The effect of air pollution on cash holdings and financial leverage

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dc.contributor.authorKalash, Ismail
dc.date.accessioned2023-10-16T06:58:10Z
dc.date.available2023-10-16T06:58:10Z
dc.date.issued2023en_US
dc.departmentDicle Üniversitesi, İktisadi ve İdari Bilimler Fakültesi, İşletme Bölümüen_US
dc.description.abstractPurpose: The purpose of this paper is to investigate whether air pollution has significant impact on corporate cash holdings and financial leverage. Design/methodology/approach: The data of 199 firms listed on Istanbul Stock Exchange during the period 2009–2020 is analyzed by using pooled ordinary least squares and two-step system generalized method of moments models. Findings: The results indicate that firms in regions with high air pollution tend to increase cash level. In addition, the positive effect of air pollution on cash level is stronger and more significant for environmentally sensitive firms and firms with low operational and distress risk. The results also show insignificant effect of air pollution on financial leverage. Practical implications: Firms in regions with high air pollution should conduct proactive environmental protection procedures and enhance their eco-efficiency instead of holding excess cash that could negatively affect financial performance. In this context, policymakers should provide financial facilities to firms located in regions with high air pollution and that have low ability to finance environmental investments. On the other hand, the environmental laws and regulations introduced by regulatory authorities can enhance the economic development and firm performance by decreasing the adverse influences of air pollution on corporate financial policies. Originality/value: To the best of the author’s knowledge, this research is one of few that examines the impact of air pollution on corporate cash holdings and financial leverage in emerging markets.en_US
dc.identifier.citationKalash, I. (2023). The effect of air pollution on cash holdings and financial leverage. Journal of Global Responsibility, Article in Press.en_US
dc.identifier.doi10.1108/JGR-01-2023-0006
dc.identifier.endpage20en_US
dc.identifier.issn2041-2568
dc.identifier.scopus2-s2.0-85161045262
dc.identifier.scopusqualityQ2
dc.identifier.startpage1en_US
dc.identifier.urihttps://www.emerald.com/insight/content/doi/10.1108/JGR-01-2023-0006/full/html
dc.identifier.urihttps://hdl.handle.net/11468/12815
dc.identifier.volumeArticle in Pressen_US
dc.identifier.wosWOS:001002035800001
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.indekslendigikaynakScopus
dc.institutionauthorKalash, Ismail
dc.language.isoenen_US
dc.publisherEmerald Publishingen_US
dc.relation.ispartofJournal of Global Responsibility
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectAir pollutionen_US
dc.subjectCorporate cash holdingsen_US
dc.subjectFinancial leverageen_US
dc.subjectTürkiyeen_US
dc.titleThe effect of air pollution on cash holdings and financial leverageen_US
dc.titleThe effect of air pollution on cash holdings and financial leverage
dc.typeArticleen_US

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