Ultimate Controlling Person's Foreign Residency Right and Corporate Cash Holdings
Combined with the view pointed out by the upper echelons theory that management character-istics can affect corporate financial decisions,this paper empirically studies the relationship between ultimate controlling person's foreign residency right and corporate cash holdings by using data of Chinese private listed companies for the period from 2010 to 2020.We find that ultimate controlling persons'foreign residency rights increase corporate cash holdings,and short-sightedness of the ultimate controlling person plays a mediating role.Further analysis finds that the active effect is more obvious for firms that located in non-first-tier cities,smaller asset scale,high-tech type and less social responsibility information disclosure.Conclusions provide experience support for listed companies to further improve the internal governance framework and supervision department to strengthen the construction of the regulatory system.
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