Innowacyjność jako determinanta kształtowania płynnych aktywów w spółkach publicznych Europy Środkowo-Wschodniej
Innovation as a Determinant of Cash Holdings in Public Companies of Central-Eastern Europe

Summary/Abstract: Purpose – The main purpose of the research study was to determine the importance of innovation as a determinant of cash holdings in public companies. Additional goals were to identify indicators of innovation and verify the importance of other factors indicated in the literature for the observed level of liquid assets. Design/methodology/approach – Research was conducted using tests that verify the statistical significance of differences in cash holdings in the enterprise groups with different levels of technological intensity. Linear regression for panel data was used in determining the factors affecting the level of cash and cash equivalents. Findings – Relationship between the cash holding and the size of the company and its financial debt was found to be statistically significant. Uncertainty of the economic environment was also found to be the determinant of shaping the liquid assets in the surveyed companies. The results confirm the importance of technological intensity and innovation activity of companies for the level of cash assets. Originality/value – The paper contains the results of original empirical research on the factors influencing the level of cash holdings in the industrial public companies listed on the stock exchanges of countries of Central-Eastern Europe. The study covered the period 2007–2014.

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