현금보유 결정요인: 카지노 기업의 실증적 연구
분야
사회과학 > 관광학
저자
김지영 ( Ji Young Kim ) , 김현준 ( Hyun Joon Kim )
발행기관
관광경영학회
간행물정보
관광경영연구 2013년, 제56권 63~81페이지(총19페이지)
파일형식
31600865.pdf [무료 PDF 뷰어 다운로드]
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    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.
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