文章基本信息

标题：The Managerial Ability and Value of Cash: Evidence from Iran
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作者：Saeid Aliahmadi ; Ali Jamshidi ; Rasoul Mousavi 等
期刊名称：Advances in Mathematical Finance and Applications
印刷版ISSN：2538-5569
电子版ISSN：2645-4610
出版年度：2016
卷号：1
期号：1
页码：19-31
DOI：10.22034/amfa.2016.526241
语种：English
出版社：Islamic Azad University of Arak
摘要：This study investigates empirically the value investors place in excess cash holdingand how managerial ability impact on the value of cash holding for Iranianfirms from 2006 to 2014. In this research, managerial ability calculated by usingthe data envelopment analysis (DEA). Following the approach of Faulkender andWang, we find that the relation between managerial ability and value of cash holdingand the level of cash is positive and significant. This result indicates that whenmanagers allocate cash resources efficiently, shareholders consider more value forthe firm cash holding. Also, the result shows that if managers emphasize bothlong-term and short-term of resource management, investors set a higher marginalvalue of cash holdings. In the other words, the able management can improve thevalue of cash holding by the focusing on the spending resource for both long andshort-term periods.