讲座人：Kam Chan教授
讲座主题：Strategic Deviance and Cash Holdings
摘要：We examine the impact of strategic deviance on corporate cash policy. We find that a firm adopting a strategy deviant from industry central tendencies holds a significant larger amount of cash than a non-deviant strategy firm. In addition, cash holdings increase with the degree of strategic deviance, defined as the extent to which a firm’s strategy deviates from industry norms. These findings can be consistent with the hypothesis that deviant strategy firms hold cash due to either an agency motive or a precautionary motive, or both. We also show that cash holdings are worth less as a deviant strategy is adopted and as strategic deviance increases, consistent with the agency motive. Further analyses reveal that the impact strategic deviance on cash varies with agency costs but not with financial constraints, and weakens after the SOX legislation but does not after bank deregulation, both in supportive of the agency motive. Finally, we find evidence on cash-increasing managerial malfeasance in deviant strategy firms such as paying lower dividends and avoiding more taxes, directly supporting the agency motive. Overall, our study suggests that deviant strategy firms hold more cash due to an agency motive.
讲座时间：2015年12月23日14:00
讲座地点：学院南路校区学术会堂202会议室
讲座人简介：Kam Chan教授现任职于美国西肯塔基大学（Western Kentucky University），任财务学的Leon Page讲座教授。Chan教授于香港中文大学取得本科和硕士学位，并于1990年取得University of Alabama财务学博士。他的教学兴趣为投资学和国际财务学。研究兴趣包括公司治理、现金政策、共同基金、财务学教育、期刊排名和智力贡献的度量等领域。他在国际知名的财务学和其他商学期刊发表了150余篇论文，包括Accounting and Business Research（ABR）、 Accounting and Finance（AF）、Accounting Organizations and Society（AOS）、European Accounting Review（EAR）、European Financial Management（EFM）, Financial Management（FM）、Journal of Banking and Finance（JBF）、Journal of Business Ethics（JBE）、Journal of Corporate Finance（JCF）、Journal of Empirical Finance（JEF）、Journal of Futures Markets（JFM）, Journal of International Business Studies（JIBS）、Journal of Portfolio Management（JPM）、Journal of Real Estate Research（JRER）、Real Estate Economics（REE）等。
本次论坛参加人员范围：会计学院教师、博士生、本硕博连读生以及本科生学术创新实验班成员。
[编辑]：孙颖
