حددات العلاقة غير الخطية بين الاحتفاظ بالنقدية والأداء المالي للشركات غير المالية من منظور محاسبي: دراسة تجريبية على الشركات المدرجة بالبورصة المصرية

Abstract EN

This research aimed to study the relationship between cash holding and the firm financial performance, in an attempt to identify the determinants of this relationship, and the factors which explaining the difference in results in this area.

by applying regression models on a sample of 170 obsarvation from firms listed in the Egyptian stock exchange during the period (2018-2019).

based on many theories and motives, including: agency theory and the trade-off theory.

the results of this research provided important practical evidence; perhaps the most important of these results is the presence of a non-linear relationship between cash holding and firm financial performance (ROA), which results an optimal level of cash to be kept; 49% of the total assets.

also, the results of this research confirmed the existence of a positive relationship between cash holding and the firm financial performance, and this relationship appears more strong in firms which characterized by an increase of earning quality and corporate governance.

the research also examined additional analysis whose results came to indicate that the determinants of cash holding in the Egyptian environment include: financial performance, leverage, and operational cash flows; each of them positively effects on cash holding, while the earning quality and working capital effect negatively on cash holding.