Because the board members have a fiduciary duty towards their shareholders. Of course, if the board believes that holding the cash maximizes long-term sharehol

Because the board members have a fiduciary duty towards their shareholders. Of course, if the board believes that holding the cash maximizes long-term shareholder value (e.g., by enabling acquisitions or capital expenditures down the road, or serving as a buffer in a recession), holding cash satisfies their fiduciary duty.