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Corporate Cash Holdings and Agency Conflicts Evidence from Moroccan Developing Market

机译：企业现金持有和代理机构冲突来自摩洛哥发展市场的证据

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The topic of corporate cash holdings has received relatively little attention from academic researchers. However, this decision has always been at the center of interest of any company seeking to improve its performance. This article aims to examine the relationship between agency costs related to managerial discretion and cash holdings by Moroccan companies. In order to do this, we will mobilize both agency theory and free cash flow theory. To date, and to our knowledge, no research has been conducted on the cash flow of Moroccan companies in the light of agency theory. This study contributes to cash holdings research in Morocco by exploring the reasons for holding cash through a sample of Moroccan non-financial companies that are listed on the Casablanca Stock Exchange for a period of 12 years (from 2007 to 2018). This research uses econometric models based on a positivist approach with a hypothetical-deductive method. Our results show that there is a strong positive relationship between cash holdings and cash flow. It also turns out that the liquidity of these companies is significantly negatively affected by the debt leverage and the growth opportunities of the company.
机译：企业现金持有的主题已收到学术研究人员的关注。然而，这一决定一直是任何寻求提高其表现的公司的兴趣点。本文旨在审查与摩洛哥公司有关的机构成本与摩洛哥公司现金持有的关系。为此，我们将动员机构理论和自由现金流理论。迄今为止，迄今为止，在摩洛哥公司鉴于代理理论，没有对摩洛哥公司的现金流进行研究。本研究通过探索Casablanca证券交易所在Casabranca证券交易所在12年（2007年至2018年）中列出的摩洛哥非金融公司的样本，探讨了摩洛哥的现金持有研究。本研究采用了基于具有假设演绎方法的实证方法的计量经济模型。我们的结果表明，现金持股和现金流之间存在强大的积极关系。事实证明，这些公司的流动性受到债务利用和公司增长机会的显着负面影响。

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