董事会属性和管理层所有权对现金持有量的影响:使用GMM和分位数回归的经验证据

IF 5.5 Q1 BUSINESS

Corporate Governance-The International Journal of Business in Society Pub Date : 2022-10-25 DOI:10.1108/cg-04-2021-0145

Dorra Talbi, Ines Menchaoui

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引用次数: 0

摘要

本研究的目的是检验董事会属性和管理层所有权对现金持有量的影响。本研究考察了2006年至2016年期间观察到的沙特阿拉伯70家上市公司的样本。为了验证假设，作者使用了广义矩和分位数回归方法。实证结果表明，在沙特背景下，公司治理(CG)机制效率低下。事实上，作者发现董事会规模、董事会独立性、二元性和管理层所有权对现金持有量产生了积极而显著的影响。此外，分位数回归证实了在一定阈值下，企业治理机制在保护股东利益方面效率不高的结果。伊斯兰教法的遵守被发现负向且显著地缓和了所研究的关系。原创性/价值本研究不仅有助于澄清和帮助决策者看到企业现金管理的重要性，而且还有助于确定CG机制的局限性。

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Impact of board attributes and managerial ownership on cash holdings: empirical evidence using GMM and quantile regressions

Purpose The purpose of this study is to examine the impact of board attributes and managerial ownership on cash holdings. Design/methodology/approach The present study examines a sample of 70 listed firms in Saudi Arabia observed during the period stretching from 2006 to 2016. To test the hypotheses, the authors used generalized method of moments and quantile regressions. Findings The empirical results reveal that corporate governance (CG) mechanisms are inefficient in the Saudi context. In fact, the authors found that board size, board independence, duality and managerial ownership impact positively and significantly cash holdings. Additionally, quantile regressions confirm the results that at certain thresholds, CG mechanisms are not efficient in protecting shareholders’ interests. Shariah compliance is found to moderate negatively and significantly the studied relationship. Originality/value This study helps to not only clarify and help decision-makers to see the importance of corporate cash management but also to identify the limits of the CG mechanisms put in place.

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来源期刊

Corporate Governance-The International Journal of Business in Society BUSINESS-

CiteScore

11.20

自引率

33.90%

发文量

期刊介绍： Providing a consistent source of in-depth information, analysis and advice considering corporate governance on an international scale, Corporate Governance: The International Journal of Business in Society focuses on knowledge development, practice and performance standards for scholars and Boards of Directors/ Governors of companies throughout the world. The journal publishes a diverse range of substantive theoretical and methodological debates as well as practical developments in the field of corporate governance worldwide. The journal particularly encourages attention to the impact of changes of business/corporate governance forms and practices on people, and the sustainability of different governance models. Articles that highlight models and structures that advance the interests, dignity and well being of all stakeholders, in a sustainable manner, are particularly welcome. The journal covers a broad spectrum of governance-related themes including: -Effective boardroom performance -Control and regulation -Executive leadership -The role and contribution of external (non-executive) directors -The growing importance of governance in the wake of ever-greater corporate scandals -Redefinitions and reassessments of corporate governance models -The role of business in society -The changing nature of the relationship and responsibilities of the firm towards various stakeholders -The incentives required to encourage more socially- and environmentally-responsible corporate action -The role and impact of local and international regulatory agencies and regimes on corporate behaviour.