This study determines the effect of parameters used for cash holding in hospitality sector (HS) of target countries i-e France, Spain and United State of America for the period of 14 years (2005-2018). The parameters consist of firm size, leverage, capital expenditure, growth opportunity, liquidity, cash flow, cash flow volatility, asset intangibility, dividend payments and stock exchange. Dynamic panel data is employed for empirical estimation i-e Generalized Method of Moments (GMM). System GMM model estimation reveals that leverage, cash flow volatility and asset intangibility influence cash holdings positively while size, capital expenditure, growth opportunities and cash flow affect cash holdings negatively.
1-Majid Mumtaz IBL, Abdul Wali Khan Univerity, Mardan, KP, Pakistan2-Wisal Ahmad Assistant Professor, Institute of Business Studies & Leadership, Abdul Wali Khan University Mardan, KP, Pakistan. 3-Syed Arshad Ali Shah Lecturer, Bacha Khan University, Charsadda, KP, Pakistan.