___

• Acharya, V., Amihud, Y., Litov, L. (2011). Creditor rights and corporate risk-taking, Journal of Financial Economics, 102, 150–166
• Afza, T., Adnan, S.M. (2007). Determinants of corporate cash holdings: A Case study of Pakistan. Proceedings of Singapore Economic Review Conference, Organized by Singapore Economics Review and The University of Manchester (Brooks World Poverty Institute), 164-165.
• Al-Najjar, B., Y. Belghitar. (2011). Corporate cash holdings and dividend payments: Evidence from simultaneous analysis, Managerial and Decision Economics, Vol. 32, No. 4, pp. 231-241.
• Al-Najjar, B. (2013). The financial determinants of corporate cash holdings: Evidence from some emerging markets, International Business Review, Vol. 22, No.1, pp. 77-88.
• Ali, A., Yousaf, S. (2013). Determinants of cash holding in German Market, Journal of Business and Management, ISSN: 2278-487X, p-ISSN: 2319-7668, Vol. 12, Issue 6, pp. 28- 34
• Almeida, H., Campello M., Weisbach M.S. (2004). The cash flow sensitivity of cash, The Journal of Finance, 59, pp.1777-1804.
• Ameer (2014). Financial constraints and corporate investment in Asian countries, Journal of Asian Economics, 33, pp.44-55.
• Amess, K., Banerji, S., Lampousis, A. (2015). Corporate cash holdings: Causes and consequences, International Review of Financial Analysis, p.13
• Anagnostopoulou, S. (2013). Cash holdings: Determining factors and impact on future operating performance for listed versus unlisted Firms, Review of Pacific Basin Financial Markets and Policies, Vol. 16, No. 2
• Anjum, S., Q.A. Malik. (2013). Determinants of corporate liquidity – An analysis of cash holdings, Journal of Business and Management, Vol.7, No. 2, pp. 94-100.
• Attig, N., El Ghoul, S. Guedhami, O. and Riseanu, S. (2013). The governance role of multiple large shareholders: Evidence on the valuation of cash holdings. Journal of Management and Governance, 17 (2) 419–451.
• Aras, G. (2015). The effect of corporate governance practices on financial structure in emerging markets: Evidence from BRICK countries and lessons for Turkey, Emerging Markets Finance and Trade, 51, sup.2, pp.5-24.
• Baumol, W. J. (1952). The transactions demand for cash: An inventory theoretic approach, Quarterly Journal of Economics, Vol. 66, 545-556.
• Bates, T., Kahle K., Stulz R. (2009). Why Do U.S. Companies hold so much more cash than they used to? Journal of Finance, Vol. 64, No. 5, pp. 1985-2021.
• Belkhir, M. Boubaker S. Derouiche I. (2014). Control–ownership wedge, board of directors, and the value of excess cash, Economic Modelling, 39(C), 110–122.
• Berger, P., Ofek, E. (1995). Diversification's effect on firm value. Journal of Financial Economics, 37, 39–65.
• Borhanuddin, R. Ching P. (2011). Cash Holdings, leverage, ownership concentration and board independence: Evidence from Malaysia, Malaysian Accounting Review, Vol. 10 No. 1, 63-88, 2011.
• Brisker, E.R. Çolak, G. Peterson, D.R. (2013). Changes in cash holdings around the S&P 500 additions, Journal of Banking & Finance, 37, pp. 1787-1807.
• Cetenak, E.H., Vural, G. (2015). Business group affiliation and financial constraints: Investment-cash flow sensitivity of Turkish business groups, Journal of Economics, Finance and Accounting (JEFA), Vol.2, Issue 3, ISSN: 2148-6697, pp.313-330.
• Chen, Y. R. (2008). Corporate governance and cash holdings: Listed new economy versus old economy firms, Corporate Governance, Vol.16, No.5, pp.430-442
• Chen, S.S. Chou, R.K. Chou S. (2009). The impact of investment opportunities and free cash flow on financial liberalization: A cross-firm analysis of emerging economies, Financial Management, pp.543-566
• Chen, Q., Chen X., Schipper K., Yongxin X. (2012). The Sensitivity of Corporate Cash Holdings to Corporate Governance, Working paper series
• Chen, D., Li, S., Xiao, J.Z., Zou, H. (2014). The effect of government quality on corporate cash holdings. Journal of Corporate Finance, 27, pp.384-400.
• Chen, X. Sun, Y. Xu, X., (2015a). Free cash flow, over-investment and corporate governance in China, Pacific-Basin Finance Journal, doi: 10.1016/j.pacfin.2015.06.003
• Chen Y, Dou P.Y. Ghon R. Truong C, Veeraraghavan M. (2015b). National culture and corporate cash holdings around the World, Journal of Banking & Finance, 50, pp. 1–18.
• Daher, M. (2010). The Determinants of Cash Holdings in UK Public and Private Companies, (Thesis), Lancaster University Management School.
• Dittmar, A., J. Mahrt-Smith, Servaes H. (2003). International corporate governance and corporate cash holdings”, Journal of Financial and Quantitative Analysis, Vol.38, No. 1, pp. 111-133.
• Egimbaeva, B. (2013). Corporate Investment and Cash Flow Sensitivity: Evidence from Turkey, Dokuz Eylul University, Master Thesis.
• Ferreira, A., Vilela S. (2004). Why do companies hold cash? Evidence from EMU countries, European Financial Management, Vol. 10, No. 2, pp. 295-319
• Francis, B., Iftekhar H., Liang S., Maya W. (2013). Corporate governance and investment-cash flow sensitivity: Evidence from emerging markets, Emerging Markets Review, Elsevier, vol. 15(C), pp. 57-71.
• Gill, A., Shah, C. (2012). Determinants of corporate cash holdings: Evidence from Canada, International Journal of Economics and Finance, Vol.4, No.1, pp.70-79.
• Guney, Y., Ozkan, A., Ozkan, N. (2003). “Additional International Evidence on Corporate Cash Holding”. EFMA Helsinki meetings
• Guney, Y., Ozkan, A., Ozkan, N. (2006). International Evidence on the non-linear impact of leverage on corporate cash holdings, Journal of Multinational Financial Management, 17(1):45-60
• Hall, T. Mateus, C. Mateus, I. (2014). What determines cash holdings at privately held and publicly traded firms? Evidence from 20 emerging markets, International Review of Financial Analysis, 33, 104–116.
• Harford, J. (1999). “Corporate Cash Reserves and Acquisitions” Journal of Finance, Vol.54, pp. 1969-1997
• Jensen, M. and Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure, Journal of Financial Economics, Vol.3, Issue 4, pp. 305-360.
• Jensen, M. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers, American Economic Review, 76, 2, pp. 323-329.
• Kim, C., D.C. Mauer, A.E. Sherman. (1998). The Determinants of Corporate Liquidity: Theory and Evidence, Journal of Financial and Quantitative Analysis, Vol.33, 335-359.
• Koshio, S., Sales Cia, J.N. de. (2003). The Determinants of Corporate Cash Holdings in Brazil, (Working Paper), EAESP.
• Kraus, A., R.H. Litzenberger. (1973). A State-Preference Model of Optimal Financial Leverage, The Journal of Finance, Vol.28, pp. 911-922.
• Kuan, T. Li, C. Chu, S. (2011). Cash holdings and corporate governance in family-controlled firms, Journal of Business Research. Vol.64, pp. 757-764.
• Kuan, T. Li, C. Liu, S. (2012). Corporate governance and cash holdings: A quantile regression approach, International Review of Economics and Finance, Vol. 24, pp.303–314.
• Kusnadi, Y. Wei, K.C. (2011). The determinants of corporate cash management policies: Evidence from around the World, Journal of Corporate Finance, 17, 725–740.
• La Porta, R. Lopez‐de‐Silanes, F. Shleifer A. Vishny R. (1998). Law and Finance, Journal of Political Economy, Vol. 106, No. 6. pp. 1113-1155.
• Lee, K.W., Lee, C.F. (2009). Cash Holdings, Corporate Governance Structure and Firm Valuation, Review of Pacific Basin Financial Markets and Policies, Vol. 12, No. 3. 475–508.
• Luo, M. (2011). A bright side of financial constraints in cash management, Journal of Corporate Finance, 17, pp. 1430–1444.
• Masood, A. Shah, A. (2014). Corporate governance and cash holdings in listed non-financial firms in Pakistan, Business Review, Vol.9, No.2, 48-73.
• Megginson, W.L., Wei, Z. (2010). Determinants and value of cash holdings: Evidence from China's privatized firms. SSRN Working Paper Series, 1-37.
• Miller, M.H., Orr, D. (1966). A Model of the Demand for Money by Companies, Quarterly Journal of Economics, Vol. 80, No.3, pp. 413-435.
• Myers, S.C., Majluf, N.S., (1984). Corporate financing and investment decisions when firm have information that investors do not have. Journal of Financial Economics, 13 (2), 187–221.
• Ogundipe L.O., S.E. Ogundipe, S.K. Ajao. (2012). Cash Holding and Company Characteristics: Evidence from Nigerian Emerging Market, Journal of Business, Economics and Finance, Vol. 1, No. 2 , pp. 45-58.
• Opler, T., Pinkowitz, L., Stulz, R. and Williamson, R. (1999). The determinants and implications of corporate cash holdings, Journal of Financial Economics, Vol. 52, pp.3–46
• Ozkan, A., Ozkan N. (2004). Corporate cash holdings: An empirical investigation of UK companies, Journal of Banking and Finance, Vol. 28 (9), pp. 2103-2134.
• Pinkowitz, L., Stulz, R., Williamson, R., (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A Cross-country analysis, Journal of Finance, 61, 2725–2751.
• Rajan, R.G. Zingales, L. (1995). What do we know about capital structure? Some evidence from international data, The Journal of Finance, Vol. 50, No. 5 pp. 1421-1460.
• Ramirez, A., Tadesse, S. (2009). Corporate cash holdings, uncertainty avoidance, and multinationality of firms, International Business Review, 18, 387–403.
• Rızwan, M.F. Javed, T. (2011). Determinants of corporate cash holdings: Evidence from Pakistani corporate sector, Economics, Management and Financial Markets, Volume 6(1), pp. 344–358,
• Subramaniam, V., Tang, T. T., Yue, H., Zhou, X. (2011). Firm structure and corporate cash holdings, Journal of Corporate Finance, Vol. 17(3), pp. 759-773
• Uyar, A., Kuzey, C. (2014). Determinants of corporate cash holdings: evidence from the emerging market of Turkey, Applied Economics, Vol. 46, No. 9, 1035–1048.
• Verduyn, S. (2013). An Empirical Analysis of the Determinants of Cash Holdings of Non-Financial Turkish Listed Companies, Dokuz Eylul University, Master Thesis.
• Wooldridge, J.M. (2002). Econometric Analysis of Cross Section and Panel Data, MIT Press, Cambridge.