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| Tekijä: | Billett, M.T. Garfinkel, J.A. Jiang, Y. |
| Otsikko: | The influence of governance on investment: evidence from a hazard model |
| Lehti: | Journal of Financial Economics
2011 : DEC, VOL 102:3 p. 643-670 |
| Asiasana: | corporate governance risk management mergers investment planning |
| Kieli: | eng |
| Tiivistelmä: | Does corporate governance impact the schedule of large investment projects? Hazard model estimates indicate strong shareholder governance may deter managers from pursuing large investments. Controlling for investment chances, firms with good governance experience longer time frames between large investments. However, if financial constraints or strong CEO incentives occur (high delta (δ)), no such timing differences are found. Finally, these higher investment hazard firms show significantly negative long-run operating and stock performance. Overall, our results are consistent with the notion of poor governance associating with overinvestment. |
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