Using political corruption conviction data from the U.S. Department of Justice, we examine the impact of local … corruption on firms’ debt maturity structure while exploring both demand-side and supply-side explanations. Our results support … the demand-side story and indicate that firms located in high corruption areas utilize less short-term debt to mitigate …

This paper examines how political corruption affects M&A activities. By exploiting the public enforcement of the anti-corruption … corruption increases cross-region takeover activities by 40% and deal volume more than doubles. Further analysis reveals that the … behind these real effects on corporate investments. Reduction in corruption also leads to higher bidder returns and improves …

This study investigates the effects of board characteristics on R&D investment by utilizing a data set of electronics … firms listed on the Taiwan Stock Exchange Corporations. The empirical results indicate that R&D investment is negatively …&D investment is positive, but not significant. The findings provide one important managerial implication that firms competing on …

This paper analyzes the relation between institutional investment duration and corporate governance using a new metric … of investment duration that accounts for firm-specific investment durations of each institution. We conjecture that … duration of institutional ownership. We also show that the relation between investment duration and corporate governance varies …

We show how directors can set the strength of a firm's anti-takeover provisions in order to influence the investment …

uncertainty alters investment decisions by affecting firms or projects. We find approximately 4% fewer acquirer announcements in … affects investment through both fi rm and project channels. Smaller deals and deals by fi nancially constrained firms are most …

corporate investment levels. We find a negative relation between inside debt and both R&D and capital expenditures for firms … their ability to issue equity. Our findings contribute to the literature on CEO incentives and corporate investment policy …

directors with diverse industry expertise as well as the impacts of director diversity on investment and firm performance …

Japanese data. We find that the higher the personal risk aversion of CFOs, the lower the level of high-risk investment. We also … find that this effect of the risk aversion on investment is strengthened when the portfolio of CFOs is less diversified and …