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Small Business Economics

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22.09.2018

Cash holdings and SME performance in Europe: the role of firm-specific and macroeconomic moderators

verfasst von: Maurizio La Rocca, Raffaele Staglianò, Tiziana La Rocca, Alfio Cariola, Ekaterina Skatova

Erschienen in: Small Business Economics | Ausgabe 4/2019

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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 overcomes potential opportunistic problems. Moreover, we find that firm-specific characteristics, such as debt, size, age, growth opportunities, and ownership concentration, moderate our baseline relationship. In addition, the study also demonstrates that cash holdings have a stronger positive effect on operating performance in poorer institutional contexts. Notably, we also find that the stock of cash had a relevant role in supporting firm performance during the recent global financial crisis. Finally, we report additional analyses to corroborate our baseline results.

Vorheriger Artikel Accounting information quality and guaranteed loans: evidence from Japanese SMEs

Nächster Artikel Trade credit versus bank credit: a simultaneous analysis in European SMEs

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Some representative references are the following. Opler et al. (1999) report that the average cash-to-assets ratio (assets net of cash) for their sample of public US-traded firms is 17%. Ozkan and Ozkan (2004) find a cash-to-assets ratio of 10% for publicly traded United Kingdom (UK) firms. Ferreira and Vilela (2004) report a 14.8% cash-to-assets ratio for European firms, and Guney et al. (2003) observe an average cash ratio of 14%. Kalcheva and Lins (2007), using data from 31 countries, find that the average cash-to-assets ratio for their sample is 12%. Bates et al. (2009) estimate that the average cash-to-assets ratio of listed US industrial firms increases from 10.5% in 1980 to 23.2% in 2006. Based on a sample from 45 countries, Drobetz et al. (2010) report that companies hold on average 12.6% of their net assets (book value of total assets minus cash) in cash and cash equivalents. Bigelli and Sánchez-Vidal (2012) find a cash-to-assets ratio of 10% for private Italian firms. Even recently, Harris and Raviv (2017) have highlighted the motivating interest causing firms to have considerable amounts of cash.

There is broad consensus that small- and medium-sized enterprises’ (SMEs) performance is directly related to their financial flexibility (Faulkender and Wang 2006; Banos-Caballero et al. 2016). In particular, financial flexibility refers to the ability of a firm to access and restructure its financing at a low cost (Banos-Caballero et al. 2016) and being able to react to unexpected expenses and investment opportunities (Denis 2011). Most corporate finance studies focus primarily on the role of capital structure in providing financial flexibility (see, for example, Andrieu et al. 2018). Alternatively, firms can also affect their financial flexibility through their cash holding policy (Faulkender and Wang 2006).

According to Berger and Udell (1998) and La Rocca et al. (2011), the opportunities to invest in positive net present value projects may be constrained if potential providers of external finance cannot readily verify that the firm has access to a quality project (adverse selection problem), ensure that the funds will not be diverted to an alternative project (moral hazard problem), or costlessly monitor the use of the revenue by the firm they invest in (costly state verification). Having a stock of cash can solve and circumvent problems in catching growth opportunity projects.

While in this paper we focus on a the cash holdings-performance relationship, other studies examine other questions related to cash holdings. For example, Duchin et al. (2010) show that firms with low cash reserves experience the greatest decline in investment. Tong (2011) measures the impact of firm diversification on the value of cash holdings, arguing that cash holdings serve as a potentially important channel through which firm diversification can affect firm value.

Several recent theoretical and empirical studies look at the corporate investment decisions in a real options context, specifically based on real option theory, such as Carlson et al. (2004, 2006, 2010). For example, empirical studies address the risk dynamics surrounding seasoned equity offerings (SEOs), convertible bond offerings (CBOs) (Zeidler et al. 2012), and share repurchases (Mietzner 2017).

To solve the reporting lag problem, we did not consider firms in 2016 because in the data of September 2017, not all the balance sheets were yet available. The number of firms in 2016 was lower by approximately 48% in comparison to our number of firms in 2015.

EUR-LEX: 2003/361/EC: Commission Recommendation of 6 May 2003 concerning the definition of micro, small and medium-sized enterprises, Official Journal of the European Union L124/36, 20.5.2003, p. 36–41.

According to Wooldridge (2006, p. 475), “differencing panel data over time, in order to eliminate a time-constant unobserved effect, is a valuable method for obtaining causal effects”.

Data are freely available on the website: https://worldjusticeproject.org.

We check that the results we obtained for the period 2008–2015 using the combined sample of 10 countries were absolutely similar to the outcome obtained using our main sample based on 36 countries.

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Titel: Cash holdings and SME performance in Europe: the role of firm-specific and macroeconomic moderators
verfasst von: Maurizio La Rocca
Raffaele Staglianò
Tiziana La Rocca
Alfio Cariola
Ekaterina Skatova
Publikationsdatum: 22.09.2018
Verlag: Springer US
Erschienen in: Small Business Economics / Ausgabe 4/2019
Print ISSN: 0921-898X
Elektronische ISSN: 1573-0913
DOI: https://doi.org/10.1007/s11187-018-0100-y

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Wage and competition channels of foreign direct investment and new firm entry

Trade credit versus bank credit: a simultaneous analysis in European SMEs

Informality and poverty in Ecuador

Entrepreneurial intention and regional internationalization in China

Strategic orientations of nascent entrepreneurs: antecedents of prediction and risk orientation

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