INTRODUCTION
Adetifa (2012)
submits that cash holding is cash in hand or readily available for investment
in physical assets and to distribute to investors. Cash holding is therefore
viewed as cash or cash equivalent that can be easily converted into cash. In
this context, cash holding will include cash in hand and bank, short time
investment in money market instrument such as treasury bills. Owing to the
significance of cash and its importance in working capital management,
different approaches are being used to determine factors that influence it.
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