أثر الملكية الإدارية و الثقة الإدارية المفرطة للمدير التنفيذي على مستوى الاحتفاظ بالنقدية في الشركات المساهمة المصرية : دراسة اختبارية على الشركات المسجلة في البورصة المصرية

Abstract EN

This study aimed to test the impact of managerial ownership and CEO over confidence on the level of cash holding.

The study investigates hypothesis on a sample of 80 Egyptian companies listed on Stock Exchange in the period (2013-2018).

Using regression analysis, the paper offers empirical evidence that CEO over confidence has negative relation with the level of cash holding in Egyptian companies.

This result means that increase (decrease) overconfidence, companies retain less (larger (cash.

The results also indicate that there is positive relationship with the level of cash holdingThis result means that increase (decrease) managerial ownership, companies retain more(less) cash.

This result consistent with the hypotheses of no conflict of interest between management and shareholders through the retention of cash or investment in projects with positive net present value, leading to a high level of cash holding.

The results also showed a negative relationship between the CEO overconfidence of the Executive Director and a positive relationship between the managerial ownership if they were tested together on the level of cash holding.