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This study investigates the relationship between board co-option and firms' cash holding behavior. It shows that as the fraction of co-opted directors increases, firms tend to hoard more cash due to agency reasons, indicating that co-opted boards are weaker monitors. The results remain robust to...
Persistent link: https://www.econbiz.de/10014362348
This paper examines whether board gender diversity affects corporate cash holdings using S&P 1,500 index firms in the US for the period 2006–2015. We document a significantly negative relationship between board gender diversity and cash holdings. We also find a strong negative effect of female...
Persistent link: https://www.econbiz.de/10012900269
This study examines whether financial constraints and board governance play substitution roles in lowering agency concerns in corporate cash holdings. Using four firm-specific characteristics of financial constraints and 28 forward-looking board governance standards, we find that board...
Persistent link: https://www.econbiz.de/10013014289
Using staggered board reforms as a quasi-natural experiment and a difference-in-differences approach, this study examines the impact of corporate governance on cash holdings in 41 countries. We find that board reforms are followed by significant reductions in cash holdings. This effect is more...
Persistent link: https://www.econbiz.de/10012839468
pronounced when firms have poorly incentivized managers. We find that firms with a larger number of banking relationships are …
Persistent link: https://www.econbiz.de/10012837473
Part 1 -- Chapter 1: Where was the board? -- Chapter 2: The Faces of Disaster -- Chapter 3: Dealing with the consequences -- Chapter 4: Causes of dysfunctional culture -- {art 4 -- Chapter 5: The subordinated board: Facebook -- Chapter 6: The imbalanced board: Google -- Chapter 7 -- The...
Persistent link: https://www.econbiz.de/10012819067
including a quasi-experimental setting based on director deaths. Firms with experienced boards are able to limit investment …
Persistent link: https://www.econbiz.de/10010408818
-collected data from listed firms in Taiwan for the period 2010 to 2019. We find that CEO age has negative, while CEO tenure has … are controlling shareholders of listed firms in Taiwan. The policy implication of our results is that the authorities need …
Persistent link: https://www.econbiz.de/10014238727
assess the extent to which independent directors in Taiwan constrain tunneling. Taiwan serves as an appropriate jurisdiction … directors were newly introduced to Taiwan's corporate boards, which traditionally follow the dual-board system. Nevertheless … controlling shareholders, in particular, the shareholder managers. The information needed to uncover abusive RPTs is among the …
Persistent link: https://www.econbiz.de/10013122039
Persistent link: https://www.econbiz.de/10012936037