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This study aimed to investigate the relationship between board characteristics and cash holdings under different business life cycle of Thai Listed Companies during 2012 - 2016, totaling 1,698 observations, by using fixed effects model analyses. The findings revealed that the combination of CEO and chairman roles measured by dummy variable, 1 if the CEO is also the chair of the board and 0 otherwise, and the number of board meeting were positively related to corporate cash holdings. Furthermore, firm size, leverage, liquidity and capital expenditure had the significant effect on corporate cash holdings. The result also showed that there was no significant moderating effect of business life cycle to the relationship between board characteristics and corporate cash holdings.
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