Cash holding and over-investment behavior in firms with problem directors
作者： Md Borhan Uddin Bhuiyan , Jill Hooks
DOI: 10.1016/J.IREF.2019.01.005
关键词: Accounting 、 Empirical relationship 、 Cash holdings 、 Corporate governance 、 Business 、 Quality (business) 、 Cash 、 Investment behavior
摘要: This paper examines the empirical relationship between cash holding and investment behavior when problem directors are on the Board. We argue that problem directors provide lower quality (weak) corporate governance which encourages excess cash holdings. The findings show consistent evidence that firms with at least one problem director hold more cash. In addition, evidence is found that firms with higher cash holdings engage in over-investment and such behavior is more pronounced when problem directors are on the …
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