ABSTRACT

This study investigates whether CEO-CFO tenure consistency impacts corporate cash holdings. We find that a company’s cash holdings increase when CEO and CFO have the same tenure. The positive relationship between CEO-CFO tenure consistency and cash holdings is more obvious in companies with CEO duality, a smaller proportion of independent directors, and more serious agency problems. Further evidence shows that CEO-CFO tenure consistency decreases the value of cash holdings.

中文翻译：

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CEO-CFO任期一致性和现金持有

摘要

本研究调查了 CEO-CFO 任期一致性是否会影响企业现金持有量。我们发现当 CEO 和 CFO 的任期相同时，公司的现金持有量会增加。CEO-CFO任期一致性与现金持有量之间的正相关关系在CEO双重身份、独立董事比例较小、代理问题较严重的公司中更为明显。进一步的证据表明，CEO-CFO 任期的一致性降低了现金持有的价值。