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Cash management in the travel and leisure sector: evidence from the United Kingdom

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  • Wisal Ahmad
  • Cahit Adaoglu

Abstract

This study investigates the determinants of cash holdings for companies operating in the travel and leisure (TL) sector of the United Kingdom (UK) between 2005 and 2016. The study finds that growth opportunities, cash flow, and cash flow volatility affect cash holdings positively, while size, leverage, liquidity, asset intangibility and dividend payments affect negatively. Companies operating in the airlines sub-sector hold more cash, while companies in the hotels and restaurants and bars sub-sectors hold less cash than the reference sub-sector of travel and tourism. Except for the free cash flow model, the trade-off and pecking order models of cash holdings are empirically supported for the TL sector.

Suggested Citation

  • Wisal Ahmad & Cahit Adaoglu, 2019. "Cash management in the travel and leisure sector: evidence from the United Kingdom," Applied Economics Letters, Taylor & Francis Journals, vol. 26(7), pages 618-621, April.
    • Handle: RePEc:taf:apeclt:v:26:y:2019:i:7:p:618-621
    DOI: 10.1080/13504851.2018.1488050
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    Cited by:

    1. Norilmiah Azis & Nor Khadijah Mohd Azhari & Radziah Mahmud & Rosmini Mohd Aripin & Y. Nurli Abu Bakar, 2024. "Cash Holdings Determinants: The Case of Malaysian Local Authorities," Accounting and Finance Research, Sciedu Press, vol. 13(1), pages 1-18, February.
    2. Saleh F. A. Khatib & Dewi Fariha Abdullah & Ernie Hendrawaty & Ahmed A. Elamer, 2022. "A bibliometric analysis of cash holdings literature: current status, development, and agenda for future research," Management Review Quarterly, Springer, vol. 72(3), pages 707-744, September.

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