英语翻译While municipal managers have incentives to hold cash for operational reasons,it is also plausible that high cash levels exacerbate agency problems between managers and citizens.For example,high levels of cash can free managers from the d

英语翻译While municipal managers have incentives to hold cash for operational reasons,it is also plausible that high cash levels exacerbate agency problems between managers and citizens.For example,high levels of cash can free managers from the d
英语翻译
While municipal managers have incentives to hold cash for operational reasons,it is also plausible that high cash levels exacerbate agency problems between managers and citizens.For example,high levels of cash can free managers from the discipline of requesting voter approval for unpopular projects or programs.Thus,the second part of the study investigates whether high cash holdings are associated with evidence of agency problems.
Specifically,I test whether municipalities with high cash reserves have higher spending on administrative overhead expenses,higher manager salaries and bonuses,and distribution of excess cash to citizens through tax reductions.
Following prior literature such as Opler et al.(1999),high cash holdings (or "excess cash") are measured as the residuals from a regression specification of expected cash holdings.Results indicate that governments with excess cash spend relatively more on administrative expenses,manager salaries,and bonuses,and do not return excess cash to citizens in the form of tax reductions.
Additional analysis examines governance characteristics associated with cash holdings.
This analysis reveals that entrenched managers are associated with higher cash levels.Specifically,municipalities carry more cash when board (council) elections are staggered and the council is not independent (i.e.,the chief elected official either sits on the council or votes on the council).Overall,the implication is that governments with high cash levels appear to have agency problems relative to those with lower cash reserves.
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英语翻译While municipal managers have incentives to hold cash for operational reasons,it is also plausible that high cash levels exacerbate agency problems between managers and citizens.For example,high levels of cash can free managers from the d
虽然市政管理人员进行奖励现金业务上的理由,这也是合理的,高现金水平加剧机构之间的问题的管理人员和公民.例如,高水平的现金可以自由管理人员的纪律要求选民批准不受欢迎的项目或计划.因此,第二部分的研究探讨是否高现金持有相关的证据,机构问题.
具体来说,我测试是否直辖市高现金储备具有较高的管理费用支出的费用,更高的经理人的工资和奖金,以及多余的现金分配给公民通过减税.
继之前的文献,如Opler等.（ 1999年） ,高持有的现金（或“多余的现金” ）是衡量作为一个回归残差规格预计现金持有.结果表明,各国政府与多余现金支出相对较多的行政开支,经理的工资,奖金,不归还给公民多余现金的形式减税.
进一步分析检查治理特征与现金持有.
这一分析表明,根深蒂固的管理人员有较高的现金水平.具体来说,直辖市携带更多的现金时,董事会（理事会）选举错开和安理会不是独立的（即,首席选举产生的官员要么坐在安理会或投票的安理会） .总体而言,其含义是,政府与高现金水平似乎机构问题相对较低的现金储备.