In this paper, I investigate the association of CEO personality and the difference of CEO and CFO personality on the level of cash holdings. Based on a sample of US publicly listed firms for 2002-2019, I find first that CEOs three personality traits (conscientiousness, extraversion and...

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...

This paper investigates whether gender diversity in the boardroom is associated with corporate cash holdings and whether investor protection moderates the effect of corporate board gender diversity on corporate cash holdings. Using 20,750 firm-year observations from 33 countries, our analyses...

We investigate the association between voluntary formation of a board investment committee (IC) and corporate cash holdings firms over the life cycle for a large sample of Gulf Cooperation Council (GCC) firms over the 2005–2013 period. We find that IC increases the corporate cash holdings in...

Using corporate payout data from 33 economies around the world, this study investigates the relations among stock repurchases, dividends and firm value (as well as cash value) under different investor protection environments. We find that stock repurchases contribute more to firm value in...

The proportion of assets held by the average Canadian firm in the form of cash has increased steadily since the early 1990s, and is now roughly twice as large as in 1990. The literature has established that the cash-holding behaviour of firms is highly correlated with financial constraints and...

There is anecdotal evidence that the primary reason why managers hold cash on their balance sheets is to cover operating losses (operating shortfalls). In this paper, we rationalize this as an optimal response in a world with contract heterogeneity. Specifically, we relax the standard assumption...

This paper investigates the determinants of a broad sample of Swiss non-financial firms’ cash holdings between 1995 and 2004. The median Swiss firm holds almost twice as much cash and cash equivalents as the median U.S. or U.K. firm. Our results indicate that asset tangibility and firm size...

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...