Do Polish non-Financial Listed Companies Hold Cash to Lend Money to Other Firms?

• Autorzy: Anna Białek-Jaworska
• Języki publikacji: EN

Abstrakty

EN

This paper aims to identify factors influencing Polish non-financial corporate lending to other entities starting from the recognition motives and sources of cash holdings. The research analyzed panel data of 754 non-financial companies listed on the Warsaw Stock Exchange with use of tobit panel and generalized least squares method. Cash holding is motivated by a transaction motive, a protection against risk by the use of derivatives, investment opportunities and lending money. Non-financial companies try to step into the shoes of financial institutions by lending using money gained from their cash flow, especially when they have long-term investments. (original abstract)

Słowa kluczowe

EN

Holding; Money; Loans; Bank loans; Cash flows; Cash flow capital; Cash flow

PL

Holding; Pieniądz; Pożyczki; Pożyczki bankowe; Przepływy pieniężne; Rachunek przepływów kapitału; Strumienie pieniężne

• Czasopismo: Economics and Business Review
• Rocznik: 2017
• Tom: 3 (17)
• Numer: nr 4
• Strony: 87--110

Twórcy

autor

Anna Białek-Jaworska

• University of Warsaw

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Identyfikatory

DOI

10.18559/ebr.2017.4.6