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Faultlines can affect a board of director’s effectiveness in supervising senior managers, which in turn affects the …
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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...
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ownership and cash holding is found. The findings indicate that managerial ownership aligns the interests of managers with those … higher level of managerial ownership, entrenchment effect of managers is seen. Managers practice their own interests at the …
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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...
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