Does CEO ownership reduce corporate cash holdings? The moderating role of firm characteristics in an emerging market
-
Received March 9, 2026;Accepted August 10, 2026;Published August 20, 2026
- Author(s)
-
DOIhttp://dx.doi.org/10.21511/imfi.23(3).2026.22
-
Article InfoVolume 23 2026, Issue #3, pp. 302–318
- TO CITE АНОТАЦІЯ
- 6 Views
-
0 Downloads
This work is licensed under a
Creative Commons Attribution 4.0 International License
Type of the article: Research Article
Abstract
The worldwide rise in corporate cash reserves, particularly across emerging markets with weak investor protection and concentrated ownership, has made the governance of corporate liquidity an increasingly important research question. This study examines whether CEO ownership influences corporate cash holdings among Vietnamese listed firms, and whether this relationship is moderated by market power and state ownership. Using a panel of 580 non-financial listed firms and 7,929 firm-year observations over 2008–2024, the analysis employs Feasible Generalized Least Squares (FGLS) and two-step System Generalized Method of Moments (System GMM) estimators. The results reveal a consistent negative association between CEO ownership and corporate cash holdings: the CEO-ownership coefficient is negative and statistically significant in the baseline model and remains so across all six baseline and robustness specifications, two alternative cash measures, a one-period-forward model, and the dynamic System GMM estimator. Further checks using alternative trimming and winsorizing thresholds, three ownership subgroups, and a quadratic specification confirm that the relationship is monotonic rather than U-shaped and is not driven by a small number of high-ownership firms. The cash-reducing effect is conditional on firm characteristics: the interactions of CEO ownership with market power and with state ownership are both positive and statistically significant, indicating that competitive dominance and government backing each attenuate this effect. These findings support the alignment hypothesis of agency theory, while showing that the disciplinary role of CEO ownership is bounded by market structure and the ownership environment.
- Keywords
-
JEL Classification (Paper profile tab)G32, G30, G34
-
References53
-
Tables6
-
Figures0
-
- Table 1. Descriptive statistics
- Table 2. Correlation matrix
- Table 3. Baseline results and robustness checks
- Table 4. Sensitivity to high CEO ownership and tests for non-linearity
- Table 5. Moderating effect
- Table A1. Variable descriptions
-
- Abdioğlu, N. (2016). Managerial ownership and corporate cash holdings: Insights from an emerging market. Business and Economics Research Journal, 7(2), 29-41.
- Akhtar, T., Tareq, M. A., & Rashid, K. (2021). Chief executive officers' monitoring, board effectiveness, managerial ownership, and cash holdings: Evidence from ASEAN. Review of Managerial Science, 15(8), 2193-2238.
- Aktas, N., Andreou, P. C., Karasamani, I., & Philip, D. (2019). CEO duality, agency costs, and internal capital allocation efficiency. British Journal of Management, 30(2), 473-493.
- Anand, L., Thenmozhi, M., Varaiya, N., & Bhadhuri, S. (2018). Impact of macroeconomic factors on cash holdings? A dynamic panel model. Journal of Emerging Market Finance, 17(1_suppl), S27-S53.
- Ananzeh, H., Al Shbail, M. O., Alshurafat, H., & Al Amosh, H. (2024). A cross-country examination on the relationship between cash holding, dividend policies, and the moderating role of ESG ratings. Cogent Business & Management, 11(1), Article 2300523.
- Baltagi, B. H. (2021). Econometric analysis of panel data (6th ed.). Springer.
- Bates, T. W., Kahle, K. M., & Stulz, R. M. (2009). Why do U.S. firms hold so much more cash than they used to? Journal of Finance, 64(5), 1985-2021.
- Bigelli, M., & Sánchez-Vidal, J. (2012). Cash holdings in private firms. Journal of Banking & Finance, 36(1), 26-35.
- Bishal, B. C., & Simpson, T. (2023). How do firms learn? Evidence from corporate cash holdings during the COVID-19 pandemic. Accounting & Finance, 63(1), 77-108.
- Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87(1), 115-143.
- Cambrea, D. R., Calabrò, A., La Rocca, M., & Paolone, F. (2022). The impact of boards of directors’ characteristics on cash holdings in uncertain times. Journal of Management and Governance, 26(1), 189-221.
- Chemmaa, A., Ibrahimi, M., & Amine, M. (2026). The impact of ownership structure on earnings management: Evidence from Moroccan listed firms. Investment Management and Financial Innovations, 23(1), 13-26.
- Chen, R. (Ryan), Guedhami, O., Yang, Y., & Zaynutdinova, G. R. (2020). Corporate governance and cash holdings: Evidence from worldwide board reforms. Journal of Corporate Finance, 65, Article 101771.
- Diaw, A. (2021). Corporate cash holdings in emerging markets. Borsa Istanbul Review, 21(2), 139-148.
- Dittmar, A., & Mahrt-Smith, J. (2007). Corporate governance and the value of cash holdings. Journal of Financial Economics, 83(3), 599-634.
- Drobetz, W., Halling, M., & Schröder, H. (2015). Corporate life-cycle dynamics of cash holdings (Swedish House of Finance Research Paper No. 15-07).
- Elyasiani, E., & Zhang, L. (2015). CEO entrenchment and corporate liquidity management. Journal of Banking and Finance, 54, 115-128.
- Fahlenbrach, R., & Stulz, R. M. (2009). Managerial ownership dynamics and firm value. Journal of Financial Economics, 92(3), 342-361.
- Florackis, C. (2008). Agency costs and corporate governance mechanisms: Evidence for UK firms. International Journal of Managerial Finance, 4(1), 37-59.
- Gounopoulos, D., & Zhang, Y. (2024). Temperature trend and corporate cash holdings. Financial Management, 53(3), 471-499.
- Guariglia, A., & Yang, J. (2018). Adjustment behavior of corporate cash holdings: The China experience. The European Journal of Finance, 24(16), 1428-1452.
- Guney, Y., Ozkan, A., & Ozkan, N. (2007). International evidence on the non-linear impact of leverage on corporate cash holdings. Journal of Multinational Financial Management, 17(1), 45-60.
- Harford, J. (1999). Corporate cash reserves and acquisitions. The Journal of Finance, 54(6), 1969-1997.
- Harford, J., Klasa, S., & Walcott, N. (2009). Do firms have leverage targets? Evidence from acquisitions. Journal of Financial Economics, 93(1), 1-14.
- Haushalter, D., Klasa, S., & Maxwell, W. F. (2007). The influence of product market dynamics on a firm’s cash holdings and hedging behavior. Journal of Financial Economics, 84(3), 797-825.
- Hussain, A., Gavurova, B., Ahmed, M., Khan, M. A., & Popp, J. (2023). What matters for corporate cash holdings: Board governance, financial constraints, or interactions? SAGE Open, 13(4), Article 21582440231210618.
- Iskandrani, M. M., Abusharbeh, M., Samara, H., & Boshmaf, H. (2026). Board gender diversity and corporate cash hoarding in Europe: The moderating role of investor protection laws. Investment Management and Financial Innovations, 23(1), 201-212.
- Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics, 3(4), 305-360.
- Ki, Y. H., & Adhikari, R. (2023). Cash holdings and marginal value of cash across different age groups of U.S. firms. Journal of Risk and Financial Management, 16(11), Article 484.
- Klein, L. R. (1962). An introduction to econometrics. Prentice-Hall.
- La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and Finance. Journal of Political Economy, 106(6), 1113-1155.
- Lilienfeld-Toal, U. V., & Ruenzi, S. (2014). CEO ownership, stock market performance, and managerial discretion. Journal of Finance, 69, 1013-1050.
- Lind, J. T., & Mehlum, H. (2010). With or without U? The appropriate test for a U-shaped relationship. Oxford Bulletin of Economics and Statistics, 72(1), 109-118.
- Martins, H. C. (2019). Investor protection, managerial entrenchment, and cash holdings: Cross-country evidence. International Finance, 22(3), 422-438.
- Nguyen, C. T. K., Pham, P. V., & Ngo, H. T. (2026). The participation of investment funds and stock price volatility: An investigation on fund type, size, and ownership. Investment Management and Financial Innovations, 23(1), 1-12.
- Nguyen, D. H., & Truong, T.-A. (2026). Capital structure decisions and business excellence: Benchmarking financial performance in Vietnamese listed companies. International Journal of Business Excellence, 38(5), 29-46.
- Nnadi, M., Surichamorn, V., Jayasekera, R., & Belghitar, Y. (2022). Empirical analysis of debt maturity, cash holdings and firm investment in developing economies. International Journal of Finance & Economics, 27(3), 3345-3372.
- Opler, T., Pinkowitz, L., Stulz, R., & Williamson, R. (1999). The determinants and implications of corporate cash holdings. Journal of Financial Economics, 52(1), 3-46.
- Owusu, A., & Weir, C. (2018). Agency costs, ownership structure and corporate governance mechanisms in Ghana. International Journal of Accounting, Auditing and Performance Evaluation, 14(1), 63.
- Ozkan, A., & Ozkan, N. (2004). Corporate cash holdings: An empirical investigation of UK companies. Journal of Banking & Finance, 28(9), 2103-2134.
- Pham, X. Q., & Nguyen, H. T. T. (2026). The effect of investment on the performance of Vietnamese listed firms: Moderating role of agency costs. Investment Management and Financial Innovations, 23(1), 140-153.
- Phan, T. M. H., Nguyen, K. T., & Pham, L. T. B. (2022). The non-linear impact of financial leverage on cash holdings: Empirical evidence from Vietnam. Cogent Business & Management, 9(1), 2114304.
- Pinkowitz, L., Stulz, R., & Williamson, R. (2006). Does the contribution of corporate cash holdings and dividends to firm value depend on governance? A cross‐country analysis. The Journal of Finance, 61(6), 2725-2751.
- Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136.
- Schiehll, E., & Bellavance, F. (2009). Boards of directors, CEO ownership, and the use of non-financial performance measures in the CEO bonus plan. Corporate Governance: An International Review, 17(1), 90-106.
- Socol, A., & Iuga, I. C. (2025). Does democracy matter in banking performance? Exploring the linkage between democracy, economic freedom and banking performance in the European Union member states. International Journal of Finance & Economics, 30(1), 86-116.
- Sun, W., Yin, C., & Zeng, Y. (2023). Precautionary motive or private benefit motive for holding cash: Evidence from CEO ownership. International Review of Financial Analysis, 90, 102820.
- Thai, T. H. A., & Hoang, M. T. (2024). Does ownership matter in corporate cash holdings? Evidence from an emerging market. Journal of Economics and Development, 26(2), 123-138.
- Thai, T. T. H., Nguyen, T. T. H., Cao, T. H., & Dang, A. T. (2026). Board characteristics, ownership structure, and their effects on real earnings management: Evidence from Vietnamese listed firms. Investment Management and Financial Innovations, 23(1), 27-37.
- Usman, A. (2022). Cash holdings and real asset liquidity. International Review of Financial Analysis, 83, Article 102298.
- Veerhoek, J. P. (2024). The value of corporate cash holdings during the COVID-19 pandemic. Applied Economics, 56(53), 6821-6838.
- Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126(1), 25-51.
- Zhou, M., Cao, J., & Lin, B. (2021). CEO organizational identification and firm cash holdings. China Journal of Accounting Research, 14(2), 183-205.
-
-
Conceptualization
Phan Tran Minh Hung
-
Data curation
Phan Tran Minh Hung
-
Formal Analysis
Phan Tran Minh Hung
-
Funding acquisition
Phan Tran Minh Hung
-
Investigation
Phan Tran Minh Hung
-
Methodology
Phan Tran Minh Hung
-
Project administration
Phan Tran Minh Hung
-
Resources
Phan Tran Minh Hung
-
Software
Phan Tran Minh Hung
-
Supervision
Phan Tran Minh Hung
-
Validation
Phan Tran Minh Hung
-
Visualization
Phan Tran Minh Hung
-
Writing – original draft
Phan Tran Minh Hung
-
Writing – review & editing
Phan Tran Minh Hung
-
Conceptualization
-
Short video marketing factors influencing the purchase intention of Generation Z in Vietnam
Thi Thuy An Ngo
,
Phu Quach
,
Thanh Vinh Nguyen
,
Anh Duy Nguyen
,
Thi Minh Nguyet Nguyen
doi: http://dx.doi.org/10.21511/im.19(3).2023.04
Innovative Marketing Volume 19, 2023 Issue #3 pp. 34-50 Views: 10400 Downloads: 2766 TO CITE АНОТАЦІЯIn the digital age and technological advancements, short video platforms have become essential tools for online sales and marketing. In addition, shopping through short video marketing has gained significant attention, especially among Generation Z, as it brings unique and novel shopping experiences. The primary goal of this study is to explore the factors of short video marketing that influence the purchase intentions of Generation Z consumers in Vietnam. To conduct this study, a quantitative approach was employed, utilizing a 5-point Likert scale questionnaire administered online through a non-probability sampling method. The sample comprised 350 respondents aged between 16 and 26 from Vietnam, representing Generation Z, who made purchases through short video marketing. The relationships among various variables were analyzed using Structural Equation Modeling (SEM). The study’s results demonstrated a positive, significant, and direct relationship between all factors of short video marketing, including interesting content, perceived usefulness, scenario-based experience, user interaction, perceived enjoyment, and involvement of celebrities and consumer brand attitude. Among these factors, perceived usefulness is the most influential factor on customer brand attitude. In addition, the study revealed that consumer brand attitude, acting as a mediating variable, had a positive and significant impact on consumers’ purchase intentions. Based on the findings, the study suggested strategies for businesses to enhance the quality and content on short video platforms, thereby improving the effectiveness of their marketing strategies.
Acknowledgment
The authors express a sincere gratitude to all the participants who generously took part in this research study. -
The effects of social media live streaming commerce on Vietnamese Generation Z consumers’ purchase intention
Thi Thuy An Ngo
,
Chi Thanh Bui
,
Huynh Khanh Long Chau
,
Nguyen Phuc Nguyen Tran
doi: http://dx.doi.org/10.21511/im.19(4).2023.22
Innovative Marketing Volume 19, 2023 Issue #4 pp. 269-283 Views: 7778 Downloads: 4744 TO CITE АНОТАЦІЯSocial media live streaming commerce is an emerging and effective online shopping channel that integrates live streaming and e-commerce through social media platforms. This trend has gained significant attention, particularly from Generation Z, who are drawn to the interactive and entertaining aspects of shopping through live streaming. This study investigates factors affecting the purchase intention of Vietnamese Generation Z consumers in live streaming commerce on social media platforms, assessing the impact of six factors: entertainment, information quality, interactivity, perceived risk, peer customer evaluations and recommendations, and streamers. Using a non-probability sampling, an online survey was conducted among 344 consumers who possess prior experience with social media live streaming commerce. Data analysis used a partial least squares structural equation modeling technique. The findings revealed that increased entertainment, higher information quality, enhanced interactivity, positive peer customer evaluations and recommendations, and a more attractive and expert streamer positively impact purchase intention. Notably, streamers exhibited the most robust influence, while information quality demonstrated the weakest effect among the influencing factors. Conversely, perceived risk did not significantly hinder purchase intention, suggesting Generation Z consumers’ confidence in online transactions and their willingness to take risks for entertainment and interactivity in live streaming commerce. In light of these results, businesses are advised to elevate consumer purchase intentions by prioritizing aspects related to entertainment, information quality, interactivity, and peer customer evaluations. Prudent selection of streamers is highlighted as a pivotal strategy for organizations to effectively shape customer purchasing intentions.
Acknowledgment
The researchers express sincere gratitude to all the participants who generously participated in this study. -
Does board composition have an impact on CSR reporting?
Problems and Perspectives in Management Volume 15, 2017 Issue #2 pp. 19-35 Views: 6441 Downloads: 2350 TO CITE АНОТАЦІЯCorporate social responsibility (CSR) reporting plays a key role in management control, particularly in light of the increased demand for non-financial reporting after the financial crisis of 2008–2009. This literature review evaluates 47 empirical studies that concentrate on the influence of several board composition variables on the quantity and quality of CSR reporting. The author briefly introduces the research framework that underpins current empirical studies in this field. This is followed by a discussion of the main variables of board composition: (1) committees (audit and CSR committees), (2) board independence, (3) board expertise, (4) CEO duality, (5) board diversity (gender and foreign diversity), (6) board activity, and (7) board size. The author, then, summarizes the key findings, discusses the limitations of the existing research and offers useful recommendations for researchers, firm practice and regulators.

