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A formatação da revista obedece à 6ª edição das normas apa

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A formatação da revista obedece à 6ª edição das normas apa





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Table 2: Country averages


Country

CASH1

LEV

NWC

SIZE

GROWOP

BANKR

STDEBT

CAPEX

TANG

CFLOW

VOLCFLOW

ES

0.0891

0.5938

-0.1006

8.4267

0.0411

0.5230

0.5143

0.0529

0.6002

0.0599

0.0509

GR

0.0962

0.4529

-0.0825

8.4419

0.0570

0.5675

0.5898

0.0923

0.7080

0.0571

0.0419

IT

0.0652

0.7334

-0.1769

8.0233

0.0622

0.3361

0.5549

0.0840

0.5788

0.0545

0.0505

PT

0.0707

0.6718

-0.1109

8.1185

0.0495

0.5622

0.5575

0.0524

0.6128

0.0467

0.0521

Total

0.0791

0.6333

-0.1283

8.2425

0.0533

0.4617

0.5462

0.0723

0.6102

0.0560

0.0494


Table 3 reports the Pearson correlation coefficients between the sample variables. The correlations between explanatory variables are not very high, always under 0.5, except for the correlation between the BANKR and STDEBT variables which show a coefficient of -0.6439. To exclude the hypothesis of the presence of multi-collinearity, the variance inflation factors (VIF) are calculated. As shown in table 3 the level of tolerance associated with the explanatory variables is always above 0.10, suggesting that multi-collinearity is not a problem22.

Table 3: Pearson correlations and Variance Inflation Factors


**Significant at the 0.01 level. *Significant at the 0.05 level. VIF tolerance is the inverse of VIF.


CASH1

LEV

NWC

SIZE

GROWOP

BANKR

STDEBT

CAPEX

TANG

CFLOW

VOLCFLOW

CRISIS

VIF

CASH1

1












-

LEV

-0.1357**

1











2.36

NWC

-0.0301**

-0.4891**

1










2.44

SIZE

-0.3013**

-0.1172**

0.1542**

1









1.32

GROWOP

0.0094

0.0545**

-0.0324**

0.0247**

1








1.04

BANKR

-0.2403**

0.0758**

0.1749**

0.3606**

0.0049

1







1.8

STDEBT

0.2205**

-0.1420**

-0.3735**

-0.3295**

-0.0066

-0.6439**

1






2.73

CAPEX

-0.0397**

-0.0167**

-0.0486**

-0.0267**

0.0564**

-0.0011

-0.0077

1





1.02

TANG

-0.3726**

-0.1641**

-0.1399**

0.2520**

-0.0024

0.3133**

-0.3022**

0.0968**

1




1.71

CFLOW

0.1600**

-0.4253**

0.2624**

-0.0805**

0.0624**

-0.0781**

0.0663**

0.0603**

0.0053

1



1.32

VOLCFLOW

0.1881**

0.2576**

-0.1937**

-0.3355**

0.0206**

-0.2249**

0.2395**

-0.0004

-0.3264**

-0.1718**

1


1.32

CRISIS

-0.0815**

-0.0004

0.0534**

0.0489**

-0.1623**

0.0811**

-0.0783**

-0.0268* *

0.0165**

-0.1017**

0.0158**

1

1.05













Mean VIF

1.65

Table 4 shows the temporal evolution of average cash ratio for the sample firms. In general, a negative tendency in the level of cash holdings stands out in the period under study. Regressions of the mean and median of CASH over time were estimated showing that the average (median) cash ratio presents a reduction of 0.36% (0.25%) each year, this result being significant at a level of 0.01. The associated R2 is approximately 78% (83%). This tendency is contrary to the regular growth found by Bates et al. (2009) for US industrial firm over a period ending in 2006.

The highest level of cash ratio was reached in 2006 (9.22%) after which it was seen to fall in 2007 and 2008, the year recording the lowest average value (6.67%) in the period studied. Following that sudden fall, levels have remained close to the 2008 minimums. Analysis of table 4 can apparently help to explain that tendency. In fact, in the midst of the financial crisis in 2008, the growth in turnover slows down, the CFLOW variable decreases and, simultaneously, the highest figure for capital expenditure as a percentage of assets occurs23. For hotel firms, Woods et al. (2011) also reported a noticeable fall in cash ratios in 2007 and 2008, preceded in 2006 by the maximum value recorded in their period of study (1997-2008).

Table 4: Averages by year


Year

CASH1

LEV

NWC

SIZE

GROWOP

BANKR

STDEBT

CAPEX

TANG

CFLOW

VOLCFLOW

2003

0.0894

0.6100

-0.1424

8.1699


0.4051

0.5686


0.6215

0.0736

0.0462

2004

0.0875

0.6213

-0.1414

8.1258

0.0662

0.3813

0.5603

0.0901

0.6181

0.0677

0.0472

2005

0.0901

0.6321

-0.1425

8.1465

0.0819

0.4593

0.5635

0.0701

0.6072

0.0651

0.0485

2006

0.0922

0.6396

-0.1368

8.1883

0.1186

0.4673

0.5643

0.0711

0.5953

0.0698

0.0497

2007

0.0793

0.6628

-0.1456

8.2868

0.0986

0.4657

0.5838

0.0816

0.5901

0.0619

0.0511

2008

0.0667

0.6264

-0.1157

8.2983

0.0476

0.4791

0.5425

0.1351

0.6146

0.0490

0.0504

2009

0.0701

0.6390

-0.1106

8.3327

-0.0403

0.5023

0.5087

0.0482

0.6118

0.0345

0.0508

2010

0.0668

0.6396

-0.1079

8.3366

0.0155

0.5018

0.5020

0.0480

0.6123

0.0374

0.0504

2011

0.0676

0.6214

-0.1106

8.3098

0.0507

0.4822

0.5257

0.0336

0.6321

0.0475

0.0501

Total

0.0791

0.6333

-0.1283

8.2425

0.0533

0.4617

0.5462

0.0723

0.6102

0.0560

0.0494


Table 5 shows the mean and median of firms' characteristics by quartile of CASH1. As in Opler et al. (1999), the quartiles were created annually, which justifies overlapping of quartiles. The aim was to observe whether the characteristics of firms with lower cash holdings (1st quartile) differ from the characteristics of those with more cash holdings (4th quartile). Resorting to a t-test for the differences in means reported in the last two columns of the table, we find a negative relationship between cash ratio and the variables of LEV, SIZE, BANKR and TANG, all of them showing monotonous behaviour over the quartiles. The variables of STDEBT, CFLOW and VOLCFLOW present a positive relationship with cash ratio, the relationship being steady over the quartiles. CASH also presents a positive relationship with the NWC variable and a negative one with the CAPEX variable, although evolution is not regular.

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