As the decision-makers and implementers of a firm's financial strategy, executives play a critical role in cash holding activities, and their psychological characteristics have a major impact on cash holdings. This paper investigates the association between CEO organizational identification and...

The psychological factors of senior executives have an important impact on the firm’s financial policies. In this paper, we investigate the association between CEO risk-taking entrepreneurial spirit and firm cash holdings, and find that firms with higher CEO risk-taking entrepreneurial spirit...

Prior research suggests that managers often fail to complete announced open market repurchase (OMR) plans due to uncertainty in the firm's future cash flows. Although high-ability managers should manage cash flows more effectively to complete share reacquisitions, there is little evidence to...

Purpose – We investigate the impact of CEO turnover on performance and accounting-based outcomes following major business restructurings. Design/Methodology/Approach – We analyze a sample of 217 major operational restructurings during the period 1999–2007 using regressions and other...

We examine the effect of capital market pressures for meeting earnings benchmarks on the relationship between R&D spending and CEO option compensation. We consider a particular scenario when firms face small earnings declines but could opportunistically reduce R&D spending to increase reported...

We investigate the impact of CEO turnover in connection with corporate restructurings on subsequent performance improvement and accounting quality. Although operational restructurings are credited with performance improvements, prior studies suggest companies potentially manipulate restructuring...