Corporate Cash Holdings and CEO Compensation Incentives

By Yixin Liu, David C. Mauer. 2011

314 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/75d6c2496fab1f21d1e05e8550054244c0c15cfa

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Citations in the corpus

The value of financial flexibility and corporate financial policy (2014, background): “Liu and Mauer (2011), for instance, use it to study CEO incentives.”
Why Has the Value of Cash Increased Over Time? (2018, unknown): “…standardized by lagged market value, 7The model in equation (1) has been used in a number of studies to examine cross-sectional variation in the value of cash, including Dittmar and Mahrt-Smith (2007), Denis and Sibilkov (2010), Liu and Mauer (2011), Harford et al. (2014), and Chen et al. (2015).”
What’s in an education? Implications of CEO education for bank performance (2016, methodology): “Based on Coles et al. (2006) and Liu and Mauer (2011), our first instrument is CEO age.”
Corporate cash holdings: Causes and consequences (2015, unknown): “However, Liu and Mauer (2011) find that CEO compensation providing risk-taking incentives is associated with higher levels of cash holding but this cash has lower value to shareholders.”
Firm Cash Holdings and CEO Inside Debt (2013, methodology): “In their study of CEO equity-compensation, Liu and Mauer (2011) document that greater equity incentives as measured by the sensitivity of equity compensation to volatility (vega) are also associated with higher corporate cash holdings.”
State Ownership, Soft-Budget Constraints, and Cash Holdings: Evidence from China's Privatized Firms (2014, unknown): “Recent studies show that the marginal value of cash declines with higher agency costs and poor corporate governance (Dittmar, Mahrt-Smith, and Servaes, 2003; Pinkowitz, Stulz and Williamson, 2006; Kalcheva and Lins, 2007; Dittmar and Mahrt-Smith, 2007; Hartford, Mansi and Maxwell, 2008; Liu and Maue”