Corporate cash holdings and over-investment – from perspective of CEO gender

論文翻譯標題: 公司現金持有與過度投資:以CEO性別為觀點探討
  • 紀 鵬威

學生論文: Master's Thesis


In this paper I empirically investigate how CEO gender affects corporate cash holdings and the over-investment of free cash flow among Taiwan listed firms Thereby I utilize a sample of 179 listed firms with female CEOs and a sample of 2149 listed firms with male CEOs during 2012 to 2014 The empirical results show that female CEOs are associated with a higher level of corporate cash holdings Compared with male CEOs female CEOs are more concerned with the precautionary motive of cash while they care less about the opportunity cost of cash Besides I find that female CEOs moderate the over-investment problem of free cash flow again indicating that they are more conservative than male CEOs
獎項日期2016 6月 14
監督員Hsuan-Chu Lin (Supervisor)