CEO Characteristics and Value of Cash Holdings

Seongjae Mun; Dongwook Seo; Seung Hun Han

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SSRN Electronic Journal

Article . 2017 . Peer-reviewed

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https://dx.doi.org/10.2139/ssr...

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CEO Characteristics and Value of Cash Holdings

descriptionPublicationkeyboard_double_arrow_right Article , Other literature type 01 Jan 2017 English Publisher:Elsevier BVJournal:SSRN Electronic Journal (eissn: 1556-5068,

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Authors: Seongjae Mun; Dongwook Seo; Seung Hun Han;

doi: 10.2139/ssrn.3021865

CEO Characteristics and Value of Cash Holdings

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Abstract

This study examines the effect of CEO characteristics on the value of excess cash using the listed firm data in Korea. We find that firms with business major CEO have significantly higher value of excess cash compared to the other firms, but science and engineering major have no significant effect. Moreover, firms with MBA CEO and master CEO increase the value of excess cash. Age and tenure have negative impact on the value of excess cash, but newly appointment of CEO has positive impact on the value of excess cash. Our study suggests that the value of excess cash depends on CEO characteristics such as educational backgrounds and CEO demographics.

Related Organizations

Korean Association Of Science and Technology Studies
Korea (Republic of)
Korea Advanced Institute of Science and Technology
Korea (Republic of)

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