Kassa till varje pris? : En studie om svenska SME-företags kassahållning.

Sammanfattning

Effective cash holding has become an increasingly important part of corporate financialmanagement, particularly for SME-firms, which are often financially constrained and havelimited access to external financing. As a result, SME-firms must rely on internal financing tomanage payments, investments, and financial uncertainty. Despite this, previous research hasprimarily focused on larger publicly listed firms and there is limited research on SwedishSME-firms. The purpose of this study is to examine the cash holdings of Swedish SME-firmson the Stockholm Stock Exchange small cap list. By analyzing how firm size, leverage, cashflow, Tobin’s Q and GPR affect corporate cash holdings, this study aims to fulfill its purpose.This study applies a quantitative method with a deductive approach, where secondary datahas been collected from Orbis, the GPR-index and SCB. The analysis is conducted using aunbalanced panel data regression based on Swedish SME-firms listed on the StockholmStock Exchange small cap list during the period of 2019-2024. The results of this study showthat GPR has a negative relationship with cash holdings, while firm size has a positiverelationship with cash holdings. The results also show that the pecking order theory providesthe strongest explanation for the sample’s cash holdings.