Wykorzystanie dynamicznych modeli panelowych w badaniach z zakresu finansów przedsiębiorstw na przykładzie modelowania transakcyjnej rezerwy płynności
Dynamic panel data models in corporate finance research on the example of cash holdings

Summary/Abstract: The article aims to compare the performances of dynamic panel data model estimators in corporate finance on the example of cash holdings as well as to provide practical guidance for authors of empirical studies on how to improve the quality of the estimates they consider. The comparison of estimates was based on Monte Carlo simulations using data on companies listed on the Warsaw Stock Exchange in 1999-2012 period. It has been shown that the panel length and the correlation between the firm-level fixed effects and the initial values of the dependent variable determine the choice of an adequate estimation method.

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