کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7339734 1476137 2017 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
CEO managerial ability and the marginal value of cash
ترجمه فارسی عنوان
توانایی مدیر عامل مدیر عامل و ارزش حاشیه نقدی
کلمات کلیدی
توانایی مدیریتی، ارزش پول نقد، نقدی، جریان ازاد نقدینگی، قدرت نفوذ،
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی
This study examines whether the managerial ability of a chief executive officer (CEO) is associated with a marginal value of cash. We predict that more talented CEOs make better use of cash, creating the marginal value of cash. Using the managerial ability measures of Demerjian et al. (2012) and the cash value model developed by Faulkender and Wang (2006), we find that CEO managerial ability significantly increases the marginal value of cash. We also find that the effect of managerial ability on the marginal value of cash is generally greater for financially constrained firms. We further show that that the positive impact of managerial ability on the marginal value of cash is more evident for firms with higher levels of free cash flows and lower management entrenchment. Overall, our findings suggest that the market places a higher value on cash if the cash is managed by more able CEOs, which is consistent with the view that shareholders consider the ability of a CEO when they evaluate cash.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Advances in Accounting - Volume 38, September 2017, Pages 126-135
نویسندگان
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