{"id":"https://openalex.org/W2605928343","doi":"https://doi.org/10.1080/1331677x.2017.1305770","title":"The role of financial constraints on precautionary cash holdings: evidence from Pakistan","display_name":"The role of financial constraints on precautionary cash holdings: evidence from Pakistan","publication_year":2017,"publication_date":"2017-01-01","ids":{"openalex":"https://openalex.org/W2605928343","doi":"https://doi.org/10.1080/1331677x.2017.1305770","mag":"2605928343"},"language":"en","primary_location":{"id":"doi:10.1080/1331677x.2017.1305770","doi":"https://doi.org/10.1080/1331677x.2017.1305770","is_oa":true,"landing_page_url":"https://doi.org/10.1080/1331677x.2017.1305770","pdf_url":"https://www.tandfonline.com/doi/pdf/10.1080/1331677X.2017.1305770?needAccess=true","source":{"id":"https://openalex.org/S1014724869","display_name":"Economic Research-Ekonomska Istra\u017eivanja","issn_l":"1331-677X","issn":["1331-677X","1848-9664"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","ddh","erih-plus","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Research-Ekonomska Istra\u017eivanja","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.tandfonline.com/doi/pdf/10.1080/1331677X.2017.1305770?needAccess=true","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5071807547","display_name":"Qurat-ul-ann Azmat","orcid":"https://orcid.org/0000-0001-8735-5194","observed_orcids":["https://orcid.org/0000-0001-8735-5194"]},"institutions":[{"id":"https://openalex.org/I929597975","display_name":"National University of Sciences and Technology","ror":"https://ror.org/03w2j5y17","country_code":"PK","type":"education","lineage":["https://openalex.org/I929597975"]}],"countries":["PK"],"is_corresponding":true,"raw_author_name":"Qurat-ul-ann Azmat","raw_affiliation_strings":["NUST Business School, National University of Science and Technology (NUST), Islamabad, Pakistan"],"raw_orcid":"https://orcid.org/0000-0001-8735-5194","affiliations":[{"raw_affiliation_string":"NUST Business School, National University of Science and Technology (NUST), Islamabad, Pakistan","institution_ids":["https://openalex.org/I929597975"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5069620100","display_name":"Abdullah Muhammad Iqbal","orcid":"https://orcid.org/0000-0002-3013-1007","observed_orcids":["https://orcid.org/0000-0002-3013-1007"]},"institutions":[{"id":"https://openalex.org/I20581793","display_name":"University of Kent","ror":"https://ror.org/00xkeyj56","country_code":"GB","type":"education","lineage":["https://openalex.org/I20581793"]}],"countries":["GB"],"is_corresponding":false,"raw_author_name":"Abdullah Muhammad Iqbal","raw_affiliation_strings":["Kent Business School, University of Kent, Chatham, UK"],"raw_orcid":"https://orcid.org/0000-0002-3013-1007","affiliations":[{"raw_affiliation_string":"Kent Business School, University of Kent, Chatham, UK","institution_ids":["https://openalex.org/I20581793"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5071807547"],"corresponding_institution_ids":["https://openalex.org/I929597975"],"apc_list":{"value":770,"currency":"GBP","value_usd":944},"apc_paid":{"value":770,"currency":"GBP","value_usd":944},"fwci":6.2022,"has_fulltext":true,"cited_by_count":21,"citation_normalized_percentile":{"value":0.95757256,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"30","issue":"1","first_page":"596","last_page":"610"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9761000275611877,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9761000275611877,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.012299999594688416,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0010000000474974513,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/precautionary-cash-holdings","display_name":"precautionary cash holdings","score":0.9660000205039978},{"id":"https://openalex.org/keywords/financial-constraints","display_name":"financial constraints","score":0.9789999723434448},{"id":"https://openalex.org/keywords/cash-flow-volatility","display_name":"cash flow volatility","score":0.9990000128746033},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.4909999966621399},{"id":"https://openalex.org/keywords/2008-financial-crisis","display_name":"2008 financial crisis","score":0.9150000214576721},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.6470000147819519},{"id":"https://openalex.org/keywords/dividend-policy","display_name":"dividend policy","score":0.7480000257492065},{"id":"https://openalex.org/keywords/pakistani-firms","display_name":"Pakistani firms","score":0.7850000262260437}],"concepts":[{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.7188280820846558},{"id":"https://openalex.org/C91602232","wikidata":"https://www.wikidata.org/wiki/Q756115","display_name":"Volatility (finance)","level":2,"score":0.6355712413787842},{"id":"https://openalex.org/C166819830","wikidata":"https://www.wikidata.org/wiki/Q2025903","display_name":"Operating cash flow","level":3,"score":0.597588837146759},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5820753574371338},{"id":"https://openalex.org/C128044525","wikidata":"https://www.wikidata.org/wiki/Q1682806","display_name":"Cash flow forecasting","level":3,"score":0.5793267488479614},{"id":"https://openalex.org/C97366136","wikidata":"https://www.wikidata.org/wiki/Q460184","display_name":"Cash flow statement","level":3,"score":0.5557900667190552},{"id":"https://openalex.org/C76087492","wikidata":"https://www.wikidata.org/wiki/Q1047352","display_name":"Cash management","level":3,"score":0.5396748781204224},{"id":"https://openalex.org/C184454666","wikidata":"https://www.wikidata.org/wiki/Q140830","display_name":"Cash and cash equivalents","level":4,"score":0.5299590229988098},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.48902711272239685},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4806712567806244},{"id":"https://openalex.org/C207972119","wikidata":"https://www.wikidata.org/wiki/Q5048703","display_name":"Cash on cash return","level":5,"score":0.4794536828994751},{"id":"https://openalex.org/C47096860","wikidata":"https://www.wikidata.org/wiki/Q575542","display_name":"Terminal value","level":4,"score":0.45493966341018677},{"id":"https://openalex.org/C110000284","wikidata":"https://www.wikidata.org/wiki/Q1499557","display_name":"Cash conversion cycle","level":4,"score":0.4428115487098694},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.40210962295532227},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.34627658128738403}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1080/1331677x.2017.1305770","doi":"https://doi.org/10.1080/1331677x.2017.1305770","is_oa":true,"landing_page_url":"https://doi.org/10.1080/1331677x.2017.1305770","pdf_url":"https://www.tandfonline.com/doi/pdf/10.1080/1331677X.2017.1305770?needAccess=true","source":{"id":"https://openalex.org/S1014724869","display_name":"Economic Research-Ekonomska Istra\u017eivanja","issn_l":"1331-677X","issn":["1331-677X","1848-9664"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","ddh","erih-plus","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Research-Ekonomska Istra\u017eivanja","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:taf:reroxx:v:30:y:2017:i:1:p:596-610","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/1331677X.2017.1305770","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:kar.kent.ac.uk:59756","doi":null,"is_oa":false,"landing_page_url":"https://kar.kent.ac.uk/59756/1/Abstract_The%20role%20of%20financial%20constraints%20on%20precautionary%20cash%20holdings.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S4377196264","display_name":"Kent Academic Repository (University of Kent)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I20581793","host_organization_name":"University of Kent","host_organization_lineage":["https://openalex.org/I20581793"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"Article"}],"best_oa_location":{"id":"doi:10.1080/1331677x.2017.1305770","doi":"https://doi.org/10.1080/1331677x.2017.1305770","is_oa":true,"landing_page_url":"https://doi.org/10.1080/1331677x.2017.1305770","pdf_url":"https://www.tandfonline.com/doi/pdf/10.1080/1331677X.2017.1305770?needAccess=true","source":{"id":"https://openalex.org/S1014724869","display_name":"Economic Research-Ekonomska Istra\u017eivanja","issn_l":"1331-677X","issn":["1331-677X","1848-9664"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["anvur-scientific","cwts-core","ddh","erih-plus","poland-20","vabb-shw"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Economic Research-Ekonomska Istra\u017eivanja","raw_type":"journal-article"},"sustainable_development_goals":[{"score":0.48510000109672546,"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth"}],"sustainable_development_goals_aurora":[{"score":0.5099999904632568,"id":"https://metadata.un.org/sdg/17","display_name":"Partnerships for the goals"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2605928343.pdf","grobid_xml":"https://content.openalex.org/works/W2605928343.grobid-xml"},"referenced_works_count":51,"referenced_works":["https://openalex.org/W1507314646","https://openalex.org/W1526669572","https://openalex.org/W1966917639","https://openalex.org/W1969481772","https://openalex.org/W1969519191","https://openalex.org/W1976537782","https://openalex.org/W1993938495","https://openalex.org/W1998456344","https://openalex.org/W2011414866","https://openalex.org/W2017475595","https://openalex.org/W2028995298","https://openalex.org/W2081793210","https://openalex.org/W2093956953","https://openalex.org/W2096344680","https://openalex.org/W2096874528","https://openalex.org/W2121085701","https://openalex.org/W2123252687","https://openalex.org/W2124115302","https://openalex.org/W2124597406","https://openalex.org/W2126924836","https://openalex.org/W2127397261","https://openalex.org/W2134007891","https://openalex.org/W2140037540","https://openalex.org/W2143561824","https://openalex.org/W2149088624","https://openalex.org/W2156050886","https://openalex.org/W2161629041","https://openalex.org/W2181318920","https://openalex.org/W2323266160","https://openalex.org/W2333460177","https://openalex.org/W2341795385","https://openalex.org/W2472119122","https://openalex.org/W2790332046","https://openalex.org/W2797062887","https://openalex.org/W3121720731","https://openalex.org/W3121986562","https://openalex.org/W3122374802","https://openalex.org/W3122956016","https://openalex.org/W3123109570","https://openalex.org/W3123169855","https://openalex.org/W3123587485","https://openalex.org/W3123732362","https://openalex.org/W3124012175","https://openalex.org/W3124422916","https://openalex.org/W3124616580","https://openalex.org/W3125140669","https://openalex.org/W3125353045","https://openalex.org/W3125476415","https://openalex.org/W4243838916","https://openalex.org/W4298863114","https://openalex.org/W4388788326"],"related_works":["https://openalex.org/W2140037540","https://openalex.org/W2923414830","https://openalex.org/W2390062700","https://openalex.org/W3001551737","https://openalex.org/W1588985999","https://openalex.org/W7215333819","https://openalex.org/W2793543995","https://openalex.org/W3123785966","https://openalex.org/W3122137674","https://openalex.org/W2374407087"],"abstract_inverted_index":{"This":[0,35,230],"study":[1,26,36,204,234],"aims":[2],"to":[3,38,69,106,118,197,216],"investigate":[4],"the":[5,16,23,31,70,108,124,188,210,232],"direct":[6],"relationship":[7,81,93,242],"between":[8,73,82,94,243],"precautionary":[9,244],"cash":[10,12,49,59,83,87,99,111,164,167,199,217,225,245,247],"holdings,":[11,246],"flow":[13,88,100,112,168,248],"volatility":[14,89,101,113,169,249],"and":[15,47,61,75,85,90,97,120,137,224,250],"financial":[17,33,190,251],"constraints":[18,252],"of":[19,110,126,152,212,235],"Pakistani":[20,213,255],"firms":[21,114,161,174,193,214],"for":[22,178],"period":[24],"2003\u20132013.The":[25],"also":[27,184],"takes":[28],"into":[29,208],"account":[30],"2008":[32,189],"crisis.":[34],"seeks":[37],"discover":[39],"that":[40,158,186,238],"if":[41],"a":[42,79,91,240,254],"firm":[43,130],"is":[44,102,144,183,231],"financially":[45,159,172,222],"constrained":[46,119,160,192,223],"its":[48,58,64,236],"flows":[50,226],"are":[51,115,221,227],"highly":[52,228],"volatile":[53],"then":[54],"it":[55],"will":[56],"increase":[57,162],"holdings":[60,84,165,218],"voluntarily":[62],"reduce":[63],"current":[65,74,95],"investment":[66],"level":[67],"due":[68],"intertemporal":[71],"trade-off":[72],"future":[76,86,98],"investments.":[77],"Thus,":[78],"positive":[80],"negative":[92],"investments":[96],"expected.":[103],"In":[104],"order":[105],"test":[107],"impact":[109],"classified":[116],"in":[117,253],"unconstrained":[121,173,201],"groups":[122],"on":[123],"basis":[125],"four":[127],"criteria,":[128],"i.e.,":[129],"size,":[131],"dividend":[132],"payment,":[133],"Kaplan-Zingales":[134],"(KZ)":[135],"index":[136,180],"group":[138],"affiliation.":[139],"For":[140],"each":[141],"criterion":[142],"estimation":[143],"done":[145],"by":[146],"using":[147],"two":[148],"steps":[149],"Generalised":[150],"Method":[151],"Moments":[153],"(GMM)":[154],"estimator.":[155],"Results":[156],"show":[157],"their":[163],"when":[166,219],"increases":[170],"while":[171],"do":[175],"not,":[176],"except":[177],"KZ":[179],"criteria.":[181],"It":[182],"found":[185],"during":[187],"crisis":[191],"were":[194],"more":[195],"prone":[196],"saving":[198],"than":[200],"ones.":[202],"The":[203],"provides":[205],"important":[206],"insights":[207],"understanding":[209],"behaviour":[211],"relating":[215],"they":[220],"volatile.":[229],"first":[233],"kind":[237],"establishes":[239],"conclusive":[241],"context.":[256]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":3},{"year":2022,"cited_by_count":4},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":3},{"year":2018,"cited_by_count":3},{"year":2017,"cited_by_count":1}],"updated_date":"2026-10-24T09:50:30.924529","created_date":"2017-04-28T00:00:00"}