การเปลี่ยนแปลงการถือครองเงินสดของกิจการเข้าสู่ค่าเป้าหมายการถือครองเงินสดของบริษัทหลักทรัพย์ในตลาดเกิดใหม่ช่วงการระบาดของโควิด 19

Abstract

This independent study aimed to study the change in cash holdings of firms listed on stock exchanges in emerging markets during the COVID-19 pandemic. The analyzed data were companies listed on stock exchanges in China, India, Indonesia, Thailand, Philippines, and Vietnam with a study period of 12 years from 2010 to 2021 using annual data. The study found that the relationship between interest rates and cash holdings of listed companies in Indonesia and the relationship between GDP and cash holdings of listed companies in China did not change during the COVID-19 pandemic. The relationship between GDP and cash holdings of listed companies in Indonesia and the relationship between inflation and cash holdings of listed companies in China changed during the COVID-19 pandemic. The study also analyzed the speed of firms' adjustment of cash holdings to their targets during the COVID-19 pandemic using Two-Step System GMM. The study found that the speed of adjustment of cash holdings of listed companies in each emerging market country changed, with each country taking a faster time to adjust its cash holdings to their targets compared to before the COVID-19 pandemic. The study thus reflects that changes in cash holdings and the speed of changes in cash holdings to their targets depend on events that impact the firm.