The study finds that progress alternatives, money move, and cash flow volatility have an effect on cash holdings positively, while size, leverage, liquidity, asset intangibility and dividend payments affect negatively. Companies operating in the airlines sub-sector maintain more cash, while corporations within the motels and eating places and bars sub-sectors maintain much less cash than the reference sub-sector of travel and tourism. Except for the free cash flow mannequin, the trade-off and pecking order fashions of cash holdings are empirically supported for the TL sector. Subsequent cruise days can be damaged into days at sea and days in port. Days …