Aluora, Brian OchiengKariuki, Samuel NduatiKirimi, Peter Njagi2026-02-152026-02-152024Aluora, B. O., Nduati Kariuki, S., & Njagi Kirimi, P. (2025). Cash holding, risk-taking behavior and financial performance of non-financial firms listed in sub-Saharan Africa Securities Exchanges. Africa Journal of Management, 11(2), 226–249. https://doi.org/10.1080/23322373.2025.2500916https://doi.org/10.1080/23322373.2025.2500916http://repository.embuni.ac.ke/handle/123456789/4565The study examined the linkage between cash holding, risk-takingand financial performance of listed non-financial corporations usingthe two-step system GMM method. GMM’s outcome was thencompared across the agricultural, manufacturing and constructionindustries. Cash holding and risk-taking had a statisticallysignificant positive association with ROA, ROE and Tobin’s Q inagricultural and manufacturing listed firms. However, cashholding and risk-taking had a statistically significant negativeassociation with ROA, ROE and Tobin’s Q in construction-listedcorporations. To the authors’ knowledge, this is the first study toinvestigate the linkage between cash holding, risk-taking andperformance of listed non-financial corporations across differentindustries in SSA. This study contributes to and extends theliterature with current empirical evidence with analysis based onthe various sub-sectors of the listed non-financial corporations.The study is useful to policymakers when establishing guidelinesthat suggest optimal cash-holding and risk-taking levels for listednon-financial corporations. Additionally, the study is useful to themanagers of listed non-financial corporations when makingstrategic decisions, helping the managers balance liquiditymanagement and risk exposure.encash-holdingrisk-takingperformancenon-financialcorporationssub-SaharanAfricaArticle