Gao, Ziqi; Li, Leye; Lu, Louise Yi - In: Journal of business ethics : JBE 168 (2021) 3, pp. 593-613
This study investigates how social capital affects managers’ use of corporate resources. We find that for firms located in U.S. counties with a high level of social capital, (i) corporate cash holdings have higher marginal value, (ii) the contribution of capital expenditures to shareholder...