“…Table 4 shows that the board size has a significant and negative relationship with cash holdings (β = -0.0034, p=0.052). This result is consistent with the previous study by Chen & Wang and MengYun, Husnain, Sarwar, & Ali, and Cambrea, Calabrò, La Rocca, & Paolone, [12,15,32] discovered a negative and significant correlation between board size and cash holdings. As a result, the first hypothesis (H1) is approved.…”