CEO overconfidence and the speed of adjustment of cash holdings

被引：0
|
作者：
El Kalak, Izidin [1 ]
Goergen, Marc [2 ,3 ]
Guney, Yilmaz [4 ]
机构：
[1] Cardiff Univ, Cardiff Business Sch, Cardiff, Wales
[2] IE Univ, IE Business Sch, Madrid, Spain
[3] European Corp Governance Inst, Brussels, Belgium
[4] Coventry Univ, Ctr Financial & Corp Integr, Coventry, Warwick, England
来源：
EUROPEAN JOURNAL OF FINANCE | 2025年 / 31卷 / 02期
关键词：
Cash holdings; speed of adjustment; CEO overconfidence; corporate governance; financial constraints; leverage; G32; G34; PRODUCT MARKET COMPETITION; CAPITAL STRUCTURE; CORPORATE GOVERNANCE; INFORMATION ASYMMETRY; CREDIT RISK; FIRMS HOLD; PANEL-DATA; LEVERAGE; DETERMINANTS; FLOW;
D O I：
10.1080/1351847X.2024.2364829
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
In this study, we examine the links between CEO overconfidence, the speed of adjustment (SOA) of cash holdings, and firm value for listed US firms, finding a positive effect of CEO overconfidence on SOA. We address endogeneity concerns using a difference-in-differences approach, propensity score matching, and entropy balancing. Our results are robust to the use of alternative estimation methods. Finally, we conclude that financial constraints, leverage, and corporate governance quality affect the relation between CEO overconfidence and the SOA of cash holdings.
引用
收藏
页码：202 / 229
页数：28
相关论文
共 50 条
  • [1] CEO overconfidence and corporate cash holdings
    Chen, Yenn-Ru
    Ho, Keng-Yu
    Yeh, Chia-Wei
    JOURNAL OF CORPORATE FINANCE, 2020, 62
  • [2] CEO overconfidence and the value of corporate cash holdings
    Aktas, Nihat
    Louca, Christodoulos
    Petmezas, Dimitris
    JOURNAL OF CORPORATE FINANCE, 2019, 54 : 85 - 106
  • [3] CEO overconfidence and the adjustment speed of leverage and cash: evidence on cash is not the same as negative debt
    Yung, Kenneth
    Long, Xiang
    EMPIRICAL ECONOMICS, 2022, 63 (02) : 1081 - 1108
  • [4] CEO overconfidence and the adjustment speed of leverage and cash: evidence on cash is not the same as negative debt
    Kenneth Yung
    Xiang Long
    Empirical Economics, 2022, 63 : 1081 - 1108
  • [5] Cash holdings speed of adjustment
    Orlova, Svetlana V.
    Rao, Ramesh P.
    INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2018, 54 : 1 - 14
  • [6] Cash Holdings Adjustment Speed and Managerial Ability
    Cho, Hyungjin
    Choi, Sera
    Kim, Mi-Ok
    ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, 2018, 47 (05) : 695 - 719
  • [7] Institutional determinants of cash holdings speed of adjustment
    Orlova, Svetlana V.
    Sun, Li
    GLOBAL FINANCE JOURNAL, 2018, 37 : 123 - 137
  • [8] Cash holdings in SMEs: speed of adjustment, growth and financing
    Martinez-Sola, Cristina
    Garcia-Teruel, Pedro J.
    Martinez-Solano, Pedro
    SMALL BUSINESS ECONOMICS, 2018, 51 (04) : 823 - 842
  • [9] Cash holdings in SMEs: speed of adjustment, growth and financing
    Cristina Martínez-Sola
    Pedro J. García-Teruel
    Pedro Martínez-Solano
    Small Business Economics, 2018, 51 : 823 - 842
  • [10] Cash Holdings and CEO Turnover
    Intintoli, Vincent J.
    Kahle, Kathleen M.
    QUARTERLY JOURNAL OF FINANCE, 2016, 6 (04)
12345