Table 1.
Variable description.
Table 2.
Descriptive statistics.
Table 3.
Correlation analysis.
Table 4.
Baseline regression.
Table 5.
Parallel trend test.
Fig 1.
Plot of parallel trend test for Cashi,t.
Fig 2.
Plot of parallel trend test for Cash_ai,t.
Table 6.
Change in the way the compensation control group is defined.
Table 7.
PSM-DID matching results.
Fig 3.
Distribution of coefficients on Cashi,t after 1000 randomizations of the "Salary Limitation Order".
Fig 4.
Distribution of coefficients on Cash_ai,t after 1000 randomizations of the "Salary Limitation Order".
Table 8.
Mechanism test regression results.
Table 9.
Compensation controls, internal controls and corporate cash holdings.
Table 10.
Compensation controls, management oversight, and corporate cash holdings.
Table 11.
Compensation regulation, degree of information asymmetry, and corporate cash holdings.