Does CEO experience matter for the speed of adjustment toward target cash holdings? Evidence from Vietnam
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Từ khóa:
CEO experience
Adjustment speed
target cash holdings
Covid-19
Vietnam
Tóm tắt
This paper examines the role of CEO experience in shaping the speed of adjustment toward target cash holdings among Vietnamese listed firms during 2010-2024. Using data from 556 firms, we find that firms led by more experienced CEOs tend to maintain higher cash balances, which may reflect a stronger precautionary motive. CEO experience is also negatively associated with cash adjustment speed, suggesting that experienced CEOs may adopt more conservative financial policies. Further analyses show that this effect appears to be more evident when firms face cash shortfalls, whereas no significant relationship is observed when firms hold excess cash. This negative association becomes stronger during the COVID-19 pandemic and is more pronounced in firms without CEO duality. These findings provide suggestive evidence on the role of managerial characteristics in shaping corporate cash policies in an emerging market context.
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Jun 30, 2026
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Cách trích dẫn
Nhi, N. Q. M., và T. Q. Huy. “Does CEO Experience Matter for the Speed of Adjustment Toward Target Cash Holdings? Evidence from Vietnam”. Tạp Chí Khoa học Và Công nghệ Đại học Đà Nẵng, vol 24, số p.h 6A, Tháng Sáu 2026, tr 126-32, doi:10.31130/ud-jst.2026.24(6A).108E.
