標題: | Excess cash holdings and investment: the moderating roles of financial constraints and managerial entrenchment |
作者: | Sheu, Her-Jiun Lee, Shiou-Ying 經營管理研究所 Institute of Business and Management |
關鍵字: | Excess cash;Financial constraints;Managerial entrenchment;Overinvestment;Underinvestment;G31;G34 |
公開日期: | 1-十月-2012 |
摘要: | Our study investigates the relationship between excess cash holdings and investment behaviour under two dimensions of financial constraints and managerial entrenchment, based upon a sample of Taiwanese firms operating in an environment characterized by poor legal protection for investors, with data covering the years 20002006. We find that excess cash is significantly correlated with capital expenditure, particularly for firms financially constrained and with severe managerial entrenchment. However, the evidence shows that excess cash is insensitive to R&D expenditure under these two dimensions. |
URI: | http://dx.doi.org/10.1111/j.1467-629X.2012.00500.x http://hdl.handle.net/11536/20538 |
ISSN: | 0810-5391 |
DOI: | 10.1111/j.1467-629X.2012.00500.x |
期刊: | ACCOUNTING AND FINANCE |
Volume: | 52 |
Issue: | |
起始頁: | 287 |
結束頁: | 310 |
顯示於類別: | 期刊論文 |