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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...
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Using the Blau index, this paper measures board diversity and uses data from A-share companies listed in Shanghai and Shenzhen between 2011 and 2020 to investigate how board diversity affects marginal value of corporate cash holdings. We found greater board diversity indicated greater marginal...
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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...
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