標題: Excess cash holdings and investment: the moderating roles of financial constraints and managerial entrenchment
作者: Sheu, Her-Jiun
Lee, Shiou-Ying
經營管理研究所
Institute of Business and Management
關鍵字: Excess cash;Financial constraints;Managerial entrenchment;Overinvestment;Underinvestment;G31;G34
公開日期: 1-十月-2012
摘要: Our study investigates the relationship between excess cash holdings and investment behaviour under two dimensions of financial constraints and managerial entrenchment, based upon a sample of Taiwanese firms operating in an environment characterized by poor legal protection for investors, with data covering the years 20002006. We find that excess cash is significantly correlated with capital expenditure, particularly for firms financially constrained and with severe managerial entrenchment. However, the evidence shows that excess cash is insensitive to R&D expenditure under these two dimensions.
URI: http://dx.doi.org/10.1111/j.1467-629X.2012.00500.x
http://hdl.handle.net/11536/20538
ISSN: 0810-5391
DOI: 10.1111/j.1467-629X.2012.00500.x
期刊: ACCOUNTING AND FINANCE
Volume: 52
Issue: 
起始頁: 287
結束頁: 310
顯示於類別:期刊論文


文件中的檔案:

  1. 000309598700011.pdf