Lee, Kin-Wai; Lee, Cheng-Few - In: Review of Pacific Basin Financial Markets and Policies … 12 (2009) 03, pp. 475-508
Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher...
