Abstract
This study examines the effect of CEO characteristics on the value of excess cash using the listed firm data in Korea. We find that firms with business major CEO have significantly higher value of excess cash compared to the other firms, but science and engineering major have no significant effect. Moreover, firms with MBA CEO and master CEO increase the value of excess cash. Age and tenure have negative impact on the value of excess cash, but newly appointment of CEO has positive impact on the value of excess cash. Our study suggests that the value of excess cash depends on CEO characteristics such as educational backgrounds and CEO demographics.
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