Tseng, Pi-Hsun; Su, Xuan-Qi; Tsai, Hsiu-Jung - In: Managerial Finance 43 (2017) 12, pp. 1358-1374
Purpose The purpose of this paper is to study the effect of managerial education levels on the wealth effect at the time of investment announcements, by testing two competitive hypotheses: the agency theory-based overinvestment hypothesis vs the Q-theory-based organizational legitimacy...