Business strategy's impact on firm cash holdings and dividend payouts has largely remained unexplored. We identify a fundamental direct link between firm's business strategy its payouts. Analysing two large samples of data US firms over the period 1992–2017, we find strong evidence that prospectors (defenders) are likely to hold more (less) pay less (more) dividends than other firms. Further an...

As the decision-makers and implementers of a firm’s financial strategy, executives play critical role in cash holding activities, their psychological characteristics have major impact on holdings. This paper investigates association between CEO organizational identification firm The empirical results show that is negatively associated with holdings, negative more pronounced when level developme...

Cette étude examine la relation entre diversité de genre dans les conseils d’administration et trésorerie (c’est-à-dire le risque liquidité) excédentaire des entreprises d’agence). En utilisant un échantillon sociétés françaises cotées à l’indice SBF 120 sur période 1998-2015, nous constatons une positive significative au sein surveillance pour deux mesures ratio ajusté par secteur) négative av...