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But standing at an angle other arguments, independent board improve the quality of information disclosure and reducing asymmetric information (Chahine and Filatotchev, 2008). Based on the theoretical basis offs in cash holdings, greater transparency of information makes the company more likely to mobilize capital for investment outside the capital. Accordingly, businesses in this situation will not need to keep large amounts of cash. This hypothesis is supported by studies of Ozkan and Ozkan (2004). That also means if the board held more positions in the management or the board chairman concurrently general manager position, the level of operating cash holdings of companies tend high direction. However, this argument has been little support in the study of governance in cash.
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