Determinants of corporate cash holdings in tranquil and turbulent period: evidence from an emerging economy

Financial Innovation

Table 2 Summary statistics

Pre-crisis	CASH	CAP	CF	G	LEV	LIQ	SIZE	TANG	VOL
Mean	0.0400	0.0119	0.0757	0.1313	0.4138	0.0237	14.8886	0.3487	0.0573
Median	0.0126	0.0000	0.0558	0.0171	0.4250	0.0022	14.6991	0.3373	0.0486
Maximum	0.5223	3.2721	0.4850	3.4630	1.0482	0.7265	19.0871	0.8617	0.5645
Minimum	2.87E-05	−0.7115	− 0.2969	− 0.5563	0.0136	− 0.6852	10.5961	0.0020	0.0067
Std. Dev.	0.0719	0.2262	0.0883	0.2887	0.1405	0.2049	1.4548	0.1629	0.0444
N	829	829	829	829	829	829	829	829	829
During-crisis
Mean	0.0293	0.0941	0.0639	0.1147	0.4395	0.0235	15.2190	0.3809	0.0583
Median	0.0078	0.0019	0.0449	0.0553	0.4384	0.0036	15.0532	0.3720	0.0486
Maximum	0.3809	5.2965	0.4532	3.6587	1.7980	0.9531	19.7352	0.9422	0.5645
Minimum	1.47E-05	−1.0000	−1.3774	−0.7856	0.0231	−0.6679	9.5699	0.0005	0.0067
Std. Dev.	0.0549	0.4650	0.1013	0.3305	0.1749	0.1826	1.5741	0.1782	0.0491
N	832	832	832	832	832	832	832	832	832
Post-crisis
Mean	0.0310	0.0318	0.0746	0.1205	0.4163	0.0495	15.5116	0.3888	0.0589
Median	0.0089	−0.0127	0.0600	0.0698	0.4091	0.0374	15.4052	0.3779	0.0487
Maximum	2.0061	5.5291	1.8189	5.7790	1.9728	0.9820	20.3085	0.9525	0.5645
Minimum	3.72E-05	−1.0000	−0.6884	−0.7449	0.0086	−0.8432	9.2275	0.0002	0.0067
Std. Dev.	0.0796	0.3546	0.1174	0.3511	0.1900	0.2006	1.6606	0.1765	0.0505
N	1107	1107	1107	1107	1107	1107	1107	1107	1107

This table reports summary statistics of variables. The pre-crisis period ranges from 2005 to 2007. The crisis period ranges from 2008 to 2010. The post-crisis period ranges from 2011 to 2014. CASH is defined as cash and cash equivalents divided by total assets; CF is defined as pre-tax profit plus depreciation and amortization divided by total assets; CAP is the change in fixed assets plus depreciation divided by total assets; G is defined as percentage change in total assets; LEV is defined as total liabilities divided by total assets; LIQ is defined as net working capital less cash divided by total assets; SIZE is defined as the natural logarithm of total assets; TANG is defined as tangible fixed assets divided by total assets; VOL is defined as the standard deviation of cash flow divided by total assets