Cash Holdings and Corporate Governance: Evidence From Turkey

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Author(s): Elif Akben-Selcuk (Kadir Has University, Turkey)and Pinar Sener (OCRE Lab, EDC Paris Business School, France)
Copyright: 2020
Pages: 29
Source title: Corporate Governance Models and Applications in Developing Economies
Source Author(s)/Editor(s): Otuo Serebour Agyemang (University of Cape Coast, Ghana), Abraham Ansong (University of Cape Coast, Ghana)and Ben Kwame Agyei-Mensah (Solbridge International School of Business, South Korea)
DOI: 10.4018/978-1-5225-9607-3.ch008

Keywords: Business & Management / Business and Organizational Research / Business Science Reference / Corporate Social Responsibility

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Abstract

This chapter investigates the empirical factors affecting corporate cash holdings with special emphasis on corporate governance variables for a sample of Turkish-listed nonfinancial firms over the period 2006 to 2010. The findings reveal a significant non-linear relation between family ownership and cash holdings. In addition, while board structure does not significantly affect the level of cash holdings, tunneling increases cash reserves of firms. Furthermore, the results indicate that cash flow, leverage, other liquid assets that can be used as cash substitutes, the degree of tangibility of assets, and firm size are important in determining cash holdings among Turkish companies.

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Cash Holdings and Corporate Governance: Evidence From Turkey

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