Research on the impact of cash holdings on the productivity growth of power enterprises in an uncertain environment

In today's volatile and rapidly evolving economic environment, electric power companies face mounting operational and financial challenges. Traditional Data Envelopment Analysis (DEA) models assume fixed inputs and outputs, limiting their ability to reflect real-world uncertainty. To address this gap, this study integrates the Pecking Order Theory with a robust DEA framework to examine how cash holdings influence the productivity of electric utility firms under uncertainty. Using panel data from 61 publicly listed electricity companies during 2009–2021, the research demonstrates that the robust DEA model is more effective in handling uncertainty compared to conventional models. The findings reveal that cash holdings are positively associated with productivity growth, with long-term and total debt ratios serving as partial mediators. Furthermore, the positive effect of cash holdings is more pronounced in state-owned and renewable energy firms than in private or traditional energy companies. These insights contribute to the literature on financial management and offer practical guidance for improving operational resilience and promoting sustainable energy development.