Financial Determinants of Corporate Cash Holdings in Vietnam’s Listed Steel Sector: A Python-Based Panel Data Analysis

Abstract

The study evaluates the impact of financial factors on the cash holding ratio of 34 listed steel companies in Vietnam during the period 2014–2024. The results show that company size and capital expenditure have a negative impact, while leverage, return on assets, operating cash flow ratio and inflation rate have a positive effect on the cash holding ratio. The net working capital ratio is not statistically significant. Therefore, the study suggests that companies need to develop a flexible cash management strategy to adapt to economic fluctuations and optimize financial efficiency.