Cash holdings in SMEs: speed of adjustment, growth and financing
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http://hdl.handle.net/10045/84028
Título: | Cash holdings in SMEs: speed of adjustment, growth and financing |
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Autor/es: | Martínez-Sola, Cristina | García-Teruel, Pedro J. | Martínez-Solano, Pedro |
Grupo/s de investigación o GITE: | Contabilidad y Finanzas (CyF) |
Centro, Departamento o Servicio: | Universidad de Alicante. Departamento de Economía Financiera y Contabilidad |
Palabras clave: | Cash holdings | Speed of adjustment | SMEs |
Área/s de conocimiento: | Economía Financiera y Contabilidad |
Fecha de publicación: | dic-2018 |
Editor: | Springer US |
Cita bibliográfica: | Small Business Economics. 2018, 51(4): 823-842. doi:10.1007/s11187-018-9990-y |
Resumen: | This paper studies the effect of growth opportunities, financial constraints and financial distress on the speed of adjustment of small and medium-sized enterprises (SMEs) to their target cash holdings. We use a sample of Spanish SMEs from the period of 1998 to 2012. The results support the existence of a target cash holding level to which small firms attempt to converge. Additionally, consistent with the precautionary motive for cash holdings, the results show that SMEs with greater growth opportunities adjust more quickly to their target cash holding level to preserve their financial flexibility and to be able to take advantage of profitable investment opportunities when they arise. Moreover, for SMEs in financial difficulties, the adjustment speed of cash is higher to avoid financial distress costs. Finally, we observe a faster speed of adjustment for cash holding in the crisis period for all firms, as a possible response to the credit restrictions faced by SMEs. |
Patrocinador/es: | This research is part of project ECO2013-47486-P financed by the Research Agency of the Spanish government. We also acknowledge financial support from “Fundación CajaMurcia”. |
URI: | http://hdl.handle.net/10045/84028 |
ISSN: | 0921-898X (Print) | 1573-0913 (Online) |
DOI: | 10.1007/s11187-018-9990-y |
Idioma: | eng |
Tipo: | info:eu-repo/semantics/article |
Derechos: | © Springer Science+Business Media, LLC, part of Springer Nature 2018 |
Revisión científica: | si |
Versión del editor: | https://doi.org/10.1007/s11187-018-9990-y |
Aparece en las colecciones: | INV - Contabilidad y Finanzas - Artículos de Revistas |
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Archivo | Descripción | Tamaño | Formato | |
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2018_Martinez-Sola_etal_SmallBusEcon_final.pdf | Versión final (acceso restringido) | 420,59 kB | Adobe PDF | Abrir Solicitar una copia |
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