This study provides an investigation into the link between financial constraints and cash holdings from the perspective of a developing country. It is based on the view that managers acting as agents are managing firms on behalf of shareholders, which is leading to agency conflicts and hence...

Cash holding is important for Chinese manufacturing firms coping with the increasing costs of financing and tough economic conditions. This study examines the impact of cash holding on the firm value of Chinese manufacturing businesses. We found evidence that a non-linear relationship exists...

The objective of this paper is to validate the existence of an extensively documented secular upward trend in corporate cash holding. To do this, we use the new data for Poland and review original datasets from Bates et al. [2009] for the U.S. We find no trace of a trend for Poland and believe...