Beschreibung:
Using the Blau index, this paper measures board diversity and uses data from A-share companies listed in Shanghai and Shenzhen between 2011 and 2020 to investigate how board diversity affects marginal value of corporate cash holdings. We found greater board diversity indicated greater marginal value of corporate cash holdings. Board independence, property rights, and environmental dynamism will moderate the relationship between board diversity and marginal value of corporate cash holdings. Further mechanism analysis shows that high-diversity boards improve marginal value of corporate cash holdings by alleviating agency problems and increasing firm resources. This study provides new ideas and evidence for discussing how macro and micro factors affect corporate governance. Furthermore, its results provide some references for accounting information users to analyze corporate value and make reasonable investment decisions