Managerial ability, financial constraints, and the value of cash holding

被引：17
|
作者：
Tsai, Jung-Fa [1 ]
Mai, Ngoc Thuy [1 ]
Bui, Dien Giau [2 ]
机构：
[1] Natl Taipei Univ Technol, Dept Business Management, Taipei, Taiwan
[2] Yuan Ze Univ, Coll Management, Taoyuan, Taiwan
来源：
APPLIED ECONOMICS LETTERS | 2022年 / 29卷 / 05期
关键词：
Managerial ability; skilful CEOs; financial constraint; cash holding;
D O I：
10.1080/13504851.2020.1870917
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We find that a skilful CEO, who persistently performs well over several years, can reduce a firm's financial constraints. Our finding is robust to an instrumental variable regression, different definitions of a skilful CEO, and alternative measures of financial constraints. Further, we provide evidence that skilful managers improve the value of their firms' cash holdings. Thus, this study contributes to the literature by exploring a potential bright side of managerial ability.
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页码：462 / 468
页数：7
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