This study investigates the relationship between cash holdings and firm performance, based upon a sample of Italian small and medium-sized firms for the period 2006 – 2009. New insights on the interactions between cash holding and performance are provided considering the role of the recent financial crisis. Our findings suggest a positive effect of cash holdings on firm performance that become negative for high levels of corporate liquidity. Financial crisis has had a negative impact on firm performance, but at the same time, only partially affected the relationship between cash holdings and performance.
Il presente studio evidenzia il ruolo della corporate liquidity nei processi di creazione di valore, attraverso un approfondimento dei vantaggi e degli svantaggi a essa connessi, delle prospettive teoriche d’analisi e, infine, empiricamente, del legame liquidità-valore nel contesto italiano. L’analisi empirica, condotta su un campione di PMI nel periodo 2006-2009, evidenzia una relazione prevalentemente crescente tra liquidità e valore, con un effetto decrescente solo per livelli molto elevati di liquidità. Il cash stock appare essere uno strumento capace di supportare la financial viability delle imprese, soprattutto in momenti di variabilità e incertezza nel contesto economico.
Detenere liquidità genera valore? Benefici, costi ed evidenze dall’Italia
LA ROCCA, Maurizio
;CARIOLA, Alfio;
2012-01-01
Abstract
This study investigates the relationship between cash holdings and firm performance, based upon a sample of Italian small and medium-sized firms for the period 2006 – 2009. New insights on the interactions between cash holding and performance are provided considering the role of the recent financial crisis. Our findings suggest a positive effect of cash holdings on firm performance that become negative for high levels of corporate liquidity. Financial crisis has had a negative impact on firm performance, but at the same time, only partially affected the relationship between cash holdings and performance.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.