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Does information asymmetry influence cash holding in the most liquid public companies in Poland?

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cris.lastimport.scopus2024-02-12T19:00:31Z
dc.abstract.enPurpose: This paper analyses the relationship between information asymmetry and the cash hoarded by companies listed on the Warsaw Stock Exchange (WSE). Methodology/approach: We applied the Ordinary Least Squares approach to cross-sectional data of the 212 most liquid public companies for which data on bid-ask spread was available. Findings: We show that companies with greater information asymmetry hold more cash, confirming the investment opportunities hypothesis. The average bid-ask spread negatively impacts cash reserves, no matter the character of discretionary accruals. Net working capital and cash flow to non-cash asset ratios positively affect cash holdings, in contrast to the debt ratio. The results show that the costs of monitoring managers are lower than information asymmetry costs in Poland and suggest that holding more cash is more beneficial than going into debt. The default risk or the threat of borrowing costs rising in turbulent times is worse than a loss due to keeping cash. Research limitations/implications: Research limitations concern cross-sectional data only for one year – 2017. Originality/value: Our paper is the first study of the relationship between information asymmetry and cash holdings for the transition economy. The novelty of our research is also the use of a different approach to measure information asymmetry in the Polish capital market.
dc.affiliationUniwersytet Warszawski
dc.contributor.authorBiałek-Jaworska, Anna
dc.contributor.authorSzymanek, Paulina
dc.date.accessioned2024-01-24T22:11:54Z
dc.date.available2024-01-24T22:11:54Z
dc.date.copyright2023-06-26
dc.date.issued2023
dc.description.accesstimeAT_PUBLICATION
dc.description.financePublikacja bezkosztowa
dc.description.number2
dc.description.versionFINAL_PUBLISHED
dc.description.volume47
dc.identifier.doi10.5604/01.3001.0053.6064
dc.identifier.issn1641-4381
dc.identifier.urihttps://repozytorium.uw.edu.pl//handle/item/105163
dc.identifier.weblinkhttps://ztr.skwp.pl/gicid/pdf/01.3001.0053.6064
dc.languageeng
dc.pbn.affiliationeconomics and finance
dc.relation.ispartofZeszyty Teoretyczne Rachunkowości
dc.relation.pages161-180
dc.rightsCC-BY-NC-ND
dc.sciencecloudnosend
dc.subject.eninformation asymmetry
dc.subject.encash holdings
dc.subject.enPoland
dc.subject.enaccruals
dc.subject.enbid-ask spread
dc.titleDoes information asymmetry influence cash holding in the most liquid public companies in Poland?
dc.typeJournalArticle
dspace.entity.typePublication