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Cash flow sensitivity of cash: a systematic literature review and bibliometric analysis

Ananta Kumar Sahoo,Maheswar Sethi

Published 2025 in EuroMed Journal of Business

ABSTRACT

This study investigates the evolving landscape of cash flow sensitivity of cash (CFSC) literature by identifying key theoretical foundations, major trends, emerging themes and critical gaps. It further outlines the future research directions that can significantly advance academic understanding and practical applications of the CFSC domain. This study employs a systematic literature review (SLR), bibliometric analysis and content analysis approach, examining 67 studies gathered from Scopus, Web of Science and EBSCO databases published during 2004–2024. This study reveals that CFSC has gained increasing attention in financial economics literature due to its economic significance in business. Despite contributions from 27 countries, the field remains underexplored, with most countries being recent entrants. The USA and China are the leading contributors, and many regions remain underrepresented. Significant gaps persist in understanding contextual factors such as firm-specific characteristics, ownership structure, sustainability measures (ESG) and macroeconomic influences in the context of CFSC literature. Limited collaboration among institutions and authors further underscores the untapped potential for building global research networks. These insights highlight substantial opportunities for future research to address regional disparities, foster collaboration and enrich existing knowledge. This study has profound implications for researchers, policymakers, business owners and academics in various ways. It analyses the current literature and emerging themes in the area of CFSC, offering significant insights into the state of development of the extant literature and the unheeded themes. It establishes the foundation for future study by pointing out the gaps and understudied aspects. Furthermore, it enables policymakers, business executives and investors to develop better financial plans and manage liquidity by improving their understanding of the dynamics of CFSC. This study is the first to undertake an in-depth literature analysis on the CFSC area. Further, this study offers valuable insights and sets the foundation for future research directions in the CFSC area by presenting a detailed SLR, bibliometric analysis and content analysis of the articles.

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