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The Formation of Accumulate Cash in Technology Companies

Student: Alexander Lyash

Supervisor: Elena Rogova

Faculty: St.Petersburg School of Economics and Management

Educational Programme: Finance (Master)

Year of Graduation: 2020

This research presents empirical evidence regarding the role of financial and macroeconomic indicators in levels of cash hoarded by companies. We base our study on the consideration of the innovative component of business and thus suggest that the dissimilarities in cash holding behaviour can be explained by the specifics of the industry. Using the data about the S&P 500 constituents collected for the period 2011-2019 and performing panel data regression, we find evidence that, although non-technological and high-technological firms often demonstrate similar patterns, innovative firms appear to hold more cash reserves for their R&D projects and avoid external borrowing. We also observe that there are specific aspects in which the more valuable high-technological firms differ from smaller ones.

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