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An Empirical Study on the Determinants of Cash Holdings in Korean Shipping Firms  

Lee, Sungyhun (가야대학교 항만물류학부)
Publication Information
Journal of Korea Port Economic Association / v.30, no.4, 2014 , pp. 131-149 More about this Journal
Abstract
The objective of this study is to describe and determine how and to what extent size of firm, operating vessels and interest cost, leverage, debit maturity, growth opportunity and cash flow affect the cash holdings of Korean shipping companies. A sample of 38 Korean shipping firms for a period of 9 years(from 2005 to 2013) was selected. In panel data regression, this study finds that cash holdings are negatively affected by firm size, operating vessel size and debit maturity, and positively affected by volume of interest costs. In firm's group of relatively large volume of operating vessel, it's cash holdings are affected by debit maturity, cash flows and growth opportunity but in firm's group of small volume of it, interest cost, debit maturity and operating vessel's size are related with cash holdings. It proved that determinants of cash holdings in a high interest costing group are size of operating vessel, interest cost and debt maturity. On the other hand, debit maturity, growth opportunity, firm size and extent volume of vessels are associated with cash holdings in relatively row interest costing group.
Keywords
shipping firms; cash holdings; firm value; liquidity;
Citations & Related Records
Times Cited By KSCI : 1  (Citation Analysis)
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