Abstract
The literature on cash holdings has gained increasing relevance within business studies, which highlights its pivotal role in determining a firm’s resource management strategy. In this study, we adopt a combination of bibliometric analysis and systematic literature review to analyse the development of literature on cash holdings and provide an overview of its theoretical and empirical evolution and identify future research paths. After collecting 46 documents from Scopus and Web of Science published from January 2011 to on 7th October 2024, we created and analysed a thematic map based on a co-word analysis to appreciate the form and content of academic discourse on the topic and investigated the content and main contributions of the 46 publications to understand the evolution of the themes discussed in the literature. Results show that family business studies are still anchored to the traditional topics of the research stream of cash holdings, such as corporate governance, and mostly employ agency theory. We found that current family business research and cash holdings only represent a first step in exploring the topic and act as forerunners for the investigation of another research stream – such as innovation/sustainability – or the employment of alternative theories – such as socioemotional wealth. Overall, we provide some insights for future research.
| Occurrences | Words | Cluster | Cluster label | Btw centrality | Clos centrality | Page rank centrality |
|---|---|---|---|---|---|---|
| 26 | Cash holding | 1 | Cash holding | 1,626.207 | 0.006 | 0.117 |
| 18 | Family firm | 1 | Cash holding | 1,283.926 | 0.006 | 0.081 |
| 12 | Corporate governance | 1 | Cash holding | 427,297 | 0.005 | 0.05 |
| 3 | Firm performance | 1 | Cash holding | 38,118 | 0.005 | 0.016 |
| 3 | Liquidity | 1 | Cash holding | 45,967 | 0.004 | 0.014 |
| 2 | Ownership concentration | 1 | Cash holding | 40,737 | 0.005 | 0.012 |
| 7 | Agency theory | 2 | Agency theory | 419,075 | 0.005 | 0.032 |
| 2 | Speed of adjustment | 2 | Agency theory | 24,37 | 0.004 | 0.01 |
| 6 | Family control | 3 | Family control | 751,907 | 0.005 | 0.029 |
| 5 | Board of directors | 4 | Board of directors | 87,127 | 0.004 | 0.02 |
| 5 | Ownership | 5 | Ownership | 450,512 | 0.005 | 0.024 |
| 2 | Dividend policy | 5 | Ownership | 69,902 | 0.005 | 0.012 |
| 4 | Firm value | 6 | Firm value | 26,812 | 0.003 | 0.016 |
| 3 | Cash | 7 | Cash | 453,395 | 0.004 | 0.018 |
| 2 | Agency costs | 8 | Agency costs | 99,516 | 0.005 | 0.011 |
| 2 | Value of cash | 8 | Agency costs | 106,595 | 0.005 | 0.01 |
| 2 | Family succession | 9 | Family succession | 49,833 | 0.004 | 0.009 |
| 2 | Socioemotional wealth (sew) | 10 | Socioemotional wealth (sew) | 51,233 | 0.004 | 0.012 |
| N° | Authors | Title | Year | Source |
|---|---|---|---|---|
| 1. | Ahmed J.; Tahir M. | Corporate cash holdings and financial performance: moderating effect of corporate governance and family ownership | 2024 | South Asian Journal of Business Studies |
| 2. | Akben-Selçuk A.; Sener P. | Corporate governance and tunnelling: empirical evidence from Turkey | 2018 | Economics Bulletin |
| 3. | Akben-Selçuk E.; Sener P. | Cash holdings and corporate governance: evidence from Turkey | 2019 | Corporate Governance Models and Applications in Developing Economies |
| 4. | Alghadi, M.Y.; Al Nsour, I.R.; Aizyadat, A.A.K. | Ownership structure and cash holdings: empirical evidence from Saudi Arabia | 2021 | Journal of Asian Finance Economics and Business |
| 5. | Amoako-Adu B.; Baulkaran V.; Smith B.F. | Dual class discount, and the channels of extraction of private benefits | 2013 | Advances in Financial Economics |
| 6. | Amore et al. | How do managerial successions shape corporate financial policies in | 2011 | Journal of Corporate Finance |
| 7. | Anderson R.W.; Hamadi M. | Cash holding and control-oriented finance | 2016 | Journal of Corporate Finance |
| 8. | Attig N.; El Ghoul S.; Guedhami O.; Rizeanu S. | The governance role of multiple large shareholders: evidence from the valuation of cash holdings | 2013 | Journal of Management and Governance |
| 9. | Belenzon S.; Patacconi A.; Zarutskie R. | Married to the firm? A large-scale investigation of the social context of ownership | 2016 | Strategic Management Journal |
| 10. | Boubaker S.; Derouiche I.; Hassen M. | Family control and the value of cash holdings | 2015 | Journal of Applied Business Research |
| 11. | Brahmana R.K.; Setiawan D.; Kontesa M.; Soo L.-U. | Cash holdings and R&D intensity with different controlling shareholders | 2023 | Journal of Indonesian Economy and Business |
| 12. | Del Carmen Briano-Turrent G.; Watkins-Fassler K.; Puente-Esparza M.L. | The effect of the board composition on dividends: the case of Brazilian and Chilean family firms | 2020 | European Journal of Family Business |
| 13. | Brogi M.; Gallucci C.; Santulli R. | Does one size fit all? A configurational approach to board effectiveness in limiting the excess cash | 2021 | Management Decision |
| 14. | Cambrea D.R.; Ponomareva Y.; Pittino D.; Minichilli A. | Strings attached: socioemotional wealth mixed gambles in the cash management choices of family firms | 2022 | Journal of Family Business Strategy |
| 15. | Caprio L.; Del Giudice A.; Signori A. | Cash holdings in family firms: CEO identity and implications for firm value | 2020 | European Financial Management |
| 16. | Durán R.F.; Lozano M.B.; Yaman S. | Is family control relevant for corporate cash holding policy? | 2016 | Journal of Business Finance and Accounting |
| 17. | Fleitas-Castillo, G.D.; Pérez-Alemán, J.; Santana-Martín, D.J. | Board gender diversity and cash holding: the effect of family ties | 2024 | Review of Managerial Science |
| 18. | Guizani A.; Lakhal F.; Lakhal N. | The cash flow sensitivity of cash in family firms: does the board of directors matter? | 2018 | Managerial Finance |
| 19. | Gul R.; Ullah S.; Rehman A.U.; Hussain S.; Alam M. | Corporate governance and cash holdings: family versus non-family controlled firms | 2020 | Cogent Business and Management |
| 20. | Herdhayinta H.; Lau J.; Shen C.H.-H. | Cash holdings of minority family businesses in Indonesia | 2023 | Emerging Markets Review |
| 21. | Hsu A.W.; Liu S.H. | Parent-subsidiary investment layers and the value of corporate cash holdings | 2018 | Review of Quantitative Finance and Accounting |
| 22. | Ilyas M.; Mian R.U.; Safdar N. | Institutional investors and the value of excess cash holdings: empirical evidence from Pakistan | 2022 | Managerial Finance |
| 23. | Kuan T.-H.; Li C.-S.; Chu S.-H. | Cash holdings and corporate governance in family-controlled firms | 2011 | Journal of Business Research |
| 24. | Kuan T.-H.; Li C.-S.; Liu C.-C. | Corporate governance and cash holdings: a quantile regression approach | 2012 | International Review of Economics and Finance |
| 25. | Kusnadi Y. | Do corporate governance mechanisms matter for cash holdings and firm value? | 2011 | Pacific Basin Finance Journal |
| 26. | Liu Q.; Luo T.; Tian G.G. | Family control and corporate cash holdings: Evidence from China | 2015 | Journal of Corporate Finance |
| 27. | Liu Y. | Founding family ownership and cash holdings | 2011 | Journal of Financial Research |
| 28. | Lozano M.B. | Strategic decisions of family firms on cash accumulation | 2015 | RAE Revista de Administracao de Empresas |
| 29. | Lozano M.B.; Durán R.F. | Family control and adjustment to the optimal level of cash holding | 2017 | European Journal of Finance |
| 30. | Lozano M.B.; Yaman S. | The determinants of cash flow sensitivity of cash: the family ownership effect | 2020 | Research in International Business and Finance |
| 31. | Mengyun W.; Um-E-Habiba; Husnain M.; Sarwar B.; Ali W. | Board financial expertise and corporate cash holdings: moderating role of multiple large shareholders in emerging family firms | 2021 | Complexity |
| 32. | Mohd K.N.T.; Latif R.A.; Saleh I.H. | The influence of ownership patterns and board characteristics on firm cash holdings | 2017 | International Journal of Economic Research |
| 33. | Moin A.; Guney Y.; El Kalak I. | The effects of ownership structure, sub-optimal cash holdings and investment inefficiency on dividend policy: evidence from Indonesia | 2020 | Review of Quantitative Finance and Accounting |
| 34. | Moolchandani R.; Kar S. | Family control, agency conflicts, corporate cash holdings and firm value | 2022 | International Journal of Emerging Markets |
| 35. | Mouline B.; Sadok H. | Determinants of corporate cash holdings: evidence from the Moroccan market | 2021 | Accounting |
| 36. | Parrado-Martínez P.; Comino-Jurado M.; Sánchez-Andújar S. | Cash holdings decision-making in Spanish family firms: exploring the impact of heterogeneity | 2024 | Managerial and Decision Economics |
| 37. | Portal M.T.; Basso L.F.C. | The effect of family control and management on performance, capital structure, cash holding, and cash dividends | 2015 | Corporate Ownership and Control |
| 38. | Ra Y. | Why companies have low debt? An empirical evidence in Korea | 2024 | Heliyon |
| 39. | Rouyer E. | Family ownership and busy boards: impact on performance | 2016 | Management Decision |
| 40. | Steijvers T.; Niskanen M. | The determinants of cash holdings in private family firms | 2013 | Accounting and Finance |
| 41. | Tsay M.-H.; Weng P.-S.; Wang T.-L.; Zhang H. | Does the gender composition of the board affect corporate performance and decisions? Evidence from Family Firms and Conglomerates | 2020 | Journal of Management and Business Research |
| 42. | Tsoutsoura M. | The effect of succession taxes on family firm investment: evidence from a natural experiment | 2015 | Journal of Finance |
| 43. | Wasiuzzaman S. | Analysis of corporate cash holdings of firms in Malaysia | 2014 | Journal of Asia Business Studies |
| 44. | Wu Y.; Chang Q. | Large state-owned shareholders and cash holding: evidence from family firms | 2024 | Pacific Basin Finance Journal |
| 45. | Yun J.; Ahmad H.; Jebran K.; Muhammad S. | Cash holdings and firm performance relationship: do firm-specific factors matter? | 2021 | Economic Research-Ekonomska Istrazivanja |
| 46. | Zheng X.; Zhu B.; Yang G. | The soft landing: does intrafamily succession matter for corporate risk-taking? | 2023 | Pacific Basin Finance Journal |
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