Do Thi Thanh Nhan
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The prestige of stock exchanges and corporate cash holding in transition economies: a study on Vietnamese listed firms
Do Thi Thanh Nhan , Ngo Minh Vu , Pham Ha , Drahomíra Pavelková doi: http://dx.doi.org/10.21511/imfi.14(3-1).2017.04Investment Management and Financial Innovations Volume 14, 2017 Issue #3 pp. 199-209
Views: 998 Downloads: 221 TO CITE АНОТАЦІЯThe main purpose is to examine the relationship between corporate cash holding level and the prestige of the stock exchanges. And the other determinants in the listing requirements impact on cash holding level will be indicated. The paper uses a sample of 577 listed firms excluding the financial institutions on the Vietnamese stock exchange over the period 2007–2015. The results show that the listed firms on the stock exchange with higher prestige hold larger amount of cash reserve and vice versa. The study shows that there is a statistically significant connection between cash holding and the listing requirements such as profitability, dividend and information disclosure. The findings have implications on the cash management of listed firms in the stock exchanges with dissimilar prestige.