The Effect of Managerial Ownership on the Value of Cash Holdings

경영자 지분율이 보유현금가치에 미치는 영향

  • Received : 2019.02.08
  • Accepted : 2019.03.11
  • Published : 2019.04.28


This study examines the effect of managerial ownership on the value of firms' cash holdings. According to the management entrenchment hypothesis, managers have incentives to make decisions that can undermine shareholders' value for their own private interests. In this situation, as the managerial ownership increases, investors may evaluate that the cash held by the company may be utilized inefficiently and the value of the cash holdings may decrease. On the other hand, based on the incentive alignment hypothesis, the value of cash holdings may increase as investors perceive cash holdings to be effectively used to increase corporate value as managers' interests are in agreement with shareholders. Empirical results show that the value of cash holdings decreased as managerial ownership increased. This study finds a contribution in that it presents empirical evidence on whether the cash held by the company is differentially evaluated according to the level of the managerial ownership.


Managerial Ownership;Management Entrenchment Hypothesis;Incentive Alignment Hypothesis;Value of Cash Holdings

표 1. 기술통계량

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표 2. 상관분석

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표 3. 경영자 지분율이 보유현금가치에 미치는 영향

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표 4. 소유경영자 지배기업과 전문경영자 지배기업을 구분한 분석

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