This paper examines the relationship between cash holdings and performance in Italy over 36 years. Specifically, in light of the presence of conflicting evidence concerning the worth of cash stock, which could lead to a positive effect rather than a negative one, the role of moderating factors that can shape the magnitude of this relationship is investigated. The results show that the value of cash holdings is affected by firm‐specific characteristics, as well as factors related to the institutional context. Although other studies have analyzed moderators one at a time, this is the first work to consider how they jointly work. When the moderators are considered together, some of them become no longer statistically significant while others become even more economically and statistically relevant.

中文翻译：

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现金持有量对意大利大型公司公司业绩的影响

本文研究了意大利36年现金持有量与业绩之间的关系。具体而言，鉴于存在与现金存量价值有关的相互矛盾的证据，这可能会带来积极的影响，而不是消极的影响，因此，研究了可调节这种关系强度的调节因素的作用。结果表明，现金持有量的价值受公司特定特征以及与制度背景有关的因素的影响。尽管其他研究一次分析了主持人，但这是考虑他们如何共同工作的第一项工作。当主持人一起考虑时，其中一些不再具有统计意义，而另一些变得更加经济和统计相关。