Elyasiani, Elyas; Zhang, Ling - In: Journal of Banking & Finance 54 (2015) C, pp. 115-128
CEO entrenchment distorts firms’ liquidity policy because entrenched CEOs and shareholders have conflicting preferences … for liquidity. We investigate the association between firms’ liquidity level/mix and entrenchment within a system model … to CEO entrenchment can be attributed to smaller and more opaque firms – large and transparent firms maintain their …