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What is Minority Shareholder

Chapter 8
Corporate Governance Models and Applications in Developing Economies
A shareholder whose proportion of shares is not adequate to exert control over the corporate decisions and who may be subject to expropriation.
Published in Chapter:
Cash Holdings and Corporate Governance: Evidence From Turkey
Elif Akben-Selcuk (Kadir Has University, Turkey) and Pinar Sener (OCRE Lab, EDC Paris Business School, France)
Copyright: © 2020 |Pages: 29
DOI: 10.4018/978-1-5225-9607-3.ch008
Abstract
This chapter investigates the empirical factors affecting corporate cash holdings with special emphasis on corporate governance variables for a sample of Turkish-listed nonfinancial firms over the period 2006 to 2010. The findings reveal a significant non-linear relation between family ownership and cash holdings. In addition, while board structure does not significantly affect the level of cash holdings, tunneling increases cash reserves of firms. Furthermore, the results indicate that cash flow, leverage, other liquid assets that can be used as cash substitutes, the degree of tangibility of assets, and firm size are important in determining cash holdings among Turkish companies.
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