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Cited by 53Corporate Finance and GovernanceWorking Capital and Financial PerformanceFinancial Analysis and Corporate Governance

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Cash holdings and firm performance relationship: Do firm-specific factors matter?

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Yun, Jiang, Ahmad, Hassan, Jebran, Khalil, Muhammad, Sher·2021·Economic Research-Ekonomska Istraživanja
DOI 10.1080/1331677x.2020.1823241
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Abstract

This study shows how the relationship between cash holdings and firm performance is moderated by several firm-specific factors such as state-ownership, corporate governance attributes, family ownership, and ownership concentration. By considering a sample of Chinese firms, this study provides strong evidence that the cash holdings and performance association is significantly moderated by firm-specific attributes. Specifically, this study documented that cash holdings improve the performance of firms having strong corporate governance. Further, family ownership and ownership concentration negatively affect the relationship between cash and performance, while state-ownership positively moderates this relationship. Overall, the findings elaborate that firm-specific attributes are important factors influencing the association between cash holdings and firm performance.

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Metadata

Authors
Yun, J., Ahmad, H., Jebran, K., & Muhammad, S.
Affiliations
Dongbei University of Finance and Economics (CN)
Corresponding author
Ahmad, Hassan
ORCID
Venue
Economic Research-Ekonomska Istraživanja
Publisher
Informa UK Limited
Published
2020-10-15
Volume
34
Issue
1
Pages
1283-1305
ISSN
  • 1331-677X (ISSN-L)
  • 1848-9664
DOI
10.1080/1331677x.2020.1823241
OpenAlex
W3135327527
Cited by
53
References
79
Citations by year
2026: 8 · 2025: 10 · 2024: 14 · 2023: 11 · 2022: 5 · 2021: 5
FWCI
9.77
Type
journal article
Language
en
Open access
Licence
Locations
  • Economic Research-Ekonomska Istraživanja (publishedVersion, cc-by)
  • Hrčak Portal of scientific journals of Croatia (University Computing Centre) (acceptedVersion, other-oa)
  • RePEc: Research Papers in Economics (submittedVersion)
  • DOAJ (DOAJ: Directory of Open Access Journals) (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
  • Social Sciences › Business, Management and Accounting › Accounting › Working Capital and Financial Performance
  • Social Sciences › Business, Management and Accounting › Accounting › Financial Analysis and Corporate Governance
Keywords
cash holdings, firm performance, corporate governance, state ownership, family ownership, ownership concentration, moderating effect, Chinese enterprises

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CoChat. (2026). Citation check: Cash holdings and firm performance relationship: Do firm-specific factors matter? https://app.cochat.ai/papers/10.1080/1331677x.2020.1823241
The paper
Yun, J., Ahmad, H., Jebran, K., & Muhammad, S. (2021). Cash holdings and firm performance relationship: Do firm-specific factors matter? Economic Research-Ekonomska Istraživanja. https://doi.org/10.1080/1331677x.2020.1823241