首席执行官能力与现金持有决策

IF 3.6 Q1 BUSINESS, FINANCE Review of Accounting and Finance Pub Date : 2022-11-01 DOI:10.1108/raf-10-2021-0284
Efstathios Magerakis
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引用次数: 0

摘要

目的从公司层面研究CEO能力对公司现金存量的影响。设计/方法/方法通过固定效应回归模型检验了实证假设,该模型使用了美国注册公司的数据。结果与上层梯队理论和现金持有动机相一致,结果表明,在其他条件不变的情况下,有能力的ceo与现金存量水平的增加有关。进一步分析表明,对于财务状况良好的公司,CEO能力与公司现金持有量之间的关联更为深刻。公司规模显著影响CEO能力与现金管理之间的关系。结果对各种灵敏度分析和附加测试具有鲁棒性。研究局限性/影响本研究受到相关代理使用的固有局限性的影响。因此,该研究实现了几个模型规范,以确保在更一般的上下文中发现的有效性。未来的研究应将董事会结构对ceo现金持有行为的作用和监控程序作为本研究的自然延伸。实际意义本研究所得的见解有望推动股东、企业高管和投资策略师在现金政策和CEO选择方面的决策过程。总体而言,该研究提供了新的证据,证明CEO能力是企业现金存量的一个或有因素。
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Chief executive officer ability and cash holding decision
Purpose This paper aims to consider the effect of the chief executive officer’s (CEO) ability on the amount of cash stock at the firm level. Design/methodology/approach The empirical hypothesis is examined via fixed-effect regression models using data from US incorporated firms. Findings Consistent with the upper echelon theory and cash holding motives, the results reveal that able CEOs are associated with an increased level of cash stock, ceteris paribus. Further analysis shows that the association between CEO ability and firm cash holding is more profound for financially sound firms. The authors also demonstrate that firm size significantly affects the relationship between CEO ability and cash management. The results are robust to various sensitivity analyses and additional tests. Research limitations/implications This work is subject to limitations inherent in the use of relevant proxies. Thus, the study implements several model specifications to ensure the validity of findings in a more generic context. Future research should investigate the board structure’s role and the monitoring procedures on the CEOs’ cash holding behavior as a natural extension to this study. Practical implications The insights derived from the study are expected to advance the decision-making process of cash policies and CEO selection for shareholders, business executives and investment strategists. Originality/value Overall, the study provides new evidence that CEO ability is a contingent factor of corporate cash stock.
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来源期刊
CiteScore
4.30
自引率
0.00%
发文量
18
期刊最新文献
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