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題名 Alignment or Entrenchment?: Corporate Governance and Cash Holdings in Growing Firms
作者 陳嬿如
Chen, Yenn-Ru ; Chuang, Wei-Ting
貢獻者 財管系
關鍵詞 Cash holdings; Ownership; Board of directors; Founder CEO; Venture capital
日期 2009.11
上傳時間 22-Oct-2014 12:27:03 (UTC+8)
摘要 This study contends that the association between corporate cash holdings and corporate governance is subject to the investment environments that firms face. For example, firms with an abundance of investment opportunities have a strong incentive to hold cash in order to maintain their competitive positions. Shareholders accept high levels of cash holdings in such growing firms if corporate governance can protect their interests. This study examines the effects of corporate governance on cash holdings for a sample of high-tech firms. The results show that CEO ownership, the directorship of venture capitalists (VCs), and independent directors play critical roles in corporate cash policy. In addition, the boards are more effective when the firms` CEOs are also their founders or when VCs hold a large stake of company shares. The effects of corporate governance are more significant in younger firms while the effects of firm-specific economic variables are more significant in older firms in the sample.
關聯 Journal of Business Research,, 62, 1200-1206
資料類型 article
DOI http://dx.doi.org/10.1016/j.jbusres.2008.06.004
dc.contributor 財管系en_US
dc.creator (作者) 陳嬿如zh_TW
dc.creator (作者) Chen, Yenn-Ru ; Chuang, Wei-Tingen_US
dc.date (日期) 2009.11en_US
dc.date.accessioned 22-Oct-2014 12:27:03 (UTC+8)-
dc.date.available 22-Oct-2014 12:27:03 (UTC+8)-
dc.date.issued (上傳時間) 22-Oct-2014 12:27:03 (UTC+8)-
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/70695-
dc.description.abstract (摘要) This study contends that the association between corporate cash holdings and corporate governance is subject to the investment environments that firms face. For example, firms with an abundance of investment opportunities have a strong incentive to hold cash in order to maintain their competitive positions. Shareholders accept high levels of cash holdings in such growing firms if corporate governance can protect their interests. This study examines the effects of corporate governance on cash holdings for a sample of high-tech firms. The results show that CEO ownership, the directorship of venture capitalists (VCs), and independent directors play critical roles in corporate cash policy. In addition, the boards are more effective when the firms` CEOs are also their founders or when VCs hold a large stake of company shares. The effects of corporate governance are more significant in younger firms while the effects of firm-specific economic variables are more significant in older firms in the sample.en_US
dc.format.extent 168384 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.relation (關聯) Journal of Business Research,, 62, 1200-1206en_US
dc.subject (關鍵詞) Cash holdings; Ownership; Board of directors; Founder CEO; Venture capitalen_US
dc.title (題名) Alignment or Entrenchment?: Corporate Governance and Cash Holdings in Growing Firmsen_US
dc.type (資料類型) articleen
dc.identifier.doi (DOI) 10.1016/j.jbusres.2008.06.004en_US
dc.doi.uri (DOI) http://dx.doi.org/10.1016/j.jbusres.2008.06.004 en_US