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The Influence of CEO Characteristics on Corporate Cash Holdings of Small Cap Companies: An empirical analysis of Germany

Ilchmann, Hendrik LU and Salomon, David (2015) BUSN89 20151
Department of Business Administration
Abstract
This study investigates the influence of CEO characteristics on corporate cash holdings. Previous research has already led to an extensive body of firm specific determinants of such, which connects tradeoff, agency and other theories. The upper echelons theory has until present not experienced major attention with regard to this field. This work shows that idiosyncratic managerial values, cognitive styles and demographics do add explanatory value to the enigma of corporate cash policies. In a multiple regression model for listed German small cap companies, the transferability of ordinary factors to civil law countries is examined and new determinants of CEO characteristics are introduced. While firm specific characteristics show conformity... (More)
This study investigates the influence of CEO characteristics on corporate cash holdings. Previous research has already led to an extensive body of firm specific determinants of such, which connects tradeoff, agency and other theories. The upper echelons theory has until present not experienced major attention with regard to this field. This work shows that idiosyncratic managerial values, cognitive styles and demographics do add explanatory value to the enigma of corporate cash policies. In a multiple regression model for listed German small cap companies, the transferability of ordinary factors to civil law countries is examined and new determinants of CEO characteristics are introduced. While firm specific characteristics show conformity with expectations derived from present literature, manager specific factors can not uniformly be conveyed to the sample at hand. Hence, particularities of CEO characteristics in German small cap companies indeed seem to exist. (Less)
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author
Ilchmann, Hendrik LU and Salomon, David
supervisor
organization
course
BUSN89 20151
year
type
H1 - Master's Degree (One Year)
subject
keywords
Cash Holdings, Upper Echelons, CEO Characteristics, Corporate Governanc
language
English
id
7370172
date added to LUP
2015-06-29 13:35:25
date last changed
2015-06-29 13:35:25
@misc{7370172,
  abstract     = {This study investigates the influence of CEO characteristics on corporate cash holdings. Previous research has already led to an extensive body of firm specific determinants of such, which connects tradeoff, agency and other theories. The upper echelons theory has until present not experienced major attention with regard to this field. This work shows that idiosyncratic managerial values, cognitive styles and demographics do add explanatory value to the enigma of corporate cash policies. In a multiple regression model for listed German small cap companies, the transferability of ordinary factors to civil law countries is examined and new determinants of CEO characteristics are introduced. While firm specific characteristics show conformity with expectations derived from present literature, manager specific factors can not uniformly be conveyed to the sample at hand. Hence, particularities of CEO characteristics in German small cap companies indeed seem to exist.},
  author       = {Ilchmann, Hendrik and Salomon, David},
  keyword      = {Cash Holdings,Upper Echelons,CEO Characteristics,Corporate Governanc},
  language     = {eng},
  note         = {Student Paper},
  title        = {The Influence of CEO Characteristics on Corporate Cash Holdings of Small Cap Companies: An empirical analysis of Germany},
  year         = {2015},
}