We investigate how social capital, captured by the strength of cooperative norms and social networks within a geographical community, affects the internal organization of boards. We find that firms headquartered in high-social-capital communities have a more advisory-focused internal board...

We examine the effect of Top Management Team (TMT) professional finance experience on firm investment efficiency. Top managers with a career background in finance help reduce deviations of investment from the level warranted by firm fundamentals. Reductions in investment inefficiencies are...

This study examines the impact of promotion-based tournament incentives on corporate labor investment efficiency. We find that tournament incentives, measured as the pay gap between the CEO and the next layer of non-CEO senior executives, lead to inefficient labor investments, measured as the...

This study examines the impact of promotion-based tournament incentives on corporate labor investment efficiency. We find that tournament incentives, measured as the pay gap between the CEO and the next layer of non-CEO senior executives, lead to inefficient labor investments, measured as the...