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FIRM VALUE AND CORPORATE CASH HOLDINGS. EMPIRICAL EVIDENCE FROM THE POLISH LISTED FIRMS

Sorin Gabriel Anton, Anca Elena Afloarei Nucu

In the context of imperfect markets, corporate liquidity represents an important asset to finance investments without raising costly external resources, which imply transaction and information costs. Moreover, the cash holdings offer a buffer against financial distress costs when the firm faces frictions in generating operating cash flows, both in volume and timely. On the other hand, the increase in cash holdings implies several costs: a liquidity premium, tax disadvantages, and agency costs for shareholders (Chang, Benson, & Faff, 2017). The trade-off theory streamlined in the literature governs the firms which need to balance costs and benefits of holding cash to determine the optimal level. While a lot of studies have been done in the direction of identifying the determinants of corporate cash holdings, going further, it is important to understand the relationship between non-earning assets (cash holdings) and firm value, in order to evaluate the corporate financial policies and to attain the right equilibrium between liquidity and profitability.
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INSTITUTIONAL OWNERSHIP AND SIMULTANEITY OF STRATEGIC FINANCIAL DECISIONS: AN EMPIRICAL ANALYSIS IN THE CASE OF PAKISTAN STOCK EXCHANGE

Rabeea Sadaf, Judit Oláh, József Popp, Domicián Máté

The traditional interpretation of corporate finance is characterized by ownership. Although, their rights are widely distributed among individual stockholders, but can be managed by few managers. Hence, conflict of interest is arisen among managers and shareholders and this results in an agency problem (Fama, 1980; Fama & Jensen, 1983). A number of empirical studies also confirmed the ownership concentration of firms, especially those dominated by few large owners or block-holders (La Porta et al., 1999). The concentrated structure of ownership also contributes towards agency conflict between block-holders and minority shareholders. From another perspective, the block-holders can benefit minority shareholders by their role in monitoring managers and also can be hazardous if they strive to achieve their own private goals (Shleifer & Vishny, 1997).
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An Intuitionistic Fuzzy Data Envelopment Analysis for Efficiency Evaluation Under Ucertainty: Case of a Finance and Credit Institution

Seyed Hossein Razavi Hajiagha, Hadi Akrami, Edmundas Kazimieras Zavadskas, Shide Sadat Hashemi

Performance evaluation is a necessary step on the path to organizational success that provides the possibility of measuring movement of organization in the direction of their goals and missions. Performance evaluation helps managers guide their organization toward achieving excellence and leadership and impressive results.
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Vybrané aspekty investičního rozhodování (poznatky z empirických výzkumů)

Lenka Švecová, Hana Scholleová, Jiří Fotr

Investiční rozhodování představuje důležitou oblast strategického rozhodování firmy, neboť nové investiční projekty zásadně ovlivňují budoucí hospodářské výsledky a prosperitu firmy. Úspěšnost nových projektů může výrazně přispět k růstu výkonnosti firmy a naopak neúspěšnost může vést nejen ke značnému poklesu výkonnosti, ale může ohrozit i další existenci firmy. Úspěšnost či neúspěšnost projektů pak závisí do značné míry na kvalitě přípravy, hodnocení a výběru těchto projektů.
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