Jain, Bharat A.; Li, Joanne; Shao, Yingying - In: Journal of Banking & Finance 37 (2013) 6, pp. 2052-2068
This study evaluates the link between CEO governance heterogeneity, power structure of the firm, and product market … of cash reserves are higher under a founder CEO governance regime relative to non-founder CEOs. Concentrating board power … CEOs. Further, we find that stronger internal governance reduces the tendency of IPO firms to deploy excess cash reserves …