Ha, P.

(2016), Cash Holding, State Ownership and Firm Value: The

Case of Vietnam

This study aims to examine the effect of cash holding level and

government ownership on the firm value. The sample consists of (650)

listed firms (excluding financial institutions) on the Vietnamese Stock

Exchange over the period (2008-2015) Using Tobins Q as a substitution

for firm value. The results find out that there is an inverted U-shaped

relationship between cash holding and firm value and this mean there is

an optimal level of cash holding which can maximize the firm level. And

the value of companies will decrease if the level of cash is above or under

this optimal level of stockpiling cash which is 23.7% cash over total

assets. Furthermore, there is a statistically insignificant positive

correlation between government ownership and firm value unless the

state shareholders obtain all their advantages .

Sheikh, N and Khan, M.(2016), Effects of Excess Cash, Board

Attributes and Insider Ownership on Firm Value: Evidence from

Pakistan

The purpose of this paper is to investigate whether excess cash, board

attributes and insider ownership affects the value of the firm. The sample

consists of (189) non-financial firms listed on the Karachi Stock

Exchange (KSE) Pakistan over the period (2008-2012). Pooled ordinary

least squares method used to estimate the effects of excess cash and

internal governance indicators on the value of the firm. The results

indicate that excess cash is significantly negatively related to firm value.

Moreover, excess cash along with (board size or / and insider ownership)

is significant and negatively related to firm value. The negative

relationship may be due to conservative financing policy adopted by the

managers due to unequal economic condition in Pakistan. However, the

weak corporate governance in the country may encourage the managers

to waste cash in ways that significantly reduce the firm value. Because

holding more than optimal level of cash motivates the managers to invest

it at below the cost of capital which in turn negatively affect the value of

the firms.
Kato, K. and Skinner, D. (2017), Is Japan Really a Buy? The

Corporate Governance, Cash Holdings and Economic Performance

of Japanese Companies

Sorry Doctor Mishiel, I dont have access to read the full text available

online at:

http://onlinelibrary.wiley.com/doi/10.1111/jbfa.12235/abstract

References:

Ha, P. (2016). Cash holding, state ownership and firm value: The case of

Vietnam. International Journal of Economics and Financial Issues, 6(6S).

Sheikh, N. A., & Khan, M. I. (2016). Effects of Excess Cash, Board Attributes and Insider

Ownership on Firm Value: Evidence from Pakistan. Australasian Accounting Business &

Finance Journal, 10(1), 29.

Kato, K., Li, M., & Skinner, D. J. (2017). Is Japan Really a Buy? The Corporate

Governance, Cash Holdings and Economic Performance of Japanese Companies. Journal of

Business Finance & Accounting.