Tournament-Based Incentives, Corporate Cash Holdings, and the Value of Cash
研究发现锦标赛式激励会促使企业增加现金持有，并提升现金价值，且这种效应在融资约束企业中更强，因为激励带来的高风险政策需要更多现金缓冲。
This research examines the relations between tournament-based incentives and corporate cash holdings and the value of cash. We find robust evidence that tournament-based incentives are positively related to cash holdings and the value of cash. Moreover, the effect of tournament-based incentives on the value of cash is stronger for financially constrained firms. Our evidence indicates that as tournament-based incentives motivate riskier corporate policy choices that lead to not only larger expected shareholder value but also greater cash-flow uncertainty, firms increase cash holdings to cushion potential liquidity shortfalls that may cause underinvestment.