An empirical investigation of cash management and financial firm governance : a study of Thai companies.

Netiniyom, Pattaragit. (2003). An empirical investigation of cash management and financial firm governance : a study of Thai companies. PhD Thesis, School of Business, The University of Queensland.

       
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Author Netiniyom, Pattaragit.
Thesis Title An empirical investigation of cash management and financial firm governance : a study of Thai companies.
School, Centre or Institute School of Business
Institution The University of Queensland
Publication date 2003
Thesis type PhD Thesis
Supervisor Prof Frank Finn
Prof Peter Clarkson
Total pages 156
Language eng
Subjects 1501 Accounting, Auditing and Accountability
1503 Business and Management
710401 Finance and investment services
Research Fields, Courses and Disciplines
Formatted abstract The main purpose of this study is to observe whether or not the 1997 economic crisis had a positive effect on improving the corporate governance mechanism of Thai financial firms. The study applies the theory of cash holding balance to an examination of financial firm governance.

To examine the hypotheses, the compared groups were set up by studied periods (pre- and post-crisis periods), RSFIN classifications (control and treatment groups) and industry types (service and manufacturing sectors).

The outcomes of the investigative model were that in the pre-crisis period (Ql/1995 to Q4/1997), the cash holding balances of treatment firms (RSFIN = 1) were lower than those of control firms (RSFIN = 0) for both the service and manufacturing sectors. Nevertheless, in the post-crisis period (Q1/1998 to Q4/2000), the cash holding balances of treatment firms in the service sector were higher than those of control firms in the service sector. Conversely, the cash holding balances of treatment firms in the manufacturing sector were lower than those of control firms in the manufacturing sector. This supports the proposition that the changes in Thailand's economic environment resulting from the 1997 economic crisis encouraged the improvement of Thai financial firm governance. Furthermore, the study finds that the cash holding balances of both service and manufacturing sector firms increased from the pre- to the post-crisis period but only the increase for service sector firms was significant; and the cash holding balances of service sector treatment firms increased more from the pre- to post-crisis periods than did the balances of service sector control firms. Conversely, there was no significant difference in the cash holding balances between the pre- and post-crisis periods for treatment firms in the manufacturing sector.
Keyword Corporations -- Thailand -- Accounting
Cash management -- Thailand

 
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