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This paper focuses on the effect of managerial ownership on cash holdings in a sample of private family firms. Our results suggest that managerial ownership has a significant impact on cash holdings. Cash holdings are largest in the firms with no managerial ownership and lowest in the firms in...
Persistent link: https://www.econbiz.de/10013119884
In the light of the recent financial crisis, the discussion on the nature of runs and on the stabilizing role of liquidity holdings has intensified. This paper explores the cash management conducted by German open-end equity funds for the period between 2005 and 2010. Since ownership structures...
Persistent link: https://www.econbiz.de/10013072782
We examine the effect of corporate ownership structure on the market value of excess cash in Chinese listed firms. We find that state ownership has a positive effect, as the market value of excess cash is greater in state-owned firms than in privately controlled firms. Furthermore, we show that...
Persistent link: https://www.econbiz.de/10013038168
Liquidity of a company is the ability to meet cash commitments before the deadline. Selecting from cash spending or cash holdings by the managers is of great importance for the owners of the company. Various factors can be effective in determining the level of company's liquidity. Ownership...
Persistent link: https://www.econbiz.de/10012891849
Using a hand-collected dataset of city-level local official turnover in China, I find that average cash holdings of listed firms decrease significantly upon turnover of city heads, and this effect concentrates in privately owned enterprises. Such effects are more pronounced in firms located in...
Persistent link: https://www.econbiz.de/10012936035
This study examines the impacts of business group affiliation, ownership disparity, and corporate governance on cash holdings and the value of excess cash of firms, using business group data from Korea, where such organizations are called “chaebols.” We find that Korean chaebol-affiliated...
Persistent link: https://www.econbiz.de/10012937031
This paper investigates the link between corporate governance and cash holdings. We use a data set of firms listed on Pakistan Stock Exchange (PSX) and econometric techniques for panel data We show that institutional, family, and managerial ownership have negative impact on corporate cash...
Persistent link: https://www.econbiz.de/10012868087