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Is Managerial Ownership a Determinant of Cash Holdings? : An Empirical Investigation of Corporations Listed at the Oslo Stock Exchange.

Malmin, Knut Erlend; Solberg, Vegard
Master thesis
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http://hdl.handle.net/11250/2442493
Issue date
2016
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  • Master of Science [835]
Abstract
In this master thesis, we investigate managerial ownership as a possible

determinant of corporate cash holdings in a sample of Norwegian corporations

listed at the Oslo Stock Exchange. We focus on the importance of managerial

ownership as a disciplinary factor with respect to how companies deploy cash, in

addition to interrelated factors such as corporate governance and controlling

owners, leverage, and growth opportunities. We fail to find evidence in support of

managerial ownership affecting cash holdings when we only control for general

firm-specific characteristics. However, under some circumstances, i.e. when we

interact managerial ownership with a proxy for growth opportunities

(MKTBOOK), we find that managerial ownership has a significant negative effect

on cash holdings. Given that our empirical findings, to a large extent, do not

support a statistically significant relationship between managerial ownership and

cash holdings, we cannot unambiguously motivate and recommend initiation of

managerial ownership with the purpose of solving a potential agency conflict

between shareholders and managers.
Description
Masteroppgave(MSc) in Master of Science in Finance - Handelshøyskolen BI, 2016
Publisher
BI Norwegian Business School

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