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Agency costs and efficiency of business capital investment: evidence from quarterly capital expenditures
16 references·16 citing·31 second hopsampled
Agency costs and efficiency of business capital investment: evidence from quarterly capital expenditures (2002)Agency costs and efficiency of business c…The determinants and implications of corporate cash holdings (1999)The determinants and implicat…Earnings Management and the Long‐Run Market Performance of Initial Public Offerings (1998)Earnings Management and the L…Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints? (1997)Do Investment-Cash Flow Sensi…Capital-Market Imperfections and Investment (1997)Capital-Market Imperfections …Agency costs of free cash flow, corporate finance, and takeovers (1996)Agency costs of free cash flo…Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms (1994)Monetary Policy, Business Cyc…Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups (1991)Corporate Structure, Liquidit…Managerial discretion and optimal financing policies (1990)Managerial discretion and opt…Financing Constraints and Corporate Investment (1988)Financing Constraints and Cor…Financing Constraints and Corporate Investment (1987)Financing Constraints and Cor…Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers (1986)Agency Costs of Free Cash Flo…Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have (1984)Corporate Financing and Inves…Corporate financing and investment decisions when firms have information that investors do not have (1984)Corporate financing and inves…Principles of Corporate Finance. (1981)Principles of Corporate Finan…Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Theory of the firm: Manageria…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…Digital transformation and enterprise inefficient investment: Under the view of financing constraints and earnings management (2023)Digital transformation and en…When rain matters! Investments and value relevance (2021)When rain matters! Investment…Is cash the panacea of the COVID-19 pandemic: Evidence from corporate performance (2021)Is cash the panacea of the CO…Investment–cash flow sensitivities of restaurant firms (2018)Investment–cash flow sensitiv…R&D investments, capital expenditures, and earnings thresholds (2017)R&D investments, capital expe…Mitigating political uncertainty (2016)Mitigating political uncertai…Analysis of earnings management influence on the investment efficiency of listed Chinese companies (2015)Analysis of earnings manageme…The Effect of Accounting Conservatism on Corporate Investment during the Global Financial Crisis (2011)The Effect of Accounting Cons…The different roles played by venture capital and private equity investors on the investment activity of their portfolio firms (2011)The different roles played by…Incentive effects of bonus depreciation (2010)Incentive effects of bonus de…Optimal design of rating-trigger step-up bonds: Agency conflicts versus asymmetric information (2009)Optimal design of rating-trig…Economic consequences of firms’ depreciation method choice: Evidence from capital investments (2009)Economic consequences of firm…Costly External Finance, Corporate Investment, and the Subprime Mortgage Credit Crisis (2009)Costly External Finance, Corp…The emerging market for European corporate governance: the relationship between governance and capital expenditures, 1997-2005 (2007)The emerging market for Europ…The Determinants of Investment-Cash Flow Sensitivity (2006)The Determinants of Investmen…The cash flow–investment relationship: International evidence of limited access to external finance (2005)The cash flow–investment rela…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)The Cross-Section of Expected Stock Returns (1992)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Determinants of corporate borrowing (1977)The Determination of Financial Structure: The Incentive-Signalling Approach (1977)The Capital Structure Puzzle (1984)The Determinants of Capital Structure Choice (1988)Event Studies in Economics and Finance (1997)GROWTH, BETA AND AGENCY COSTS AS DETERMINANTS OF DIVIDEND PAYOUT RATIOS (1982)Two Agency-Cost Explanations of Dividends (1984)Corporate performance and managerial remuneration (1985)The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems (1993)What Do We Know about Capital Structure? Some Evidence from International Data (1995)A Survey of Corporate Governance (1997)Credit Rationing in Markets with Imperfect Information (1981)The Nature of the Firm (1937)The Pricing of Options and Corporate Liabilities (1973)Separation of Ownership and Control (1983)Law and Finance (1998)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The Financial Accelerator in a Quantitative Business Cycle Framework (1998)Managing with Style: The Effect of Managers on Firm Policies (2003)New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index (2010)The Benefits of Lending Relationships: Evidence from Small Business Data (1994)Threshold effects in non-dynamic panels: Estimation, testing, and inference (1999)The theory and practice of corporate finance: evidence from the field (2001)The Cash Flow Sensitivity of Cash (2004)
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References

  • 1976Theory of the firm: Managerial behavior, agency costs and ownership structure71,441 cited
  • 1984Corporate financing and investment decisions when firms have information that investors do not have18,936 cited
  • 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers17,216 cited
  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 1996Agency costs of free cash flow, corporate finance, and takeovers9,308 cited
  • 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?6,790 cited
  • 1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have6,535 cited
  • 1988Financing Constraints and Corporate Investment5,566 cited
  • 1987Financing Constraints and Corporate Investment4,354 cited
  • 1999The determinants and implications of corporate cash holdings3,910 cited
  • 1990Managerial discretion and optimal financing policies3,679 cited
  • 1981Principles of Corporate Finance.3,634 cited
  • 1997Capital-Market Imperfections and Investment2,600 cited
  • 1994Monetary Policy, Business Cycles, and the Behavior of Small Manufacturing Firms2,546 cited
  • 1991Corporate Structure, Liquidity, and Investment: Evidence from Japanese Industrial Groups

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2,361 cited
  • 1998Earnings Management and the Long‐Run Market Performance of Initial Public Offerings2,300 cited
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