ความสัมพันธ์ระหว่างการถือครองเงินสด ความเสี่ยงและผลตอบแทนที่คาดหวัง

Abstract

Objectives of this study were to study the relationship between cash holding, Risk and Expected Returns. The sample group is companies listed on the Stock Exchange of Thailand. The time period used in the study was from 2008 to 2018.Annual data were analyzed in this study. There were 3,431 samples from 424 companies using the least squares (Ordinary Least Square (OLS)) for relationship analysis. The results of the study showed that the expected rate of return has a statistically significant effect on cash holdings and has a negative correlation, ie, when the expected rate of return rises the company holds lower cash. However, the relationship between expected return and cash holdings is found only in case of large companies and companies with high equity yields. This relationship was not found when doing all listed companies analysis, small companies and companies with low equity yields. It was found that the relationship between expected returns and cash holdings of companies in Thailand were different from the United States, ie in the United States the expected rate of return has a statistically significant effect on cash holdings and is positively correlated, ie, when the expected rate of return rises the company will hold more cash. The difference in the relationship between expected returns and cash holdings of the two countries may be due to the difference from the economy growth and different cash holding concepts of companies in both countries.