The Effect of Governance Mechanisms on Small and Medium-Sized Enterprise Cash Holdings: Evidence from the United Kingdom
研究了2000-2009年间英国中小企业治理机制对现金持有量的影响，发现CEO薪酬正向影响现金持有，而公司治理指数和内部人持股无显著影响。
This paper investigates the impact of governance mechanisms on small and medium-sized enterprise (SME) cash holdings from 2000 to 2009, employing static and dynamic panel data analyses. We find no evidence that firm governance index and insider ownership affect cash holdings. This might indicate that governance mechanisms in SMEs are relatively weak. We also report that chief executive officer compensation has a positive effect on cash holdings. Firm-specific factors such as firm size, leverage, and liquidity negatively affect cash holdings, whereas the research and development ratio and operating risk are positively associated with them. Finally, SMEs have target cash holdings and adjust to these.