Abstract
Based on the unique cultural environment in China and from the unique perspective of the CFO (Chief Financial Officer) in corporate senior management, we systematically examine and analyze the impact of CFO status on corporate liquidity decisions. Using the data of A-share listed companies in the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2014 to 2019 and empirical analysis, we find that the CFO status is a key to corporate governance, especially liquidity decisions. Our results show that CFO status influences the cash holding level while positively influencing the financial leverage. Our study helps improve corporate governance structure and the decision-making process.
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