CEO neuroticism and corporate cash holdings: Evidence from CEOs’ tweets

Title	CEO neuroticism and corporate cash holdings: Evidence from CEOs’ tweets
Creator	周冠男 Chou, Robin K.;Bui, Dien Giau;Lin, Chih-Yung;Lu, Chien-Lin
Contributor	財管系
Key Words	Cash holdings; CEO personality traits; CEO neuroticism; precautionary motives; value of cash
Date	2025-01
Date Issued	24-Feb-2025 15:36:45 (UTC+8)
Summary	We examine the effects of CEO neuroticism on corporate policies for cash holdings. After hand collecting tweets by CEOs to measure their neuroticism, we find that firms with relatively neurotic CEOs hold more cash than other firms. This positive effect is more pronounced when the firm has a higher precautionary motive to hold cash. The cash held by firms with neurotic CEOs leads to higher firm values and lower credit risks. Overall, neurotic CEOs maintain more conservative corporate policies on holding cash, resulting in a lower cost of financial distress and an improvement in the value of firms.
Relation	Journal of Empirical Finance, Vol.80, 101566
Type	article
DOI	https://doi.org/10.1016/j.jempfin.2024.101566

dc.contributor	財管系
dc.creator (作者)	周冠男
dc.creator (作者)	Chou, Robin K.;Bui, Dien Giau;Lin, Chih-Yung;Lu, Chien-Lin
dc.date (日期)	2025-01
dc.date.accessioned	24-Feb-2025 15:36:45 (UTC+8)	-
dc.date.available	24-Feb-2025 15:36:45 (UTC+8)	-
dc.date.issued (上傳時間)	24-Feb-2025 15:36:45 (UTC+8)	-
dc.identifier.uri (URI)	https://nccur.lib.nccu.edu.tw/handle/140.119/155771	-
dc.description.abstract (摘要)	We examine the effects of CEO neuroticism on corporate policies for cash holdings. After hand collecting tweets by CEOs to measure their neuroticism, we find that firms with relatively neurotic CEOs hold more cash than other firms. This positive effect is more pronounced when the firm has a higher precautionary motive to hold cash. The cash held by firms with neurotic CEOs leads to higher firm values and lower credit risks. Overall, neurotic CEOs maintain more conservative corporate policies on holding cash, resulting in a lower cost of financial distress and an improvement in the value of firms.
dc.format.extent	109 bytes	-
dc.format.mimetype	text/html	-
dc.relation (關聯)	Journal of Empirical Finance, Vol.80, 101566
dc.subject (關鍵詞)	Cash holdings; CEO personality traits; CEO neuroticism; precautionary motives; value of cash
dc.title (題名)	CEO neuroticism and corporate cash holdings: Evidence from CEOs’ tweets
dc.type (資料類型)	article
dc.identifier.doi (DOI)	10.1016/j.jempfin.2024.101566
dc.doi.uri (DOI)	https://doi.org/10.1016/j.jempfin.2024.101566