Relationship Between the Characteristics of CEOs and Excess Cash Holdings of Firms

被引：19

作者：

Lim, Jaemin ^{[1
]}

Lee, Sang Cheol ^{[2
]}

机构：

[1] Seoul Sch Integrated Sci & Technol, Dept Business Adm, Seoul, South Korea

[2] Dongguk Univ Seoul, Coll Business Adm, 30,Pildong Ro 1gil, Seoul 04620, South Korea

来源：

EMERGING MARKETS FINANCE AND TRADE | 2019年 / 55卷 / 05期

关键词：

agency problems; CEO characteristics; excess cash holdings; CORPORATE GOVERNANCE; AUDIT COMMITTEE; AGENCY COSTS; PERFORMANCE; DETERMINANTS; INCENTIVES; LIQUIDITY; STRATEGY; BOARD; INVESTMENT;

D O I：

10.1080/1540496X.2018.1518778

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates the relationship between excess cash holdings of firms and CEO characteristics, such as ownership type, presence of stock options, inclusion in a chaebol, and CEO tenure. Based on a sample of non-financial listed Korean companies for 2000-2014, we find first, that professional CEOs have higher excess cash holdings than owner-managers have. Second, longer CEO tenure lowers excess cash holdings but decreases the marginal impact of CEO tenure on excess cash holdings. Third, the effect of CEO affiliation to a chaebol on excess cash holdings was greater before the global financial crisis of 2008-2009 than after it. Excess cash holdings arise from agency problems and the CEO horizon problem but agency problems between minority and dominant shareholders have eased in Korea since the crisis.

引用

页码：1069 / 1090

页数：22

共 50 条

[1] Effects of CEO characteristics on the relationship between excess cash holdings and audit effort
Lee, Sang Cheol
Lim, Jaemin
APPLIED ECONOMICS, 2021, 53 (25) : 2905 - 2929
[2] Does cash drive innovation? The relationship between cash holdings and firms' dual innovation performance
Yi Xu
Tao Li
Zhiying Liu
Zihao Ding
Journal of Data, Information and Management, 2023, 5 (4): : 267 - 280
[3] Pilot CEOs and Corporate Cash Holdings
Chen, Lili
Li, Lingwei
Wee, Marvin
EUROPEAN FINANCIAL MANAGEMENT, 2025,
[4] Excess cash holdings and firm performance in new and old economy firms
Banjade, Dhruba
Diltz, J. David
QUARTERLY REVIEW OF ECONOMICS AND FINANCE, 2022, 86 : 124 - 133
[5] Corporate Governance and the Value of Excess Cash Holdings of Large European Firms
Schauten, Marc B. J.
van Dijk, Dick
van der Waal, Jan-Paul
EUROPEAN FINANCIAL MANAGEMENT, 2013, 19 (05) : 991 - 1016
[6] Military CEOs and firm dividends and cash holdings
Le, Nam Hoang
Li, Zhe
Ramsey, Megan
INTERNATIONAL JOURNAL OF MANAGERIAL FINANCE, 2024, 20 (03) : 748 - 767
[7] Cash holdings in private firms
Bigelli, Marco
Sanchez-Vidal, Javier
JOURNAL OF BANKING & FINANCE, 2012, 36 (01) : 26 - 35
[8] Determinants of Excess and Deficit Cash Holdings of Firms: Evidence from Emerging Market
Das, Santanu
Goel, Utkarsh
GLOBAL BUSINESS REVIEW, 2021, 22 (05) : 1202 - 1215
[9] Cash holdings, board governance characteristics, and Egyptian firms' performance
Ali, Mohamed Ali Shabeeb
Aly, Saleh Aly Saleh
Abdelazim, Samir Ibrahim
Metwally, Abdelmoneim Bahyeldin Mohamed
COGENT BUSINESS & MANAGEMENT, 2024, 11 (01):
[10] Excess cash holdings and shareholder value
Lee, Edward
Powell, Ronan
ACCOUNTING AND FINANCE, 2011, 51 (02): : 549 - 574

← 1 2 3 4 5 →