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performance. We specifically investigate the firm’s capital allocation efficiency as a moderating channel affecting their …-year observations for the period 2004-2017. We do not find that the firm’s capital allocation efficiency is negatively affected by the … firm’s investment efficiency. Hence, firms need to follow a balancing act when contemplating CSR plans and investing in …
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efficiency. Using seminal investment-Q framework, we provide evidence that CSR distorts investment sensitivity to Q. We further … sensitivity to cash flow. In addition, we find that the distortion in the firm-level capital allocation efficiency is reflected in …
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than the equilibrium interest rate. Most importantly, this paper analyses the efficiency and distributional consequences of …
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equilibrium interest rate. Most importantly, this paper analyses the efficiency and distributional consequences of allowing …
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