Άυλα πάγια και ρευστότητα των επιχειρήσεων: μια σύγκριση μεταξύ περιόδων μη-κρίσης και κρίσης
Intangible assets and firm cash holdings: a comparison between non-crisis and crisis periods
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Keywords
Άυλα πάγια ; Ταμειακά διαθέσιμα ; Οικονομική κρίση ; Δεδομένα panel ; Μοντέλο σταθερών επιδράσεωνAbstract
The 2008 financial crisis in the United States significantly changed the global corporate environment. Many companies tend to maintain a higher percentage of cash, while their competitive advantage is based primarily on their intangible assets. The cash holding, according to the modern international financial literature is examined with various theories and empirical models and is attributed to the stable corporate characteristics of each company. The purpose of this study is a detailed analysis of intangible assets and their correlation with cash holding in american companies, before, during and after the global financial crisis. The sample used refers, according to specific criteria set, to 386 US companies, for the period from 1990 to 2019. The data used are on an annual basis and the analysis was done using panel data. To evaluate the research hypotheses, the fixed effects model was used, using cash as a dependent variable. The results of the study show that the intangible assets of a company are negatively associated with cash holding, while at the same time the financial crisis does not seem to affect the level of cash available to companies, findings that need further investigation.