“…Recent research on determinants of cash holding has analysed companies operating in developed countries (Almeida et al, 2004;Dittmar, 2004;Shah, 2011) as well as in developing countries (Dittmar & Mahrt-Smith, 2007;Dittmar, MahrtSmith & Servaes, 2003;Ferreira & Vilela, 2004;Garcia-Terual & Martinez-Solano, 2008;Guney, Ozkan & Ozkan, 2007;Harford, Mansi & Maxwell, 2008;Isshaq, Bokpin & Onumah, 2009;Jensen, 1986). A research study conducted by Hall, Mateus and Mateus (2014), which also included a sample of companies from the Republic of Serbia, has analysed the differences in the levels of cash holdings between public and private companies, as well as differences in the levels of cash holdings between companies operating in developed markets and those operating in developing markets.…”