DC FieldValueLanguage
dc.contributor.authorStamatopoulos, Theodoros-
dc.date.accessioned2024-02-27T17:02:19Z-
dc.date.available2024-02-27T17:02:19Z-
dc.date.issued2022-
dc.identifiergoogle_scholar-mdDxtD8AAAAJ:UebtZRa9Y70C-
dc.identifier.issn2300-8814-
dc.identifier.othermdDxtD8AAAAJ:UebtZRa9Y70C-
dc.identifier.urihttps://uniwacris.uniwa.gr/handle/3000/1220-
dc.description.abstractThe purpose of this paper is to contribute the relevant literature solving the puzzle of the excessive corporate cash. There are serious reasons to develop the falsifiable hypothesis “managers in the global hotel industry, act with bounded rationality in holding cash, when they cannot find optimal solutions”. First, it is explained why it is logical to have deviations from the neoclassical expected utility theory, coming not to be fully rational behavior. Second, it is shown that in complex and uncertain hotel industry’s environment, the decision making is better explained through the bounded rationality hypothesis (BRH), involving a search for alternatives, satisficing (satisfy + suffice), and adapting aspirations. Along with behavior-based economic theory, it seems that BRH can complete the trade-off and pecking order optimization-based models, that prevail the relevant literature, within the current economic “paradigm”. From a global sample of panel data of hotel industry for the period 2001-2018, the paper detects bounded rational behavior statistically, by not rejecting the null of relevant variables’ equal means in the tails of the cash distribution, and econometrically, by similarly estimated parameters to unrestricted and restricted models. Having found strong evidence in favour of the BRH for the “profitability” factor, balanced evidence for both boundedly and fully rational managers’ behavior, for the “value” and “investments” factors, while, no-evidence for the BRH in the case of the “size” factor. Thus, the complementarity of optimal with Simon’s satisficing solutions in the relevant cash management can benefit both investors and policy makers.en_US
dc.language.isoenen_US
dc.publisherTaylor & Francisen_US
dc.relation.ispartofContemporary Economicsen_US
dc.sourceContemporary Economics 16 (4), 443-459, 2022-
dc.subjectCash holdingsen_US
dc.subjectHotel firms globallyen_US
dc.subjectBounded rationality hypothesisen_US
dc.subjectKuhn’s paradigmen_US
dc.subjectPanel data econometricsen_US
dc.titleCash Holdings in the Global Hotel Industry: Do Managers Act with Bounded Rationality when they cannot Find Optimal Solutions?en_US
dc.typeArticleen_US
dc.identifier.doi10.5709/ce.1897-9254.493en_US
dc.relation.deptDepartment of Accounting and Financeen_US
dc.relation.facultySchool of Administrative, Economics and Social Sciencesen_US
dc.relation.volume16en_US
dc.relation.issue4en_US
dc.identifier.spage443en_US
dc.identifier.epage459en_US
dc.linkhttps://www.ceeol.com/search/article-detail?id=1120762en_US
dc.collaborationUniversity of West Attica (UNIWA)en_US
dc.subject.fieldSocial Sciencesen_US
dc.journalsOpen Accessen_US
dc.publicationPeer Revieweden_US
dc.countryGreeceen_US
item.cerifentitytypePublications-
item.languageiso639-1en-
item.openairetypeArticle-
item.openairecristypehttp://purl.org/coar/resource_type/c_18cf-
item.fulltextNo Fulltext-
item.grantfulltextnone-
crisitem.author.deptDepartment of Accounting and Finance-
crisitem.author.facultySchool of Administrative, Economics and Social Sciences-
crisitem.author.orcid0000-0002-9710-0870-
crisitem.author.parentorgSchool of Administrative, Economics and Social Sciences-
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