Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher expected managerial entrenchment, those with higher proportion of outside director on the board and smaller board size have lower cash holdings. We also find that firm value is negatively associated with cash levels. The negative association between firm value and cash holdings is more pronounced in firms with (i) lower proportion of outside directors, (ii) larger boards and (iii) higher expected managerial entrenchment. For firms with both high cash holdings and high expected managerial entrenchment, investors additionally discount the valuation of firms with lower proportion of outside directors and those with larger boards.
{"title":"Cash Holdings, Corporate Governance Structure and Firm Valuation","authors":"Cheng-Few Lee, K. Lee","doi":"10.2139/ssrn.1536481","DOIUrl":"https://doi.org/10.2139/ssrn.1536481","url":null,"abstract":"Firms with higher board independence, smaller boards, and lower expected managerial entrenchment, have lower cash holdings. We find that the positive association between cash holdings and managerial entrenchment is mitigated by stronger board structures. Specifically, in firms with higher expected managerial entrenchment, those with higher proportion of outside director on the board and smaller board size have lower cash holdings. We also find that firm value is negatively associated with cash levels. The negative association between firm value and cash holdings is more pronounced in firms with (i) lower proportion of outside directors, (ii) larger boards and (iii) higher expected managerial entrenchment. For firms with both high cash holdings and high expected managerial entrenchment, investors additionally discount the valuation of firms with lower proportion of outside directors and those with larger boards.","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"144 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133495747","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2006-10-01DOI: 10.1108/09600030610710854
M. S. Sohail, R. Bhatnagar, A. Sohal
Purpose – The aim of this research is to undertake a comparative analysis on the use of third party logistics (3PL) services by manufacturing firms in Singapore and Malaysia.Design/methodology/approach – This study is based on a questionnaire survey conducted in Singapore and Malaysia in 1998 and 2000, respectively. The paper addresses key issues relating to the extent of usage of 3PL services, specific contract logistics services used, benefits for the user firms, obstacles encountered in implementing contract logistics relationships, impact of the use of contract logistics services on logistics costs, customer satisfaction, and employees of the user firms and the future plans of current users of contract logistics services.Findings – Analysis shows that there are similarities on the use of contract logistics services in Singapore and Malaysia. These include the proportion of firms utilising contract logistics, the extent of involvement of functional managers, budget allocation and activities outsourced....
{"title":"A Comparative Study on the Use of Third Party Logistics Services by Singaporean and Malaysian Firms","authors":"M. S. Sohail, R. Bhatnagar, A. Sohal","doi":"10.1108/09600030610710854","DOIUrl":"https://doi.org/10.1108/09600030610710854","url":null,"abstract":"Purpose – The aim of this research is to undertake a comparative analysis on the use of third party logistics (3PL) services by manufacturing firms in Singapore and Malaysia.Design/methodology/approach – This study is based on a questionnaire survey conducted in Singapore and Malaysia in 1998 and 2000, respectively. The paper addresses key issues relating to the extent of usage of 3PL services, specific contract logistics services used, benefits for the user firms, obstacles encountered in implementing contract logistics relationships, impact of the use of contract logistics services on logistics costs, customer satisfaction, and employees of the user firms and the future plans of current users of contract logistics services.Findings – Analysis shows that there are similarities on the use of contract logistics services in Singapore and Malaysia. These include the proportion of firms utilising contract logistics, the extent of involvement of functional managers, budget allocation and activities outsourced....","PeriodicalId":264671,"journal":{"name":"Nanyang Business School Research Paper Series","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125035437","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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