Review of literature on the determinants of cash holdings

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Review of literature on the determinants of cash holdings

Background:
Ferreira and Vilela (2004) investigated the determinants of corporate cash holdings in a set of European countries using a sample of data from 1987-2000.
For these means, Ferreira and Vilela (2004) identified three theoretical models which can help explain the firm characteristics that determine the cash to total assets ratio.
They then formulated a set of hypothesis regarding different firm characteristics that should influence the relative amount of cash that firms choose to keep.
A number of studies had been done before Ferreira and Vilela (2004), but this was one of the first articles that investigated the issue from a European perspective.
Subsequently, other researchers have done similar studies building upon the work of Ferreira and Vilela (2004), among others.
Task:
Write a literature review (including conclusions and a short summary) on the topic of corporate cash holdings.
– Literature review (10-12 pages): You should give a critical review and analysis of research articles which investigate the determinants of corporate cash holdings.
You should use the attached articles, but you may also add additional sources if you wish. The analysis should focus on the contribution of the articles compared to previous studies.
The following articles are attached:
Bates et al (2009)
Faulkender and Wang (2006)
Ferreira and Vilela (2004)
Gao et al (2013)
Jensen (1986)
Kalcheva and Lins (2007)
Kim et al (1998)
Opler et al (1999)
Ozkan and Ozkan (2004)
Pinkowitz et al (2006)
– Conclusion and summary (1 – 2 pages)
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