کمیته حزب کمونیست مستقیم کنترل و ارزش بازار دارایی های شرکت های نقدی است

We study the impact of having a communist party committee (CPC) member directly involved in the management of a firm on the market value of cash. Our findings suggest that the CPC member can enhance the market value of cash only when he or she is a director of the board. When the CPC members are supervisors of a supervisory board or senior management, they have no effect.