This study examines the effect of CEO characteristics on the value of excess cash using the listed firm data in Korea. We find that firms with business major CEO have significantly higher value of excess cash compared to the other firms, but science and engineering major have no significant...

We examine the impact of Australia's Remuneration Amendment Act 2011 on CEO compensation and its spill-over effect on cash holdings to better understand how the new legislation affects the principal–agent relationship. Using a sample of ASX top 300 firms from 2004 to 2015, we find that the Act...

The determinants of firm level cash holdings are well documented, yet relatively less is known about the influence of CEO characteristics on corporate liquidity decisions. We examine changes in cash holdings around CEO turnover events, a period in which discrete changes in managerial preferences...

We examine the effect of CEO pensions and deferred compensation (inside debt) on firm cash holdings and the value of cash. We document a positive relation between CEO inside debt and firm cash holdings. This positive effect is magnified by firm leverage and mitigated by the presence of financial...

Cash holding is on average more valuable when firms are managed by overconfident CEOs. Economically, having an overconfident CEO on board is associated with an increase of $0.28 in the value of $1.00 cash holding. The positive effect of CEO overconfidence on the value of cash concentrates among...

This paper examines the impact of managerial ownership on cash holding decisions of the firms listed in Borsa Istanbul 100 index between 2005 and 2013. Main aim of the study is to analyse whether there is any evidence for managerial alignment or managerial entrenchment effect on the corporate...

We examine the effect of CEO marital status on corporate cash holdings. Consistent with the agency framework, we find that firms with single CEOs hold more cash compared to otherwise similar firms with married CEOs. Our findings suggest that corporate tax avoidance and lower dividend payouts are...

We examine the effects of CEO neuroticism on corporate policies for cash holdings. We hand-collect the tweets by CEOs at S&P 1500 companies to measure their neuroticism. We find that firms with relatively neurotic CEOs hold more cash than other CEOs. Using two crises as shocks to corporate...

This study proposes the marital status of a CEO as an alternative explanation of the cash holding behavior of the U.S. firms. Given that marital status determines the risk-taking behavior of the firm, we test whether this behavior is reflected in cash holding. Particularly, we test the...

The corporate finance literature argues that overconfident managers tend to hold less cash, and this leads to a significant deviation from optimal cash levels. We analyse the impact of executive overconfidence on the corporate cash holdings of listed Vietnamese firms. To quantify managerial...