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All Journal Greenation International Journal of Economics and Accounting
Kusiyah Kusiyah
STIE Kusuma Negara, Jakarta, Indonesia
Economics, Econometrics & Finance

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Uncovering the Hidden Logic Behind Corporate Cash Holding Behavior in Emerging Markets Erry Setiawan; Kusiyah Kusiyah; Pilipus Ramandei; Subur Harahap
Greenation International Journal of Economics and Accounting Vol. 4 No. 4 (2026): Greenation International Journal of Economics and Accounting (September - Octob
Publisher : Greenation Research & Yayasan Global Resarch National

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.38035/gijea.v4i4.1035

Abstract

Corporate cash ownership is an important issue in corporate finance because it relates to liquidity, investment efficiency, and firm resilience amid economic uncertainty. This study analyzes corporate cash ownership behavior in non-financial companies listed on emerging market capital markets up to 2024. The objective of this study is to examine the determinants of cash ownership and the moderating role of corporate governance quality and investor protection. This study uses panel data regression with a fixed effect approach and dynamic panel models. The results show that firms in emerging markets tend to maintain higher cash levels in response to financing constraints, cash flow volatility, and institutional uncertainty. Growth opportunities and prudential motives have a positive effect on cash ownership, while leverage and access to external financing have a negative effect. Furthermore, corporate governance quality and investor protection significantly moderate the relationship between firm characteristics and cash ownership. Weak institutional environments strengthen prudential motives and agency concerns. This study concludes that corporate cash ownership in emerging markets is shaped not only by financial factors but also by governance and institutional conditions.
Co-Authors Erry Setiawan Pilipus Ramandei Subur Harahap