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  1. 1 Białek-Jaworska A.

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Do Polish non-financial listed companies hold cash to lend money to other firms?

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Białek-Jaworska A.
Economics and Business Review
|
2017
|
vol. 3(17)
|
issue 4
87-110
EN
This paper aims to identify factors influencing Polish non-financial corporate lending to other entities starting from the recognition motives and sources of cash holdings. The research analyzed panel data of 754 non-financial companies listed on the Warsaw Stock Exchange with use of tobit panel and generalized least squares method. Cash holding is motivated by a transaction motive, a protection against risk by the use of derivatives, investment opportunities and lending money. Non-financial companies try to step into the shoes of financial institutions by lending using money gained from their cash flow, especially when they have long-term investments.
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