أثر التحفظ المحاسبي على مستوى و قيمة الاحتفاظ بالنقدية: دراسة إمبريقية The Impact of Accounting Conservatism on the Level and Value of Cash Holding

This study explores the impact of accounting conservatism on the level and value of firms' cash holdings. Based on a sample of 132 firms in the Egyptian environment during the period 2012 to 2016, I provide evidence that there is a positive and significant association between accounting conservatism, measured by total accruals and non-operating accruals, and the level of cash holdings. With regard to the relation between accounting conservatism and value of corporate cash holdings, results show a positive and significant relationship between total accruals and abnormal stock returns. However, there is no significant relationship between non-operating accruals and abnormal stock return.