How does excess cash affect corporate financial performance?
Ismail Kalash
Abstract:PurposeThis article analyzes the moderating role of investment opportunities, business risk and agency costs in shaping the nexus between excess cash and corporate performance.Design/methodology/approachThis research uses dynamic regression models (two-step system generalized method of moments) to analyze the data related to 200 Turkish companies listed on Borsa Istanbul (BIST) for the years between 2009 and 2020.FindingsThe findings indicate that when excess cash increases, the financial performance deteriora… Show more
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