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Managers Views on the Determinants of Cash Holdings: Evidence from Kenya

Cash is essential for firms to support their day-to-day operations, take care of uncertainties in future and to take advantage of profitable opportunities that arise. However, setting the optimal cash holding by firms is not an easy task for managers and continues to be a hotly debated subject especially after the latest development in the global financial system. Empirical evidence in Kenya on the subject is scant, and the purpose of the paper is to establish the determinants of cash holding among firms listed in Kenya’s Nairobi Securities Exchange(NSE) from a manager’s perspectives. 168 questionnaires were administered to senior and finance executives in 44 non-financial firms listed on NSE. The respondents agreed with the statements on the expected relationship between Cash holding and Interest rates and industry sector and disagreed with the constructs on size,levarage,cashflow and Market- to- book value (MTB). The results may point to some agency problem in Kenyan listed nonfinancial firms. 