女性董事与公司现金持有量之间的关系:来自印度尼西亚的证据

Q2 Economics, Econometrics and Finance
Bambang Sutrisno, Jaharuddin Jaharuddin, Nur Asni Gani, Medo Maulianza, Nurul Sriminarti
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引用次数: 0

摘要

在过去十年中,董事会的性别多样性或董事会中的女性已经引起了学术界和实践者的关注。本文旨在探讨女性董事如何影响印尼企业的现金持有量。本研究使用了2014-2021年康普斯100指数公司的数据。采用固定效应估计器对数据进行分析。研究发现,女性董事对现金持有量有正向影响。在采用替代女性董事的方法并排除COVID-19期间的观察结果时,这一发现仍然有力。此外,研究结果还表明,在有女性董事和没有女性董事的公司之间,现金持有量存在显著差异。在控制变量方面,公司的现金持有量受到董事会规模、杠杆率、公司规模和净营运资本的负向影响。企业盈利能力和增长机会正向影响现金持有量。本文还证明了机构所有权削弱了女性董事与现金持有量之间的联系。研究结果强调,女性董事持有更多现金,是因为她们更厌恶风险。本研究丰富了关于两级董事会制度下发展中国家女性董事与现金持有水平的讨论。本研究没有得到任何资助机构的资助。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The nexus between female directors and corporate cash holdings: Evidence from Indonesia
In the last decade, gender diversity on boards or women in the boardroom has gained the attention of academics and practitioners. This paper aims to explore how women directors affect corporate cash holdings in Indonesia. This study utilizes data on Kompas 100 index firms for 2014–2021. A fixed-effect estimator is used to analyze data. The study reveals that female directors positively influence cash holdings. This finding remains robust when employing an alternative proxy for female directors and excluding observations during the COVID-19 period. Additionally, the findings indicate notable variations in cash holdings between companies with and without female directors. Regarding control variables, a firm’s cash holdings are negatively influenced by board size, leverage, company size, and net working capital. Firm profitability and growth opportunities positively influence cash holdings. This paper also documents that institutional ownership weakens the nexus between female directors and cash holding. The findings highlight that female directors hold higher amounts of cash because of their increased risk aversion. This study enriches the discussion on female directors and cash-holding levels in a developing country with a two-tiered board system. AcknowledgmentsThis study is not funded by any funding agency.
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来源期刊
Investment Management and Financial Innovations
Investment Management and Financial Innovations Economics, Econometrics and Finance-Finance
CiteScore
2.50
自引率
0.00%
发文量
99
审稿时长
11 weeks
期刊介绍: The international journal “Investment Management and Financial Innovations” encompasses the results of theoretical and empirical researches carried out both on macro- and micro-levels, concerning various aspects of financial management and corporate governance, investments and innovations (including using of quantitative methods). It is focused on the international community of financiers, both academics and practitioners. Key topics: financial and investment markets; government policy and regulation; corporate governance; information and market efficiency; financial forecasting and simulation; financial institutions: investment companies, investment funds, investment banks, hedge funds, private pension funds; objects of real and financial investing; financial instruments and derivatives; efficiency of investment projects; econometric and statistic methods in project management; alternative investments; ratings and rating agencies.
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