Directors’ education and corporate liquidity: evidence from boards in Taiwan

被引：19

作者：

Wang M.-J. ^{[1
]}

Su X.-Q. ^{[1
]}

Wang H.-D. ^{[1
]}

Chen Y.-S. ^{[2
]}

机构：

[1] College of Finance and Banking, National Kaohsiung First University of Science and Technology, Kaohsiung City, Taiwan

[2] College of Management, National Taiwan University, Taipei, Taiwan

来源：

Review of Quantitative Finance and Accounting | 2017年 / 49卷 / 2期

关键词：

Cash holdings; Corporate governance; Director; Education; Organizational legitimacy;

D O I：

10.1007/s11156-016-0597-6

中图分类号：

学科分类号：

摘要：

This study relates a firm’s cash holdings and their value to the board of directors’ level of education. Using a sample of firms on the Taiwan Stock Exchange during the period from 2006 to 2012, we find that firms with a highly educated board tend to hold more cash and are associated with a higher value of cash. This fact is especially evident among financially constrained firms. Our findings suggest that highly educated boards provide more efficient monitoring and advisory functions, and thus complement corporate governance. © 2016, Springer Science+Business Media New York.

引用

页码：463 / 485

页数：22

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