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- W1481036285 abstract "This paper examines the investment-cash-flow sensitivity in a sample of 150 American firms over the period 1995-2004. Investment-cash-flow sensitivities can be attributed either to overinvestment resulting from the abuse of managerial discretion (Jensen [1986] and Stulz [1990]), or to underinvestment due to information problems (Myers et Majluf [1984]). We use Tobin's Q to discriminate between firms with these problems, where low Q firms face the managerial discretion problem and high Q firms the asymmetric information problem. Similarly to Degryse et De Jong [2006], we had found evidence which highlights substantially larger investment-cash-flow sensitivity for low Q firms. This finding shows that our empirical test provides support for managerial discretion hypothesis." @default.
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- W1481036285 date "2008-01-01" @default.
- W1481036285 modified "2023-09-24" @default.
- W1481036285 title "Internal Finance and Investment: Asymmetric Information vs. Managerial Discretion" @default.
- W1481036285 doi "https://doi.org/10.2139/ssrn.1118416" @default.
- W1481036285 hasPublicationYear "2008" @default.
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