies

[1] M.Z. Abd Karim, G.C. Sok and S. Hassan, Bank efficiency and non-performing loans: Evidence from Malaysia and Singapore, Prague Econ. Papers 2 (2010).

[2] L.S. Aiken and S.G. West, Multiple Regression: Testing and Interpreting Interactions, Sage Publications, 1991.

[3] B. Al-Najjar, The financial determinants of corporate cash holdings: Evidence from some emerging markets, Int. Bus. Rev. 22 (2013), no. 1, 77–88.

[4] P. Dechow, Accounting earnings and cash flows as measures of firm performance. The role of accounting accruals, J. Account. Econ. 18 (1994), 3–42.

[5] V. Dickinson, Cash flow patterns as a proxy for firm life cycle, Account. Rev. 86 (2011), 1969–1994.

[6] W. Drobetz and M.C. Gruninger, Corporate cash holdings: Evidence from Switzerland, Financ. Markets Portf. Manag. 21 (2007), 293–324.

[7] W. Drobetz, M. Halling, and H. Schroder, Corporate life-cycle dynamics of cash holdings, Swedish House of Finance Research Paper, Aust. Finance Bank. Conf., 2015, no. 15-07.

[8] O. Eda and S. Mehmet, Relationship between efficiency level of working capital management and return on total assets in ISE, Int. J. Bus. Manag. 4 (2009), no. 10, 109–114.

[9] M.A. Ferreira and A. Vilela, Why do firms hold cash? Evidence from EMU countries, Eur. Financ. Manag. 10 (2004), no. 2, 295–319.

[10] A. Gill, N. Biger and N. Mathur, The relationship between working capital management and profitability: Evidence from the United States, Bus. Econ. J. 10 (2010), no. 1, 1–9.

[11] M.C. Jensen, Agency costs of free cash flow, corporate finance, and takeovers, Amer. Econ. Rev. 76 (1986), no. 2, 323–329.

[12] M. Jensen and W. Meckling, Theory of the firm: Management behavior, agency costs and capital structure, J. Financ. Econ. 3 (1976), no. 4, 305–360.

[13] B. Jovanovic and G.M. MacDonald, The life cycle of a competitive industry, J. Politic. Econ. 102 (1994), no. 2, 322–347.

[14] A. Khodamipour and I. Amiri, The effect of the type of audit fee on the sensitivity of investment cash flow, Account. Audit. Rev. 26 (2019), no. 1, 65–85.

[15] A. Khodamipour and M. Deldar, The effect of accounting conservatism and ownership of institutional shareholders on earnings management using Benford’s law, Financ. Account. Audit. Res. 11 (2017), no. 2, 197–228.

[16] C.-S. Kim, D.C. Mauer, and A.E. Sherman, The determinants of corporate liquidity: Theory and evidence, J. Financ. Quant. Anal. 33 (1998), no. 3, 335–359.

[17] S. Lee and Q. Xiao, An examination of the curvilinear relationship between capital intensity and firm performance for publicly traded US hotels and restaurants, Int. J. Contemp. Hospital. Manag. 23 (2011), no. 6, 862–880.

[18] E. Malekian and F. Abdipour, The relationship between audit firm change and conservative profit reporting of companies listed on the Tehran Stock Exchange, Account. Empir. Stud. 11 (2015), no. 4, 147–198.

[19] M. Mohammadi and M. Namazi, Examining the quality of profits and returns of family and non-family companies admitted to the Tehran Stock Exchange, Account. Dev. 2 (2010), no. 2, 3–59.

[20] T. Opler, L. Pinkowitz, R. Stulz, and R. Williamson, The determinants and implications of corporate cash holdings, J. Financ. Econ. 52 (1999), no. 1, 3–46.

[21] C. Parsons and S. Titman, Capital Structure and Corporate Strategy, Handbook of Empirical Corporate Finance, Elsevier, 2008.

[22] S. Poornima and G. Manokaran, Capital structure analysis of asset financing services industry in India, Biz N Bytes: J. Appl. Manage. Comput. Sci. 1 (2012), 1–19.

[23] F. Sarraf and M. Salehi, Cash flow management and financial performance of companies admitted to the Tehran Stock Exchange, Econ. Bus. Res. J. 5 (2014), no. 8.

[24] Z. Serrasqueiro and P.M. Nunes, Financing behaviour of Portuguese SMEs in hotel industry, Int. J. Hospital. Manage. 43 (2014), 98–107.

[25] A.M. Spence, The learning curve and competition, Bell J. Econ. 12 (1981), no. 1, 49–70.

[26] Y. Wang, Y. Ji, X. Chen, and C. Song, Inflation, operating cycle, and cash holdings, China J. Account. Res. 7 (2014), no. 4, 263–276.

[27] B. Wernerfelt, The dynamics of prices and market shares over the product life cycle, Manag. Sci. 31 (1985), no. 8, 928–939.