公司现金控股与投资效率:女董事和金融危机重要吗?

Q4 Business, Management and Accounting
Ardianto Ardianto, Noor Adwa Sulaiman
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引用次数: 0

摘要

本研究调查了公司现金持有量与投资效率之间的关系,重点关注 COVID-19 和女性董事的存在如何影响这种关系。我们利用 COVID-19 期间印尼上市公司的数据(包括 2350 个公司年观察值),采用带有行业和年份控制的固定效应回归模型来检验我们的假设。我们还进行了稳健性和内生性检验,以确保研究结果的可靠性。我们的研究发现,在 COVID-19 危机期间,现金储备较多的公司往往会出现投资效率下降的情况。此外,董事会中女性董事的存在加剧了大量现金储备对投资效率的负面影响。不过,我们的研究结果也表明,女性董事可以减轻过多现金储备对公司投资效率的不利影响,尤其是在大流行病等不可预见的经济挑战期间。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Corporate Cash Holdings and Investment Efficiency: Do Women Directors and Financial Crisis Matter?
This study investigates the relationship between corporate cash holdings and investment efficiency, with a focus on how COVID-19 and the presence of women directors may influence this relationship. Using data from Indonesian public companies during the COVID-19 period, comprising 2350 firm-year observations, we employ fixed-effect regression models with industry and year controls to test our hypotheses. Robustness and endogeneity tests are conducted to ensure the reliability of our findings. Our research reveals that companies with larger cash reserves tend to experience decreased investment efficiency during the COVID-19 crisis. Moreover, the negative impact of substantial cash reserves on investment efficiency is exacerbated by the presence of female directors on the board. However, our findings also suggest that female directors can mitigate the adverse effects of excessive cash reserves on a company’s investment efficiency, particularly during unforeseen economic challenges such as the pandemic.
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来源期刊
CiteScore
4.50
自引率
0.00%
发文量
512
审稿时长
11 weeks
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