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Autor
Akhtar Tahir (University of Ha'il, Saudi Arabia)
Tytuł
Corporate Governance, Excess-Cash and Firm Value: Evidence from ASEAN-5
Źródło
Economics and Business Review, 2022, vol. 8 (22), nr 4, s. 39-67, tab., bibliogr. 78 poz.
Słowa kluczowe
Ład korporacyjny, Zarządzanie gotówką, Wartość przedsiębiorstwa, Zarządzanie finansami
Corporate governance, Cash management, Enterprise value, Financial management
Uwagi
Klasyfikacja JEL: N6, O16, C1, C3
summ.
Kraj/Region
Kraje ASEAN
ASEAN countries
Abstrakt
This study investigates the role of the country- and firm-level governance practices on the relationship between excess-cash and firm value in ASEAN-5 markets. Using the Generalized Method of Moment models and a sample of 578 firms from 2010 to 2020 the study finds that excess-cash reduces firm value, indicating high agency costs and low firm value. However, excess-cash motivated by managerial ownership, founder CEO, board independence, shareholder rights and creditor rights increase firm value while excess-cash due to managerial entrenchment and CEODuality reduce firm value. In the sub-sample analyses the study finds that entrenched managers and board size play a less effective role in wasting excess-cash in low-excess-cash firms while independent directors play a higher monitoring role in high-excess-cash firms. In addition, governance at the country-level is more effective than at the firm-level in improving the value of excess-cash in large firms. The study offers unique evidence on the relationship between excess-cash and firm value by integrating corporate governance practices at the firm- and country-levels. The research aids practitioners, academics, policymakers and investors in developing the best liquidity policies to enhance business performance. (original abstract)
Dostępne w
Biblioteka Główna Uniwersytetu Ekonomicznego w Krakowie
Biblioteka SGH im. Profesora Andrzeja Grodka
Biblioteka Główna Uniwersytetu Ekonomicznego w Katowicach
Biblioteka Główna Uniwersytetu Ekonomicznego w Poznaniu
Pełny tekst
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Bibliografia
Pokaż
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Cytowane przez
Pokaż
ISSN
2392-1641
Język
eng
URI / DOI
http://dx.doi.org/10.18559/ebr.2022.4.3
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