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This study evaluates the link between CEO governance heterogeneity, power structure of the firm, and product market … competition on various facets of post-IPO cash policy. Our results suggest that post-IPO cash holdings as well as marginal value … of cash reserves are higher under a founder CEO governance regime relative to non-founder CEOs. Concentrating board power …
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We use a dynamic model of cash management in which firms face competitive pressure to show that competition increases … competition has first order effects on the cash holdings and financing decisions of constrained firms, in ways consistent with our …
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