Uniwersyteckie Czasopisma NaukoweDETERMINANTY PRZEZORNOŚCIOWYCH ZASOBÓW GOTÓWKI: ZNACZENIE ZARZĄDZANIA RYZYKIEM I ŁADU KOPORACYJNEGO
Słowa kluczowe:
przezornościowe zasoby gotówki, , nadwyżkowe zasoby gotówki, luz finansowy, zarządzanie ryzykiem, ład korporacyjnyAbstrakt
Cel – Głównym celem niniejszego artykułu jest zbadanie determinant utrzymywania przezornościowych zasobów gotówki w firmach, związanych ze strategią zarządzania ryzykiem i ładu korporacyjnego. Dzięki zastosowaniu nowatorskiego podejćia badawczego związanego z uwzględnieniem motywów utrzymywania nadwyżkowych zasobów gotówki, badanie wypełnia lukę w obszarze wnioskowania opartego o pomiar wyłącznie wolumenu zasobów gotówkowych.
Metoda – W badaniach zastosowano autorskie podejście badawcze, łączące historyczne dane ankietowe dotyczące motywów utrzymywania nadwyżek gotówki w polskich firmach giełdowych, uzupełnione ręcznie zebranymi danymi dotyczącymi zarządzania ryzykiem i zmiennymi opisującymi ład korporacyjny. Zastosowano model regresji do zbadania związków pomiędzy przezornościowym motywem gromadzenia gotówki, a zmiennymi opisującymi zarządzanie ryzykiem i mechanizmy ładu korporacyjnego.
Wnioski – Wyniki badan wskazują, że motywem ostrożnościowym w gromadzeniu zasobów gotóki kierują się firmy o zwiększonej ekspozycji na ryzyko operacyjne, z bardziej zaawansowanym procesem zarządzania ryzykiem, niskiej koncentracji własności oraz silną i zróżnicowaną radą nadzorczą. Wykazaono, że wrześniejsze prace oparte o pomiar wolumentu gotówki nie pozwoliły wychwycić związków widocznych przy uwzględnieniu motywów utrzymywania tej gotówki w firmie.
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