1.0 INTRODUCTION In the past few decades, U.S. businesses have made large investments in information technology (IT), without decisive evidence about the value of such investments [1]. A natural question that arises in this context is whether managers have wasted organizational resources through large investments in IT. In his well-known free cash flow hypothesis, Michael Jensen argues that man...

In this paper, we provide new and complementing international evidence on the relation between cash holdings, corporate governance, and firm value. Our sample consists of a crosssection of 1,875 firms from 46 countries in 2007. We construct eight different measures of firm-level corporate governance based on 64 individual governance attributes provided by Governance Metrics International (GMI)....

Department of management and accounting, Obafemi Awolowo University, Ile-Ife. Osun state, Nigeria Corresponding Author: Adeoti, O.O ___________________________________________________________________________ Abstract Following efforts at reducing excess cash flow in the economy necessitated the introduction point of sale terminal to the consumers by financial regulatory body in Nigeria; this st...

The study aims to examine the long-term abnormal returns to hospitality acquirers as well as the association between excess returns with financing methods and size. The study applies regression analysis with secondary data examining 19 hospitality acquirers from 1996 to 2007. Using hospitality sector specific indices, the study shows that hospitality acquirers receive positive abnormal returns ...

Feedback effects from asset prices to firm cash flows have been empirically documented. This finding raises a question for asset pricing: How are asset prices determined if price affects fundamental value, which in turn affects price? In this environment, by buying assets that others are buying, investors ensure high future cash flows for the firm and subsequent high returns for themselves. Hen...

This paper investigates the relationship between excess cash holdings, product market competition and corporate innovation by using an empirical research method with a sample of A-share manufacturing companies listed in Shanghai Shenzhen China from 2011 to 2021. The study finds that: companies’ holdings have positive impact on innovation; positively regulates innovation, more intense is, signif...