公司治理与现金持有:聚焦韩国的公司治理报告

Kevin Troy Chua, Hansol Lee
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引用次数: 0

摘要

本研究探讨了公司治理对公司现金持有量的影响,重点关注公司对公司治理报告中列出的核心公司治理指标的合规水平。本研究利用随机效应广义最小二乘法(GLS)回归模型,对韩国上市公司在 2018 年至 2021 年期间的 812 个公司年度观测数据进行了评估。结果表明,治理结构稳健的公司一般保持较低的现金持有水平(系数 = -0.0263,P 值 = 0.044),证实了灵活性假设。此外,股东保护(系数 = -0.0388,p 值 = 0.090)和董事会(系数 = -0.0512,p 值 = 0.052)等治理事项的合规程度越高,现金持有量就越低。对公司组织资本的进一步分析表明,在组织资本较少的组织中,公司治理与现金持有量之间的反向关系更为明显(系数 = -0.0548,p 值为 0.01)。本研究提供的经验证据表明,严格遵守公司治理的核心指标(这是强有力公司治理的标志)会对公司的现金管理产生重大影响。此外,本研究还为监管机构和投资者提供了有价值的见解,并丰富了有关公司治理与现金持有之间相互作用的现有知识体系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Corporate governance and cash holdings: Focusing on a corporate governance report in Korea
This study examines the effect of corporate governance on a company’s cash holdings, focusing on a firm’s compliance levels with core corporate governance indicators as outlined in the corporate governance report. Utilizing a random effect generalized least squares (GLS) regression model, this study evaluates 812 firm-year observations from Korean publicly traded companies covering the period 2018 to 2021. The results indicate that companies with robust governance structures generally maintain lower levels of cash holdings (coefficient = –0.0263, p-value = 0.044), corroborating the flexibility hypothesis. Moreover, higher compliance levels with governance matters concerning shareholder protection (coefficient = –0.0388, p-value = 0.090) and board of directors (coefficient = –0.0512, p-value = 0.052) are associated with reduced cash holdings. Further analysis, accounting for a firm’s organizational capital, underscores that the inverse relationship between corporate governance and cash holdings is more pronounced in organizations with lesser organizational capital (coefficient = –0.0548, p-value < 0.01). This study contributes empirical evidence showing that strict compliance with core corporate governance indicators, indicative of strong corporate governance, substantially affects a firm’s cash management. Additionally, this study offers valuable insights for regulatory authorities and investors and enhances the existing body of knowledge on the interplay between corporate governance and cash holdings.
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