财务、会计Seminar第一百三十四期讲座

演讲题目:CEO Savings Culture and Corporate Cash  Policy

 

 

演讲者:   林晨  香港大学教授

 

 

演讲时间:2016118日(周二)上午10:001130

 

 

演讲地点:   嘉庚二501

 

 

主持人: 叶建明 教授

 

 

参加者:对会计、财务研究有兴趣的师生

 

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论文摘要:

Using the national savings rate in the CEO’s country of ancestry as a  proxy for savings culture, we document a significant positive impact of CEO  savings culture on corporate cash holdings in the U.S. The empirical results are  highly robust to the inclusion of firm, industry×year and state×year fixed  effects, and to an instrumental variables analysis using future time reference  in languages as instruments. We also find that the impact of CEO savings culture  on corporate cash holdings is stronger when the CEOs are more powerful and  entrenched. Using the relaxation of interstate branching restrictions under the  Interstate Banking and Branching Efficiency Act (IBBEA) as a natural experiment,  we find that only CEOs with a low savings culture respond to the improvement in  access to external finance by reducing corporate cash holdings. Finally, we  examine corporate payouts and find that CEOs with a high savings culture would  rather retain cash than distribute it to shareholders.