|Title:||Directors’ education and corporate liquidity: evidence from boards in Taiwan||Authors:||Wang M.-J.
|Keywords:||Cash holdings;Corporate governance;Director;Education;Organizational legitimacy||Issue Date:||2017||Journal Volume:||49||Journal Issue:||2||Start page/Pages:||463-485||Source:||Review of Quantitative Finance and Accounting||Abstract:||
This study relates a firm’s cash holdings and their value to the board of directors’ level of education. Using a sample of firms on the Taiwan Stock Exchange during the period from 2006 to 2012, we find that firms with a highly educated board tend to hold more cash and are associated with a higher value of cash. This fact is especially evident among financially constrained firms. Our findings suggest that highly educated boards provide more efficient monitoring and advisory functions, and thus complement corporate governance. © 2016, Springer Science+Business Media New York.
|Appears in Collections:||財務金融學系|
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