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Female directors and cash holdings adjustment: Evidence from South Korea

Author

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  • Jagadison K. Aier
  • Eun Hye Jo
  • Jung Wha (Jenny) Lee

Abstract

This paper investigates whether female board participation improves a firm's efforts to manage its cash holdings in Korea. We find that firms with female directors quickly adjust their cash holdings towards the target, particularly when they have excess cash, suggesting that female directors are more likely to respond to anticipated problems related to excess cash relative to liquidity problems that may arise on account of a cash shortage. Furthermore, the relationship between female directors and cash holding adjustment is stronger for non‐chaebol affiliates, female‐friendly companies, and non‐controversial business environments.

Suggested Citation

  • Jagadison K. Aier & Eun Hye Jo & Jung Wha (Jenny) Lee, 2024. "Female directors and cash holdings adjustment: Evidence from South Korea," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 4217-4249, December.
    • Handle: RePEc:bla:acctfi:v:64:y:2024:i:4:p:4217-4249
    DOI: 10.1111/acfi.13303
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