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    Investment Committees and Corporate Cash Holdings

    Access Status
    Fulltext not available
    Embargo Lift Date
    2022-07-22
    Authors
    Al-Hadi, Al-Hadi Ahmed
    Eulaiwi, Baban
    Al-Yahyaee, Khamis
    Duong, Lien
    Taylor, Grantley
    Date
    2020
    Type
    Journal Article
    
    Metadata
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    Citation
    Al-Hadi, A. and Eulaiwi, B. and Al-Yahyaee, K. and Duong, T.H.L. and Taylor, G. 2020. Investment Committees and Corporate Cash Holdings. The North American Journal of Economics and Finance. 54 (Article number 101260): Article No. 101260.
    Source Title
    The North American Journal of Economics and Finance
    DOI
    10.1016/j.najef.2020.101260
    Additional URLs
    https://doi.org/10.1016/j.najef.2020.101260
    ISSN
    1062-9408
    Faculty
    Faculty of Business and Law
    School
    School of Accounting, Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/85096
    Collection
    • Curtin Research Publications
    Abstract

    We investigate the association between the voluntary formation of a board investment committee (IC) and corporate cash holdings for a large sample of Gulf Cooperation Council (GCC) firms over the 2005–2013 period. We provide evidence that the existence of a specialized IC increases corporate cash holdings. We also find that several IC characteristics, i.e., member experience, independence, number of meetings, and committee size, are associated with an increase in firms’ cash holdings. Furthermore, the local and foreign institutional ownership of GCC firms moderates the IC-cash holdings relationship. These results remain robust to alternative specifications of cash holdings and endogeneity tests. We contribute to the literature on firms’ incentives to hold cash and to the literature on governance in emerging market contexts.

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