Attig, Najah; Ghoul, Sadok El; Guedhami, Omrane; … - In: Journal of Management and Governance 17 (2013) 2, pp. 419-451
This paper investigates the governance role of multiple large shareholders (MLS, henceforth), as evidenced by their impact on the valuation of cash holdings. For a sample of 2,723 firms from 22 countries, we find that the presence of MLS enhances the valuation of firms’ cash holdings. In...
