Accounting and Financial Management Research Seminar – Miss Garnet Li
Date: Wednesday 2 April 2025 | Time: 14:00 to 15:00
Location: Newcastle University Business School (NUBS), Room 2.08
The Accounting and Financial Management research group welcomes Miss Garnet Li.
She will present her work, entitled "CEO Cultural Heritage and Corporate Cash Holdings: An Analysis of the U.S. Tourism Sector."
About the speaker
Miss Garnet Li is a fourth-year PhD candidate researching CEO cultural heritage, leadership, and corporate finance. She holds a Master’s degree from Loughborough University and specialises in econometric analysis of financial and leadership data.
Research abstract
This study examines how CEO immigration backgrounds influence corporate cash holdings in the U.S. tourism and leisure sector. Using a panel dataset of S&P 1500-listed firms from 1999 to 2020, findings suggest that first-generation immigrant CEOs (CEO-Gen1) tend to maintain higher cash reserves. However, these effects diminish across successive generations.
The research contributes to agency theory, pecking order theory, and trade-off theory, offering new insights into financial decision-making in tourism governance. Findings also highlight the broader implications of cultural diversity in corporate leadership.