This study investigates how controlling shareholders fraudulently extracted firm value via cash tunnelling from Chinese companies from 1998 to 2011. The evidence suggests that expropriating owners choose a balance sheet account that is not directly related to the firm's operating business in...

Prior studies show that agency conflicts are important in explaining corporate financial policies and that the board of directors is central to corporate governance. In this study, we examine the role of this governing body in the accumulation of cash reserves. Using a sample of 597 French...

In this paper, we examine the impact of CEO age and CEO tenure on the cash holdings of firms using unique hand-collected data from listed firms in Taiwan for the period 2010 to 2019. We find that CEO age has negative, while CEO tenure has positive, associations with the levels of corporate cash...

Using listed firms’ data between 2004 to 2011, we find China’s first Antimonopoly Law provokes significant increase in firms’ cash holding efficiency in the sense that cash holding is more aligned with firms’ investment opportunities. We show that the increase in cash holding management...

In this paper, we investigate the impact of government control on investors’ valuation of cash held by listed firms in China. We find strong and robust evidence that government control leads to a lower value of cash. Further evidence suggests that this negative impact is associated with...