Corporate governance and capital allocations of diversified firms

Chen, Sheng‐Syan; Chen, I-Ju

doi:10.1016/j.jbankfin.2011.07.013

Cited by 77 publications

(36 citation statements)

References 103 publications

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“…Kusnadi and Wei (2011) demonstrate that the relationship between changes in cash holding and increasing cash flow is significantly negative in countries with strong legal protection of investors. Chen and Chen (2012) show that the efficiency of diversification strategies in allocation of investments increases with strong governance and shareholder rights.…”

Section: Legal Protections Of Investorsmentioning

confidence: 98%

Multinationals and cash holdings

Fernandes

Gönenç

2016

Journal of Corporate Finance

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This study examines the relationship between cash holdings and the level of multinationality for a large international sample of firms from 40 countries. We consider two dimensions of diversification, geographical and industrial, and find a direct negative relation between both geographic and industrial diversification and cash holdings. This finding is consistent with the diversification argument that multinationals' headquarters plan their investment and cash needs in an efficient way across geographically diversified operations. We further examine whether there is a trade-off between two diversification strategies. The evidence shows that the effect of industrial diversification is negligible once firms are geographically diversified. By performing country-level tests, we also document some new evidence of international differences for the impacts of tax systems, investor protection, political stability, stock market development, economic size and growth, and national culture on the separate and joint effects of geographic and industrial diversifications.

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Section: Legal Protections Of Investorsmentioning

confidence: 98%

Multinationals and cash holdings

Fernandes

Gönenç

2016

Journal of Corporate Finance

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“…Empirically, although a number of past studies suggest that board meetings impacts significantly on performance (Chen & Chen, 2012;Hao, Hu, Liu and Yao, 2014;Hu et al, 2010;Karamanou & Vafeas, 2005;Ntim & Osei, 2011), there seems to be a lack of studies examining the effect of board meetings on dividend pay-out policy. This offers opportunity to make original contribution to the literature.…”

Section: Frequency Of Board Meetings and Dividend Policymentioning

confidence: 99%

“…This implies that H4 (i.e., there is a negative relationship between frequency of board meeting and dividend payment policy) is supported. As explained above, there is a lack of studies investigating the impact of FM on dividend payment policy and most previous studies have focused on examining whether FM influences firm performance (Chen & Chen, 2012;Hu et al, 2010;Karamanou & Vafeas, 2005;Ntim & Osei, 2011). This offers opportunity to provide new evidence on FM's impact on DP.…”

Section: [Insert Table 4 About Here]mentioning

confidence: 99%

Corporate governance and dividend pay-out policy in UK listed SMEs

Elmagrhi

Ntim

Crossley

et al. 2017

IJAIM

118

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“…Recognizing the significance of corporate governance, a number of recent studies (for example, Forssbaeck, 2011;Chen and Chen, 2012) address the influence of ownership on bank risk-taking.…”

Section: Introductionmentioning

confidence: 99%

Ownership, risk-taking and performance of banks in emerging economies

Haque

Shahid

2016

JFEP

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Corporate governance and capital allocations of diversified firms

Cited by 77 publications

References 103 publications

Multinationals and cash holdings

Multinationals and cash holdings

Corporate governance and dividend pay-out policy in UK listed SMEs

Ownership, risk-taking and performance of banks in emerging economies

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