Гончаренко Марина -
Motives of High-Tech Firms to Accumulate Cash
Стратегическое управление финансами фирмы
This study compares motives of high-tech and non-high-tech firms to hold cash over the period from 2001 to 2016. Companies from high-tech industries represented by Software and Services, Hardware, Pharmaceuticals, Biotechnology, Semiconductors, as well as Medical Devices and Equipment sectors have consistently experienced higher cash-to-assets ratios as compared to firms from traditional sectors. The studied sample of U.S. firms from Russell 1000 index was broken down into two groups, one consisting of high-tech firms, another including other firms from the index. It has been shown that all examined motives to hold cash are important for both types of firms, however their level of significance varies across these two subsamples. Thus, financial flexibility motive is more pronounced for high-tech firms, while macroeconomic factors have significant influence primary on cash holdings of non-high-tech firms. Overall, pretty much all determinates of cash holdings are similar for both studied subsamples, except for volatility of cash flows and investments in R&D which are significant for high-tech companies and interest rate – for non-high-tech ones. So, for high-tech companies it is important to accumulate cash as a response to less predictable outcomes of their activities, whereas for all other firms macroeconomic proxies are more significant, since they represent an alternative measure of market return as well as the level of expectations on the market.
Текст работы (работа добавлена 22 мая 2018г.)