We find that corporate giving represents a private benefit of control that distorts corporate investment and financing …, corporate charitable contributions fall, while investment rises, suggesting suboptimal investment caused by managerial private …

We study how interest alignment between CEOs and corporate boards influences investment efficiency and identify a novel … force behind the benefit of misaligned preferences. Our model entails a CEO who encounters a project, gathers investment …

-related information. This exacerbates pre-existing agency frictions and may lead to investment inefficiencies. To counteract this … expense of residual inefficiency. Our findings thus highlight that shareholders' tolerance for investment inefficiencies may … and boards may impact investment efficiency, information quality, project profits, and management rents in a non …

investment using firm-level data from around the world to see whether the legal environment, including corporate governance and … monitoring mechanisms, and financial development are important in the profitability of capital investment.Research Findings …/Insights: Using firms in 40 countries over the period 1988–2004, we find that the causality from earnings to capital investment is …

in the wake of the Great Depression and have been instrumental in these markets’ long standing as the world’s deepest and …

This paper examines the effect of board governance on investment efficiency. I use the staggered enactment of board … find that investment–Q sensitivity improves by almost half post-reform. This effect is more pronounced for firms that are … suggest that increased board oversight strengthens managers’ incentives to make investment decisions that are more in line …

I study a protectionist anti-takeover law introduced in 2014 that covers a subset of all firms in the economy. The law … value. There is no evidence that management of those firms subsequently altered firm policies in its interest. Investment … takeover market by increasing the pay-for-performance sensitivity …