development, determinants and valuation of cash holdings of Japanese companies : Grin Verlag : 9783346825100 : 3346825108 : 27 Feb 2023 : Seminar paper from the year 2022 in the subject Business economics - Investment and Finance, grade: 1,3, University of Hamburg, language: English, abstract: Why would companies hold cash in their bank accounts, when cash itself does not produce any further value like an investment in a machine does? The academic literature finds different concepts for the reasons of corporate cash holdings. While Keynes (1936) proposes a transaction- and precautionary-motive to hold cash, Jensen (1986) states that managers have a vested interest to accumulate cash, because it exempts them from capital market disciplining. However, country-specific factors and reforms in Japan might also induce the companies to save up liquid assets. The aim of this paper is to study the development, determinants and valuation of Japanese corporate cash holdings in the period from 198