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- Publisher
- Springer Journals
- Copyright
- Copyright © 2016 by Springer Science+Business Media New York
- Subject
- Finance; Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory
- ISSN
- 0924-865X
- eISSN
- 1573-7179
- DOI
- 10.1007/s11156-016-0597-6
- Publisher site
- See Article on Publisher Site
Abstract
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.
Journal
Review of Quantitative Finance and Accounting – Springer Journals
Published: Aug 30, 2016