This work is licensed under the Creative Commons Attribution 4.0 International License.
Aasen, M.R. (2011), Applying Altman’s Z-score to the financial crisis an empirical study of financial distress on oslo stock exchange, retrieved from https://core.ac.uk/reader/30803130 (accessed: 11.10.2021).AasenM.R. (2011), , retrieved from https://core.ac.uk/reader/30803130 (accessed: 11.10.2021).Search in Google Scholar
Adjei, F. (2013), The effects of cash holdings on corporate performance during a credit crunch: Evidence from the sub-prime mortgage crisis. Journal of Economics and Finance, Vol. 37, pp. 188–199, doi:10.1007/s12197-011-9177-8.AdjeiF. (2013), The effects of cash holdings on corporate performance during a credit crunch: Evidence from the sub-prime mortgage crisis. , Vol. 37, pp. 188–199, doi: 10.1007/s12197-011-9177-8.Open DOISearch in Google Scholar
Ahamed, F.T., Houqe, M.N., van Zijl, T. (2022), Meta-analysis of the impact of financial constraints on firm performance, Accounting & Finance, e12923, doi:10.1111/acfi.12923.AhamedF.T.HouqeM.N.van ZijlT. (2022), Meta-analysis of the impact of financial constraints on firm performance, , e12923, doi: 10.1111/acfi.12923.Open DOISearch in Google Scholar
Almeida, H., Campello, A.M., Weisbach, M.S. (2004), The cash flow sensitivity of cash, Journal of Finance, Vol. 59, No. 4, pp. 1777–1804, doi:10.1111/j.1540-6261.2004.00679.x.AlmeidaH.CampelloA.M.WeisbachM.S. (2004), The cash flow sensitivity of cash, , Vol. 59, No. 4, pp. 1777–1804, doi: 10.1111/j.1540-6261.2004.00679.x.Open DOISearch in Google Scholar
Almeida, H., Campello, M. (2001), Financial constraints and investment-cash flow sensitivities: New research directions, Working Paper, New York University and University of Illinois, doi:10.2139/ssrn.298027AlmeidaH.CampelloM. (2001), , New York University and University of Illinois, doi: 10.2139/ssrn.298027Open DOISearch in Google Scholar
Almeida, H., Campello, M. (2005), External financing and financing constraints, Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684131 (accessed: 21.09.2021).AlmeidaH.CampelloM. (2005), , Available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=684131 (accessed: 21.09.2021).Search in Google Scholar
Almeida, H., Campello, M., Cunha, I., Weisbach, M.S. (2014), Corporate liquidity management: A conceptual framework and survey, Annual Review of Financial Economics, Vol. 6, pp. 135–162, doi:10.1146/annurev-financial-110613-034502.AlmeidaH.CampelloM.CunhaI.WeisbachM.S. (2014), Corporate liquidity management: A conceptual framework and survey, , Vol. 6, pp. 135–162, doi: 10.1146/annurev-financial-110613-034502.Open DOISearch in Google Scholar
Altman, E.I. (2018), A fifty-year retrospective on credit risk models, the Altman Z-score family of models and their applications to financial markets and managerial strategies, Journal of Credit Risk, Vol. 14, No. 4, pp. 1–34, doi:10.21314/JCR.2018.243.AltmanE.I. (2018), A fifty-year retrospective on credit risk models, the Altman Z-score family of models and their applications to financial markets and managerial strategies, , Vol. 14, No. 4, pp. 1–34, doi: 10.21314/JCR.2018.243.Open DOISearch in Google Scholar
Altman, E.I., Hartzell, J., Peck, M. (1998), Emerging market corporate bonds — a scoring system. In: Levich, R.M. (eds) Emerging Market Capital Flows. The New York University Salomon Center Series on Financial Markets and Institutions, vol 2. Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-6197-2_25AltmanE.I.HartzellJ.PeckM. (1998), Emerging market corporate bonds — a scoring system. In: LevichR.M. (eds) . Springer, Boston, MA. https://doi.org/10.1007/978-1-4615-6197-2_25Search in Google Scholar
Azmat, Q., Iqbal, A.M. (2017), The role of financial constraints on precautionary cash holdings: Evidence from Pakistan, Economic Research-Ekonomska Istraživanja, Vol. 30, No. 1, pp. 596–610, doi:10.1080/1331677X.2017.1305770.AzmatQ.IqbalA.M. (2017), The role of financial constraints on precautionary cash holdings: Evidence from Pakistan, , Vol. 30, No. 1, pp. 596–610, doi: 10.1080/1331677X.2017.1305770.Open DOISearch in Google Scholar
Bates, T.W., Kahle, K.M., Stulz, R.M. (2009), Why do US firms hold so much more cash than they used to? Journal Finance, Vol. 64, No. 5, pp. 1985–2021, doi:10.1111/j.1540-6261.2009.01492.x.BatesT.W.KahleK.M.StulzR.M. (2009), Why do US firms hold so much more cash than they used to?, Vol. 64, No. 5, pp. 1985–2021, doi: 10.1111/j.1540-6261.2009.01492.x.Open DOISearch in Google Scholar
Batuman, B., Yildiz, Y., Karan, M.B. (2022), The impact of the global financial crisis on corporate cash holdings: Evidence from Eastern European countries, Borsa Istanbul Review, Vol. 22, No.4, pp. 678–687, doi:10.1016/j.bir.2021.10.002.BatumanB.YildizY.KaranM.B. (2022), The impact of the global financial crisis on corporate cash holdings: Evidence from Eastern European countries, , Vol. 22, No.4, pp. 678–687, doi: 10.1016/j.bir.2021.10.002.Open DOISearch in Google Scholar
Baumol W.J. (1952), The transactions demand for cash: An inventory theoretic approach, The Quarterly Journal of Economics, Vol. 66, No. 4, pp. 545–556, doi:10.2307/1882104.BaumolW.J. (1952), The transactions demand for cash: An inventory theoretic approach, , Vol. 66, No. 4, pp. 545–556, doi: 10.2307/1882104.Open DOISearch in Google Scholar
Beaver, W.H., Correia, M., Mcnichols, M.F. (2010), Financial statement analysis and the prediction of financial distress, Foundations and Trendsr in Accounting, Vol. 5, No. 2, pp. 99–173, doi:10.1561/1400000018.BeaverW.H.CorreiaM.McnicholsM.F. (2010), Financial statement analysis and the prediction of financial distress, , Vol. 5, No. 2, pp. 99–173, doi: 10.1561/1400000018.Open DOISearch in Google Scholar
Bhattacharjee, A., Han, J. (2014), Financial distress of Chinese firms: Microeconomic, macroeconomic and institutional influences, China Economic Review, Vol. 30, pp. 244–262, doi:10.1016/j.chieco.2014.07.007.BhattacharjeeA.HanJ. (2014), Financial distress of Chinese firms: Microeconomic, macroeconomic and institutional influences, , Vol. 30, pp. 244–262, doi: 10.1016/j.chieco.2014.07.007.Open DOISearch in Google Scholar
Bhuiyan, M.B.U., Hooks, J. (2019), Cash holding and over-investment behavior in firms with problem directors, International Review of Economics & Finance, Vol. 61, pp. 35–51, doi:10.1016/j.iref.2019.01.005.BhuiyanM.B.U.HooksJ. (2019), Cash holding and over-investment behavior in firms with problem directors, , Vol. 61, pp. 35–51, doi: 10.1016/j.iref.2019.01.005.Open DOISearch in Google Scholar
Bliss, B.A., Cheng, Y., Denis, D.J. (2015), Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis, Journal of Financial Economics, Vol. 115, pp. 521–540, doi:10.1016/j.jfineco.2014.10.013.BlissB.A.ChengY.DenisD.J. (2015), Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis, , Vol. 115, pp. 521–540, doi: 10.1016/j.jfineco.2014.10.013.Open DOISearch in Google Scholar
Bredart, X. (2014), Financial distress and corporate governance around Lehman Brothers bankruptcy, International Business Research, Vol. 7, No. 5, pp. 1–8, doi:10.5539/ibr.v7n5p1.BredartX. (2014), Financial distress and corporate governance around Lehman Brothers bankruptcy, , Vol. 7, No. 5, pp. 1–8, doi: 10.5539/ibr.v7n5p1.Open DOISearch in Google Scholar
Chang, Ch-Ch., Yang, H. (2022), The role of cash holdings during financial crises, Pacific-Basin Finance Journal, 72, 101733, doi:10.1016/j.pacfin.2022.101733.ChangCh-Ch.YangH. (2022), The role of cash holdings during financial crises, , 72, 101733, doi: 10.1016/j.pacfin.2022.101733.Open DOISearch in Google Scholar
Chang, Y., Benson, K., Faff, R. (2017), Are excess cash holdings more valuable to firms in times of crisis? Financial constraints and governance matters, Pacific-Basin Finance Journal, Vol. 45, pp. 157–173, doi:10.1016/j.pacfin.2016.05.007.ChangY.BensonK.FaffR. (2017), Are excess cash holdings more valuable to firms in times of crisis? Financial constraints and governance matters, , Vol. 45, pp. 157–173, doi: 10.1016/j.pacfin.2016.05.007.Open DOISearch in Google Scholar
Colak, G., Oztekin, O. (2021), The impact of COVID-19 pandemic on bank lending around the world, Journal of Banking and Finance, 106207, doi:10.1016/j.jbankfin.2021.106207.ColakG.OztekinO. (2021), The impact of COVID-19 pandemic on bank lending around the world, , 106207, doi: 10.1016/j.jbankfin.2021.106207.Open DOISearch in Google Scholar
Couwenberg, O. (2015), Financial distress, Wiley Encyclopedia of Management, Vol. 4, pp. 1–3, doi:10.1002/9781118785317.weom040039.CouwenbergO. (2015), Financial distress, , Vol. 4, pp. 1–3, doi: 10.1002/9781118785317.weom040039.Open DOISearch in Google Scholar
Cowling, M., Brown, R., Rocha, A. (2020), Did you save some cash for a rainy COVID-19 day? The crisis and SMEs, International Small Business Journal, Vol. 38, No. 7, pp. 593–604, doi:10.1177/0266242620945102.CowlingM.BrownR.RochaA. (2020), Did you save some cash for a rainy COVID-19 day? The crisis and SMEs, , Vol. 38, No. 7, pp. 593–604, doi: 10.1177/0266242620945102.Open DOISearch in Google Scholar
Demir, E., Ersan, O. (2017), Economic policy uncertainty and cash holdings: Evidence from BRIC countries, Emerging Markets Review, Vol. 33, pp. 189–200, doi:10.1016/j.ememar.2017.08.001.DemirE.ErsanO. (2017), Economic policy uncertainty and cash holdings: Evidence from BRIC countries, , Vol. 33, pp. 189–200, doi: 10.1016/j.ememar.2017.08.001.Open DOISearch in Google Scholar
Denis, D.J., Sibilkov, V. (2010), Financial constraints, investment, and the value of cash holdings, The Review of Financial Studies, Vol. 23, No. 1, pp. 247–269, doi:10.1093/rfs/hhp031.DenisD.J.SibilkovV. (2010), Financial constraints, investment, and the value of cash holdings, , Vol. 23, No. 1, pp. 247–269, doi: 10.1093/rfs/hhp031.Open DOISearch in Google Scholar
Driver. C, Muñoz-Bugarin, J. (2019), Financial constraints on investment: Effects of firm size and the financial crisis, Research in International Business and Finance, Vol. 47, pp. 441–457, doi:10.1016/j.ribaf.2018.09.006.Driver.CMuñoz-BugarinJ. (2019), Financial constraints on investment: Effects of firm size and the financial crisis, , Vol. 47, pp. 441–457, doi: 10.1016/j.ribaf.2018.09.006.Open DOISearch in Google Scholar
Drobetz, W., Grüninger, M.C. (2006), Corporate cash holdings: Evidence from a Different Institutional Setting, WWZ Discussion Paper No. 2006/06, available at: https://www.econstor.eu/bitstream/10419/123361/1/wp2006-06.pdf (11.04.2022).DrobetzW.GrüningerM.C. (2006), , available at: https://www.econstor.eu/bitstream/10419/123361/1/wp2006-06.pdf (11.04.2022).Search in Google Scholar
Drobetz, W., Haller, R., Meier, I. (2016), Cash flow sensitivities during normal and crisis times: Evidence from shipping, Transportation Research, Vol. 90, No. A, pp. 26–49, doi:10.1016/j.tra.2016.04.015.DrobetzW.HallerR.MeierI. (2016), Cash flow sensitivities during normal and crisis times: Evidence from shipping, , Vol. 90, No. A pp.26–49, doi: 10.1016/j.tra.2016.04.015.Open DOISearch in Google Scholar
Drozdowicz-Bieć, M. (2010), Reasons Why Poland Avoided the 2007–2009 Recession, Retrieved from https://ssl-kolegia.sgh.waw.pl/pl/KAE/struktura/IRG/publikacje/Documents/pim86_2.pdf [24th July 2021].Drozdowicz-BiećM. (2010), , Retrieved from https://ssl-kolegia.sgh.waw.pl/pl/KAE/struktura/IRG/publikacje/Documents/pim86_2.pdf [24th July 2021].Search in Google Scholar
Duchin, R., Ozbas, O., Sensoy, B.A. (2010), Costly external finance, corporate investment, and the subprime mortgage credit crisis, Journal of Financial Economics, Vol. 97, No. 3, pp. 418–435, doi:10.1016/j.jfineco.2009.12.008.DuchinR.OzbasO.SensoyB.A. (2010), Costly external finance, corporate investment, and the subprime mortgage credit crisis, , Vol. 97, No. 3, pp. 418–435, doi: 10.1016/j.jfineco.2009.12.008.Open DOISearch in Google Scholar
Duong, K.D., Truong, L.T.D., Huynh, T.N., Luu, Q.T. (2022), Financial constraints and the financial distress puzzle: Evidence from a frontier market before and during the COVID-19 pandemic, Investment Analysts Journal, Vol. 51, No. 1, pp. 35–48, doi:10.1080/10293523.2022.2037202.DuongK.D.TruongL.T.D.HuynhT.N.LuuQ.T. (2022), Financial constraints and the financial distress puzzle: Evidence from a frontier market before and during the COVID-19 pandemic, , Vol. 51, No. 1, pp. 35–48, doi: 10.1080/10293523.2022.2037202.Open DOISearch in Google Scholar
Eskandari, R., Zamanian, M. (2022), Cost of carry, financial constraints, and dynamics of corporate cash holdings, Journal of Corporate Finance, Vol. 74, p. 102216, doi:10.1016/j.jcorpfin.2022.102216.EskandariR.ZamanianM. (2022), Cost of carry, financial constraints, and dynamics of corporate cash holdings, , Vol. 74, p. 102216, doi: 10.1016/j.jcorpfin.2022.102216.Open DOISearch in Google Scholar
Fazzari, S.M., Hubbard, R.G., Petersen, B.C. (1988), Financial constraints and corporate investment, Brookings Papers on Economic Activity, Vol. 1, pp. 141–195, doi:10.2307/2534426.FazzariS.M.HubbardR.G.PetersenB.C. (1988), Financial constraints and corporate investment, , Vol. 1, pp. 141–195, doi: 10.2307/2534426.Open DOISearch in Google Scholar
Ferreira da Cruz, A., Kimura, H., Sobreiro, V.A. (2019), What do we know about corporate cash holdings? A systematic analysis, Corporate Accounting and Finance, Vol. 30, No. 1, pp. 77–143, doi:10.1002/jcaf.22368.Ferreira da CruzA.KimuraH.SobreiroV.A. (2019), What do we know about corporate cash holdings? A systematic analysis, , Vol. 30, No. 1, pp. 77–143, doi: 10.1002/jcaf.22368.Open DOISearch in Google Scholar
Ferreira, M.A., Vilela, A.S. (2004), Why do firms hold cash: Evidence from EMU countries? European Financial Management, Vol. 10, No. 2, pp. 295–319, doi:10.1111/j.1354-7798.2004.00251.x.FerreiraM.A.VilelaA.S. (2004), Why do firms hold cash: Evidence from EMU countries?, Vol. 10, No. 2, pp. 295–319, doi: 10.1111/j.1354-7798.2004.00251.x.Open DOISearch in Google Scholar
Gorton, G.B. (2010), Questions and answer about the financial crisis, Working Paper, 15787, retrieved from http://www.nber.org/papers/w15787.GortonG.B. (2010), , retrieved from http://www.nber.org/papers/w15787.Search in Google Scholar
Gupta, C.P., Bedi, P. (2020), Fresh Evidence on Determinants of Corporate Cash Holdings, retrieved from SSRN-id3743398.pdf (available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3743398).GuptaC.P.BediP. (2020), , retrieved from SSRN-id3743398.pdf (available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3743398).Search in Google Scholar
Gupta, G., Mahakud, J. (2022), Impact of financial distress on investment-cash flow sensitivity: Evidence from emerging economy, International Journal of Managerial Finance, (ahead-of-print). Available at: https://www.emerald.com/insight/content/doi/10.1108/IJMF-03-2022-0102/full/html. doi: 10.1108/ijmf-03-2022-0102.GuptaG.MahakudJ. (2022), Impact of financial distress on investment-cash flow sensitivity: Evidence from emerging economy, , (ahead-of-print). Available at: https://www.emerald.com/insight/content/doi/10.1108/IJMF-03-2022-0102/full/html. doi: 10.1108/ijmf-03-2022-0102.Open DOISearch in Google Scholar
Habib, A., Khan, M.A., Popp, J., Rákos, M. (2022), The influence of operating capital and cash holding on firm profitability, Economies, Vol. 10, No. 3, p. 69, doi:10.3390/economies10030069.HabibA.KhanM.A.PoppJ.RákosM. (2022), The influence of operating capital and cash holding on firm profitability, , Vol. 10, No. 3, p. 69, doi: 10.3390/economies10030069.Open DOISearch in Google Scholar
Hackbarth, D., Miao, J., Morellec, E. (2006), Capital structure, credit risk, and macroeconomic conditions. Journal of Financial Economics, Vol. 82, No. 3, pp. 519–550, doi:10.1016/j.jfineco.2005.10.003.HackbarthD.MiaoJ.MorellecE. (2006), Capital structure, credit risk, and macroeconomic conditions. , Vol. 82, No. 3, pp. 519–550, doi: 10.1016/j.jfineco.2005.10.003.Open DOISearch in Google Scholar
Hadjaat, M., Yudaruddin, R., Riadi, S.S. (2021), The impact of financial distress on cash holdings in Indonesia: Does business group affiliation matter? Journal of Asian Finance, Economics and Business, Vol. 8, No. 3, pp. 373–381, doi:10.13106/jafeb.2021.vol8.no3.0373.HadjaatM.YudaruddinR.RiadiS.S. (2021), The impact of financial distress on cash holdings in Indonesia: Does business group affiliation matter?, Vol. 8, No. 3, pp. 373–381, doi: 10.13106/jafeb.2021.vol8.no3.0373.Open DOISearch in Google Scholar
Hadlock, C.J., Pierce, J.R. (2010), New evidence on measuring financial constraints: Moving beyond the KZ index, Review of Financial Studies, Vol. 23, No. 5, doi:10.1093/rfs/hhq009.HadlockC.J.PierceJ.R. (2010), New evidence on measuring financial constraints: Moving beyond the KZ index, , Vol. 23, No. 5, doi: 10.1093/rfs/hhq009.Open DOISearch in Google Scholar
Haralambides, H.E., Thanopoulou, H. (2014), The economic crisis of 2008 and world shipping: Unheeded warnings, Journal of Economics and Business, Vol. 64, No. 2, pp. 5–13.HaralambidesH.E.ThanopoulouH. (2014), The economic crisis of 2008 and world shipping: Unheeded warnings, , Vol. 64, No. 2, pp. 5–13.Search in Google Scholar
Holtemoller, O., Muradoglu, Y.G. (2020), Corona shutdown and bankruptcy risk, IWH Online (No. 3/2020).HoltemollerO.MuradogluY.G. (2020), .Search in Google Scholar
Honda, T., Uesugi, I. (2021), COVID-19 and precautionary corporate cash holdings: Evidence from Japan, Japanese Journal of Monetary and Financial Economics, Vol. 10, pp. 19-43. .HondaT.UesugiI. (2021), COVID-19 and precautionary corporate cash holdings: Evidence from Japan, , Vol. 10, pp. 19-43.Search in Google Scholar
Industry Ratios (benchmarking): Asset turnover (days) (readyratios.com), retrieved from https://www.readyratios.com/sec/ratio/asset-turnover/, retrieved from https://www.readyratios.com/sec/ratio/asset-turnover/Search in Google Scholar
Ivashina, V., Scharfstein, D. (2010), Bank lending during the financial crisis of 2008, Journal of Financial Economics, Vol. 97, No. 3, pp. 319–338, doi:10.1016/j.jfineco.2009.12.001.IvashinaV.ScharfsteinD. (2010), Bank lending during the financial crisis of 2008, , Vol. 97, No. 3, pp. 319–338, doi: 10.1016/j.jfineco.2009.12.001.Open DOISearch in Google Scholar
Jensen, M.C. (1986), Agency costs of free cash flow, corporate finance, and takeovers, The American Economic Review, Vol. 76, No. 2, pp. 323–329, doi:10.2139/ssrn.99580.JensenM.C. (1986), Agency costs of free cash flow, corporate finance, and takeovers, , Vol. 76, No. 2, pp. 323–329, doi: 10.2139/ssrn.99580.Open DOISearch in Google Scholar
Joseph, A., Kneer, C., Horen, N. (2021), All you need is cash: Corporate cash holdings and investment after the global financial crisis, Cesifo Working Paper 9053, retrieved from https://ssrn.com/abstract=3839926.JosephA.KneerC.HorenN. (2021), , retrieved from https://ssrn.com/abstract=3839926.Search in Google Scholar
Kaplan, S., Zingales, L. (1997), Do investment-cash flow sensitivities provide useful measures of financial constraints? Quarterly Journal of Economics, Vol. 112, doi:10.1162.003355397555163.KaplanS.ZingalesL. (1997), Do investment-cash flow sensitivities provide useful measures of financial constraints?, Vol. 112, doi: 10.1162.003355397555163.Open DOISearch in Google Scholar
Keynes, J.M. (1936), The general theory of employment interest and money, Harcourt, Brace and Company, New York.KeynesJ.M. (1936), , Harcourt, Brace and Company, New York.Search in Google Scholar
Koh, S., Durand, R.B., Dai,L., Chang, M. (2015), Financial distress: Lifecycle and corporate restructuring, Journal of Corporate Finance, Vol. 33, pp. 19–33, doi:10.1016/j.jcorpfin.2015.04.004.KohS.DurandR.B.DaiL.ChangM. (2015), Financial distress: Lifecycle and corporate restructuring, , Vol. 33, pp. 19–33, doi: 10.1016/j.jcorpfin.2015.04.004.Open DOISearch in Google Scholar
Korajczyk, R., Levy, A. (2003), Capital structure choice: Macroeconomic conditions and financial constraints, Journal of Financial Economics, Vol. 68, pp. 75–109, doi:10.1016/S0304-405X(02)00249-0.KorajczykR.LevyA. (2003), Capital structure choice: Macroeconomic conditions and financial constraints, , Vol. 68, pp. 75–109, doi: 10.1016/S0304-405X(02)00249-0.Open DOISearch in Google Scholar
Lian, Y., Sepehri, M., Foley, M. (2011), Corporate cash holdings and financial crisis: An empirical study of Chinese companies, Eurasian Business Review, Vol. 1, No. 2, pp. 112–124, doi:10.14208/BF03353801.LianY.SepehriM.FoleyM. (2011), Corporate cash holdings and financial crisis: An empirical study of Chinese companies, , Vol. 1, No. 2, pp. 112–124, doi: 10.14208/BF03353801.Open DOISearch in Google Scholar
Manoel, A.A.S., Moraes, M.B.C., Santos, D.F.L., Neves, M.F. (2017), Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms, International Food and Agribusiness Management Review, Vol. 21, No. 2, pp. 211–217, doi:10.22434/IFAMR2017.0062.ManoelA.A.S.MoraesM.B.C.SantosD.F.L.NevesM.F. (2017), Determinants of corporate cash holdings in times of crisis: Insights from Brazilian sugarcane industry private firms, , Vol. 21, No. 2, pp. 211–217, doi: 10.22434/IFAMR2017.0062.Open DOISearch in Google Scholar
Marin, L.S., García-Teruel, P.J., Martínez-Solano, P. (2017), The impact of national culture on corporate cash holdings: An international approach, Ph. D. Thesis Universidad de Murcia, coord. Gregorio Sánchez Gómez, available at: www.aeca1.org/xixcongresoaeca/cd/154w1.pdf (20.10.2021).MarinL.S.García-TeruelP.J.Martínez-SolanoP. (2017), , Ph. D. Thesis Universidad de Murcia, coord. Gregorio Sánchez Gómez, available at: www.aeca1.org/xixcongresoaeca/cd/154w1.pdf (20.10.2021).Search in Google Scholar
Myers, S.C. (1977), Determinants of corporate borrowing, Journal of Financial Economics, Vol. 5, No. 2, pp. 147–175, doi:10.1016/0304-405X(77)90015-0.MyersS.C. (1977), Determinants of corporate borrowing, , Vol. 5, No. 2, pp. 147–175, doi: 10.1016/0304-405X(77)90015-0.Open DOISearch in Google Scholar
Myers, S.C., Majluf, N.S. (1984), Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics, Vol. 13, No. 2, pp. 187–221, doi:10.3386/w1396.MyersS.C.MajlufN.S. (1984), Corporate financing and investment decisions when firms have information that investors do not have, , Vol. 13, No. 2, pp. 187–221, doi: 10.3386/w1396.Open DOISearch in Google Scholar
Nason, R.S., Patel, P.C. (2016), Is cash king? Market performance and cash during a recession, Journal of Business Research, Vol. 69, No. 10, pp. 4242–4248, doi:10.1016/j.jbusres.2016.03.001.NasonR.S.PatelP.C. (2016), Is cash king? Market performance and cash during a recession, , Vol. 69, No. 10, pp. 4242–4248, doi: 10.1016/j.jbusres.2016.03.001.Open DOISearch in Google Scholar
Ninh, B.P.V,, Thanh, T.D., Hong, D.V. (2018), Financial distress and bankruptcy prediction: An appropriate model for listed firms in Vietnam, Economic System, Vol. 42, pp. 616–624, doi:10.1016/j.ecosys.2018.05.002NinhB.P.VThanhT.D.HongD.V. (2018), Financial distress and bankruptcy prediction: An appropriate model for listed firms in Vietnam, , Vol. 42, pp. 616–624, doi: 10.1016/j.ecosys.2018.05.002Open DOISearch in Google Scholar
Notteboom, T., Pallis, T., Rodrigue, J.P. (2021), Disruptions and resilience in global container shipping and ports: The COVID-19 pandemic versus the 2008–2009 financial crisis, Marit Econ Logist, Vol. 23, pp. 179–210, doi:10.1057/s41278-020-00180-5.NotteboomT.PallisT.RodrigueJ.P. (2021), Disruptions and resilience in global container shipping and ports: The COVID-19 pandemic versus the 2008–2009 financial crisis, , Vol. 23, pp. 179–210, doi: 10.1057/s41278-020-00180-5.Open DOISearch in Google Scholar
Opler T.C., Titman, S. (1994), Financial distress and corporate performance, The Journal of Finance, Vol. 49, No. 3, pp. 1015–1040, doi:10.2307/2329214.OplerT.C.TitmanS. (1994), Financial distress and corporate performance, , Vol. 49, No. 3, pp. 1015–1040, doi: 10.2307/2329214.Open DOISearch in Google Scholar
Opler, T., Pinkowitz, L., Stulz, R., Williamson, R. (1999), The determinants and implications of corporate cash holdings, Journal of Financial Economics, Vol. 52, No. 1, pp. 3–46, doi:10.1016/S0304-405X(99)00003-3.OplerT.PinkowitzL.StulzR.WilliamsonR. (1999), The determinants and implications of corporate cash holdings, , Vol. 52, No. 1, pp. 3–46, doi: 10.1016/S0304-405X(99)00003-3.Open DOISearch in Google Scholar
Ozkan, A., Ozkan, N. (2004), Corporate cash holdings: An empirical investigation of UK companies, Journal of Banking and Finance, Vol. 28, No. 9, pp. 2103–2134, doi:10.1016/j.Jbankfin.2003.08.003.OzkanA.OzkanN. (2004), Corporate cash holdings: An empirical investigation of UK companies, , Vol. 28, No. 9, pp. 2103–2134, doi: 10.1016/j.Jbankfin.2003.08.003.Open DOISearch in Google Scholar
Pawelec, W. (2016), Poland’s economy during the global financial crisis, Research Journal of Economics and Business Studies, Vol. 6, No. 1, retrieved from www.theinternationaljournal.org/ojs/index.php?PawelecW. (2016), Poland’s economy during the global financial crisis, , Vol. 6, No. 1, retrieved from www.theinternationaljournal.org/ojs/index.php?Search in Google Scholar
Pinkowitz, L., Stulz, R., Williamson, R. (2006), Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis, The Journal of Finance, Vol. 61, No. 6, pp. 2725–2751, doi:10.1111/j.1540-6261.2006.01003.x.PinkowitzL.StulzR.WilliamsonR. (2006), Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross-country analysis, , Vol. 61, No. 6, pp. 2725–2751, doi: 10.1111/j.1540-6261.2006.01003.x.Open DOISearch in Google Scholar
Platt, H.D., Platt, M.B. (2006), Understanding differences between financial distress and bankruptcy, Applied Economics, Vol. 2, No. 2, pp. 141–157, doi:10.22004/ag.econ.50146.PlattH.D.PlattM.B. (2006), Understanding differences between financial distress and bankruptcy, , Vol. 2, No. 2, pp. 141–157, doi: 10.22004/ag.econ.50146.Open DOISearch in Google Scholar
Poti, V., Pattitoni, P., Petracci, B. (2020), Precautionary motives for private firms’ cash holdings, International Review of Economics and Finance, Vol. 68, pp. 150–166, doi:10.1016/j.iref.2020.03.003.PotiV.PattitoniP.PetracciB. (2020), Precautionary motives for private firms’ cash holdings, , Vol. 68, pp. 150–166, doi: 10.1016/j.iref.2020.03.003.Open DOISearch in Google Scholar
Ranajee, R., Pathak, R. (2019), Corporate cash holding during crisis and beyond: What matters the most, International Journal of Managerial Finance, Vol. 15, No. 4, pp. 492–510, doi:10.1108/IJMF-03-2018-0085.RanajeeR.PathakR. (2019), Corporate cash holding during crisis and beyond: What matters the most, , Vol. 15, No. 4, pp. 492–510, doi: 10.1108/IJMF-03-2018-0085.Open DOISearch in Google Scholar
Rehman, A., Wang, M., & Kabiraj, S. (2016), Dynamics of corporate cash holdings in chinese firms: an empirical investigation of asymmetric adjustment rate and financial constraints, Asian Academy of Management Journal of Accounting & Finance, vol. 12, No. 2, pp. 127-152.RehmanA.WangM.KabirajS. (2016), Dynamics of corporate cash holdings in chinese firms: an empirical investigation of asymmetric adjustment rate and financial constraints, , vol. 12, No. 2, pp. 127-152.Search in Google Scholar
Salehi, M., Lotfi, A., Farhangdoust, S. (2017), The effect of financial distress costs on ownership structure and debt policy: An application of simultaneous equations in Iran, Journal of Management Development, Vol. 36, No. 10, pp. 1216–1229.SalehiM.LotfiA.FarhangdoustS. (2017), The effect of financial distress costs on ownership structure and debt policy: An application of simultaneous equations in Iran, , Vol. 36, No. 10, pp. 1216–1229.Search in Google Scholar
Sami, B.J. (2014), Macroeconomic variables in financial distress: A non parametric method, Working Paper 313, retrieved frin http://www.ipag.fr/fr/accueil/la-recherche/publications-WP.html, IPAG Business School 184, Boulevard Saint-Germain 75006 Paris France.SamiB.J. (2014), , retrieved frin http://www.ipag.fr/fr/accueil/la-recherche/publications-WP.html, IPAG Business School 184, Boulevard Saint-Germain 75006 Paris France.Search in Google Scholar
Sarlija, N., Jeger, M. (2011), Comparing financial distress prediction models before and during recession, Croatian Operational Research Review, Vol. 2, pp. 133–142.SarlijaN.JegerM. (2011), Comparing financial distress prediction models before and during recession, , Vol. 2, pp. 133–142.Search in Google Scholar
Sethi, M., Swain, R.K. (2019), Cash holdings scenario in Indian manufacturing firms: Evidence from financial crisis, International Journal for Research in Engineering Application Management, Vol. 5, No. 1, pp. 539–551, doi:10.18231/2454-9150.2019.0354.SethiM.SwainR.K. (2019), Cash holdings scenario in Indian manufacturing firms: Evidence from financial crisis, , Vol. 5, No. 1, pp. 539–551, doi: 10.18231/2454-9150.2019.0354.Open DOISearch in Google Scholar
Shah, A. (2011), The corporate cash holdings: Determinants and implications, African Journal of Business Management, Vol. 5, No. 34, pp. 12939–12950, doi:10.5897/AJBM11.2635.ShahA. (2011), The corporate cash holdings: Determinants and implications, , Vol. 5, No. 34, pp. 12939–12950, doi: 10.5897/AJBM11.2635.Open DOISearch in Google Scholar
Sheu, H.J., Lee, S.Y. (2012), Excess cash holdings and investment: The moderating roles of financial constraints and managerial entrenchment, Accounting and Finance, Vol. 52, pp. 287–310, doi:10.1111/j.1467-629X.2012.00500.x.SheuH.J.LeeS.Y. (2012), Excess cash holdings and investment: The moderating roles of financial constraints and managerial entrenchment, , Vol. 52, pp. 287–310, doi: 10.1111/j.1467-629X.2012.00500.x.Open DOISearch in Google Scholar
Shiau, H., Chang, Y.H., Yang, Y.J. (2018), The cash holdings and corporate investment surrounding financial crisis: The cases of China and Taiwan, The Chinese Economy, Vol. 51, No. 2, pp. 175–207, doi:10.1080/10971475.2018.1447833.ShiauH.ChangY.H.YangY.J. (2018), The cash holdings and corporate investment surrounding financial crisis: The cases of China and Taiwan, , Vol. 51, No. 2, pp. 175–207, doi: 10.1080/10971475.2018.1447833.Open DOISearch in Google Scholar
Shin, M., Zhang, B., Zhong, M., Lee, D.J. (2018), Measuring international uncertainty: The case of Korea, Economics Letters, Vol. 162, pp. 22–26, doi:10.1016/j.econlet.2017.10.014.ShinM.ZhangB.ZhongM.LeeD.J. (2018), Measuring international uncertainty: The case of Korea, , Vol. 162, pp. 22–26, doi: 10.1016/j.econlet.2017.10.014.Open DOISearch in Google Scholar
Song, K., Lee, Y. (2012), Long-term effects of a financial crisis: Evidence from cash holdings of East Asian firms, Journal of Financial and Quantitative Analysis, Vol. 47, pp. 617–641, doi:10.1017/S0022109012000142.SongK.LeeY. (2012), Long-term effects of a financial crisis: Evidence from cash holdings of East Asian firms, , Vol. 47, pp. 617–641, doi: 10.1017/S0022109012000142.Open DOISearch in Google Scholar
Tran, Q.T. (2020), Corporate cash holdings and financial crisis: New evidence from an emerging market, Eurasian Business Review, Vol. 10, No. 271–285, doi:10.1007/s40821-019-00134-9.TranQ.T. (2020), Corporate cash holdings and financial crisis: New evidence from an emerging market, , Vol. 10, No. 271–285, doi: 10.1007/s40821-019-00134-9.Open DOISearch in Google Scholar
Tut, D. (2019), Policy uncertainty and cash dynamics, retrieved from SSRN 3403775.TutD. (2019), , retrieved from SSRN 3403775.Search in Google Scholar
Vo, D.H., Pham, B.N.V., Ho, C.M., Mcaleer, M. (2019), Corporate financial distress of industry level listings in Vietnam, Journal of Risk and Financial Management, Vol. 12, No. 4, p. 155, doi:10.3390/jrfm12040155VoD.H.PhamB.N.V.HoC.M.McaleerM. (2019), Corporate financial distress of industry level listings in Vietnam, , Vol. 12, No. 4, p. 155, doi: 10.3390/jrfm12040155Open DOISearch in Google Scholar
Whited, T., Wu, G. (2006), Financial constraints risk, Review of Financial Studies, Vol. 19, No. 2, pp. 531–559, doi:10.1093/rfs/hhj012.WhitedT.WuG. (2006), Financial constraints risk, , Vol. 19, No. 2, pp. 531–559, doi: 10.1093/rfs/hhj012.Open DOISearch in Google Scholar
Zheng, M. (2021), Is cash the panacea of the COVID-19 pandemic: Evidence from corporate performance, Finance Research Letters, doi:10.1016/j.frl.2021.102151.ZhengM. (2021), Is cash the panacea of the COVID-19 pandemic: Evidence from corporate performance, , doi: 10.1016/j.frl.2021.102151.Open DOISearch in Google Scholar