Using a sample of 280 firms listed on the Pakistan Stock Exchange, we empirically investigate factors that determine corporate cash holdings in different periods from 2005 to 2014. We divide the sample into three sub-periods-pre-crisis, crisis, and post-crisis-and apply a panel data model to estimate the results. The results suggest that financial crises affect firms' cash holdings policies. Further, findings show that financial crisis has influenced the relationship of size and leverage with cash holdings. In particular, cash flow, liquidity, and tangibility are major determinants of cash holdings in the sub-periods. We present important implications for corporate managers, academicians, and policymakers.

We investigate the impact of renewable energy and green practices (RE), transportation services and infrastructure (T.S.), GDP growth (GDP), and forestry and natural resources (AFF) on the sustainable tourism development in the Eastern European Countries (EECs). The study employed cross-sectional dependence and and CIPS unit root test to check stationarity along with the dynamic common correlated effect (DCCE) model proposed by Chudik and Pesaran (2015) to test parameters for ensuring robustness. The outcome of DCCE method suggests that renewable energy (RE), Transport Services (T.S.), Agriculture, Forestry and Fishing (AFF), and economic growth (GDP) have a significantly positive impact on international tourism in the sampled countries of Europe. Our findings could be insightful for policymakers and understanding the impact of renewable energy and transportation services on tourism development, and thereby help in taking appropriate policy measures in the sampled countries.

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