|本期目录/Table of Contents|

 LI Xiao-ling,GE Chang-fu,HOU Xiao-tian.The effect of CFO characteristics on cash holdings and the difference in regional marketization[J].Journal of Chang'an University(Social Science Edition),2017,19(03):45-56.





The effect of CFO characteristics on cash holdings and the difference in regional marketization
李晓玲葛长付 侯啸天
LI Xiao-ling GE Chang-fu HOU Xiao-tian
School of Business,Anhui University
CFO cash holdings regional marketization stock option incentive corporate governance structure
Cash holdings Scholars home and abroad made a large number of research on the influencing factors of cash holdings based on tradeoff theory, pecking order theory, and agency cost theory. However, there is very few literature for the research of the impact of CFO characteristics on the cash holdings of enterprises. Taking Shanghai and Shenzhen Ashare listed companies’ data from 2006 to 2014 as sample, this paper did an empirical study on the effect of CFO characteristics on the cash holdings and the difference in regional marketization. The result shows that the listed companies with female CFO have lower cash holdings than that with male CFO. CFO’s age is negatively correlated to the cash holdings of listed companies. The older the CFO gets, the smaller the cash holdings of listed companies becomes. The listed companies with the CFO who has more professional qualifications such as public accountants, CPA and economists have more cash holdings than that with the CFO who doesn’t have. The correlation between stock option incentive and cash holdings is significantly positive, but there is no significant correlation between CFO education level and cash holdings. In addition, in the process of different marketization, the impact of CFO characteristics on cash holdings is obviously different in different regions.


[1]Christopher F B,Caglayan M,Ozkan N,et al.The impact of macroeconomic uncertainty on cash holdings for nonfinancial Firms[J].Social Science Electronic Publishing,2006,15(4):289-304.
[3]Pinkowitz L,Williamson R.Does the contribution of corporate cash holdings and dividends to firm value depend on governance[J].Journal of Finance,2006,61(6):2725-2751.
[6]Opler T,Pinkowitz L,Stulz R,et al.The determinants and implications of corporate cash holdingslongitudinal evidence from firms[J].Journal of Financial Economics,1999,52(1):3-46.
[7]Guney Y,Ozkan A,Ozkan N.Additional international evidence on corporate cash holdings[J].Ssrn Electronic Journal,2003.
[10]Bertrand M, Schoar A.Managing with style:the effect of managers on firm polices[J].Quarterly Jounal of Economics,2003,118(4):1169-1208.
[12]Ge W L,Matsumoto D,Zhang J L.Do CFOs have style? An empirical investigation of the effect of individual CFOs on accounting practices[J].Contemporary Accounting Research,2011,28(4):1141-1179.
[15]Hambrick D C,Mason P A.Upper echelons: the organization as a reflection of its top managers[J].Academy of Management Review,1984,9(2):193-206.
[16]Croson R,Gneezy U.Gender differences in preferences[J].Journal of Economic Literature,2009,47(2):448-474.
[17]Martin A D,Williams M A.CEO gender: effects on valuation and risk[J].Quarterly Journal of Finance & Accounting,2009,48(3):23-40.
[18]Peng W Q,Wei K C.Women executives and corporate investment:evidence from the S&P 1500[D].Hong Kong:Hong Kong University of Science and Technology,2007.
[19]Francis B,Hasan I,Park J C,et al.Gender differences in financial reporting decision making: evidence from accounting conservatism[J].Contemporary Accounting Research,2009,32(3):1285-1318.
[20]许晓芳,方略.CEO 性别会影响公司现金持有行为吗?[J].山西财经大学学报,2013,35(11):77-85.
[23]Huang J,Kisgen D J.Gender and corporate finance: are male executives overconfident relative to female executives?[J].Journal of Financial Economics,2012,108(3):822-839.
[24]Liu Y,Wei Z,Xie F.CFO gender and earnings management: evidence from China[J].Review of Quantitative Finance & Accounting,2016,46(4):881-905.
[25]Prendergast C,Stole L.Impetuous youngsters and jaded oldtimers: acquiring a reputation for learning[J].Journal of Political Economy,1996,104(6):1105-1134.
[26]Wiersema M F,Bantel K A.Top management team demography and corporate strategic change [J].The Academy of Management Journal,1992,35(1):91-121.
[27]Barker V L,Mueller G C.CEO characteristics and firm R&D spending [J].Management Science,2002,48(6):782-801.
[28]Maslow A H.A theory of human motivation[M].Martino Fine Books,2013.
[29]Forte A.Antecedents of managers moral reasoning[J].Journal of Business Ethics,2004,51(4):315-347.
[30]Mcclelland P L,O’Brien J P.Transaction cost economics and corporate governance: the case of CEO age and financial stake[J].Managerial & Decision Economics,2011,32(3):141-158.
[31]Wally S,Baum J.Personal and structural determinants of the pace of strategic decision making[J].Academy of Management Journal,1994,37:932-956.
[32]Becker M H. Sociometric location and innovativeness: reformulation and extension of the diffusion model[J]. American Sociological Review,1970,35(2):267-282.
[33]Crano W D,Schroder H M.Complexity of attitude structure and processes of conflict reduction[J].Journal of Personality & Social Psychology,1967,5(1):110-114.
[35]Graham J,Harvey C.How do CFOs make capital budgeting and capital structure decisions?[J].Journal of Applied Corporate Finance,2002,15(1):8-23.
[36]Aier J K,Comprix J,Gunlock M T,et al.The financial expertise of CFOs and accounting restatement[J].Accounting Horizons,2005,19(3):123-135.
[37]Jensen M C,Meckling W H.Theory of the firm: managerial behavior,agency costs and ownership structure [J].Journal of Financial Economics,1976,3(4):305-360.
[38]Armstrong C S,Jagolinzer A D,Lareker D F.Chief executive officer equity Incentives and accounting irregularities[J].Journal of Accounting Research,2010,48(2):225-271.
[40]Hall B J,Murphy K J.Stock options for undiversified executives[J].Journal of Accounting and Economics,2002,33(1) :3-42.
[43]Tong Z.CEO risk incentives and corporate cash holdings[J].Journal of Business Finance & Accounting,2010,37(9/10) :1248-1280.
[44]Titman S,Wessels R.The determinants of capital structure choice[J].The Journal of Finance,1988,43(1):119.
[45]Ferreira M A,Vilela A S.Why do firms hold cash? Evidence from EMU countries[J].European Financial Management,2004,10(2):295-319.
[47]Liu Y,Mauer D C.Corporate cash holdings and CEO compensation incentives[J].Journal of Financial Economics,2011,102(1):183-198.



基金项目:安徽省社会科学基金项目(AHSKY2015D83);安徽省教育厅人文社会科学重大项目 (SK2014ZD008);安徽大学研究生学术创新研究项目(yfc100251)
更新日期/Last Update: 2017-07-11