Three Essays on CEO Characteristics and Corporate Financing Decisions
Embargo Lift Date
MetadataShow full item record
This thesis examines the relationship between CEO characteristics, namely CEO power, CEO outsider, with corporate financing decisions, specifically corporate cash holdings and dividend policy. The study finds that powerful CEOs prefer higher cash holdings whereas outsider CEOs are initially interested in reducing cash holdings but such CEOs revert to increasing cash holdings to tunnel cash through dividend payouts. Finally, although powerful CEOs adopt dividend payment decision, such CEOs reduce the quantum of the actual dividend.
Showing items related by title, author, creator and subject.
Xu, Yan (2009)Current research on corporate cash holdings is set within the contemporary corporate cash-holding conceptual framework established by Opler et al. (1999), which consist of the static trade-off theory, the pecking-order ...
Cheung, Adrian (2016)We identify three channels and the corresponding mechanisms through which corporate social responsibility (CSR) may affect corporate cash holdings. CSR firms are expected to have relatively low cash holdings because they ...
Hu, May (2012)This paper investigates macro-level explanations for why firms pay special dividends. The evidence shows that both market conditions and stages of the business cycle affect the propensity and abnormal returns of special ...