Toledo, Eloisa Perez-de; Bocatto, Evandro - In: The International Journal of Business and Finance Research 7 (2013) 2, pp. 91-104
We examine the value shareholders attribute to one euro of extra cash held by Spanish firms and how corporate governance impacts this value by comparing the value of cash for companies with good and poor governance. The results show that one euro of extra cash is valued at a considerable premium...