Kauppakorkeakoulun julkaisuportaali
Aalto-yliopiston kauppakorkeakoulun gradujen tiedot nyt Aaltodocissa: Aaltodoc-julkaisuarkisto
Kauppakorkeakoulu | Rahoituksen laitos | Rahoitus | 2016
Tutkielman numero: 14725
Determinants of Cash Holdings and the Effect of Internationalization
Tekijä: Numminen, Juuso
Otsikko: Determinants of Cash Holdings and the Effect of Internationalization
Vuosi: 2016  Kieli: eng
Laitos: Rahoituksen laitos
Aine: Rahoitus
Asiasanat: rahoitus; kansainvälistyminen; varallisuus; raha
Sivumäärä: 62
Avainsanat: cash holdings; internationalization; diversification; precautionary savings; liquidity; excess cash
This thesis studies cash holding determinants from the point of view of internationalization and diversification. The existing literature on these concepts have not acknowledged one another and the previous findings suggest them to have opposing impacts on the level of cash holdings. This thesis attempts to combine the effects of internationalization and diversification within a single variable measuring geographical spread of operations for a company. The findings suggest that geographical spread has a slight positive influence on cash holdings in general, but the effect sometimes reverses, when several subsamples are studied. Geographical spread itself seems to have non-linear relationship with cash holdings. The thesis concludes that various other company characteristics have an impact on the dynamic between geographical spread and cash holdings.
Graduja säilytetään Oppimiskeskuksessa Otaniemessä.