CEO Pay, Corporate Governance and Cash Holding
This empirical study focuses on the effect of CEO pay and corporate governance on cash holdings. The research sample consists of 183 publicly traded companies listed on the FTSE 350 from 1999 to 2014. The study investigates the determinants of cash holdings based on free cash flow and
the agency model. The analysis documents that CEO ownership has positive and strong relationships with cash holdings. The results support the hypothesis that equity compensation can be used to align managers’ interests with those of shareholders.
Keywords: Cash Holdings; Corporate Governance; Pay
Document Type: Research Article
Affiliations: School of Economics, Finance and Banking, College of Business, Universiti Utara Malaysia, 06000 Sintok, Kedah, Malaysia
Publication date: 01 July 2018
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