CEO overconfidence and the speed of adjustment of cash holdings

被引：1

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

页码：202 / 229

页数：28

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