Cash holdings and SME performance in Europe: the role of firm-specific and macroeconomic moderators
Abstract
For the first time, this paper examines the way in which cash holdings affect firm operating performance in a wide sample of European small and medium-sized enterprises (SMEs). Our results suggest that cash holdings have a positive effect on operating performance, supporting the relevance of precautionary savings motive for SMEs. Maintaining a buffer of money on hand, ready for use in any contingency, has a relevant positive effect that...
Paper Details
Title
Cash holdings and SME performance in Europe: the role of firm-specific and macroeconomic moderators
Published Date
Sep 22, 2018
Journal
Volume
53
Issue
4
Pages
1051 - 1078
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