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 firm cash holdings. The empirical results show that CEO organizational identification is negatively associated with firm cash holdings, and the negative association is more pronounced when the level of financial development is higher and economic uncertainty is lower. Further analysis reveals that the higher a CEO’s organizational identification, the higher the firm’s R&D investment and capital expenditure, and high CEO organizational identification can increase the value of firm cash holdings. Overall, our findings supplement the literature on organizational identification and cash holdings, and on the effect of executives’ psychological characteristics on corporate financial decision-making.

作为企业财务战略的决策者和实施者，高管在现金持有活动中扮演着至关重要的角色，其心理特征对现金持有量产生重大影响。本文研究了首席执行官组织认同与公司现金持有量之间的关联。实证结果表明，首席执行官的组织认同与公司的现金持有量负相关，而当金融发展水平较高而经济不确定性较低时，负相关关系则更为明显。进一步的分析表明，CEO的组织认同度越高，企业的R＆D投资和资本支出越高，CEO的组织认同度越高，可以增加公司现金持有量的价值。全面的，