Matches in SemOpenAlex for { <https://semopenalex.org/work/W2751945025> ?p ?o ?g. }
- W2751945025 abstract "The relationship between investment efficiency and investment transparency is investigated using a sample of Australian listed company capital expenditure announcements between 2008 and 2014. We suggest two opposing hypotheses to explain why investment efficiency may influence the informativeness of investment disclosures, and present evidence that investment transparency is greater for firms that are over-investing and when sales growth is positive. This evidence is supported by the results from a simultaneous equation regression that considers endogeneity issues. Further evidence reveals that these firms achieve higher profitability and cash flow from operations surrounding the investment announcements, and that high sales growth firms maintain higher debt levels to sustain their investment. Hence the availability of liquid resources appears to support the aggressive investment practices of these firms, and their need for debt financing gives their managers incentives to disclose more financial information in order to ‘hype’ the stock and reduce the costs of financing. Considering possible reverse causality, the results show that investment transparency does not improve investment efficiency. Our interpretation is that managers’ forecasts of project profitability are unsubstantiated and hence in an over-investment situation are ineffective in reducing information asymmetries." @default.
- W2751945025 created "2017-09-15" @default.
- W2751945025 creator A5014904075 @default.
- W2751945025 creator A5054855702 @default.
- W2751945025 creator A5073139296 @default.
- W2751945025 date "2017-01-01" @default.
- W2751945025 modified "2023-09-24" @default.
- W2751945025 title "How is Investment Efficiency Related to Investment Transparency?" @default.
- W2751945025 cites W1977240483 @default.
- W2751945025 cites W1978899012 @default.
- W2751945025 cites W1985795923 @default.
- W2751945025 cites W1994027209 @default.
- W2751945025 cites W1995106861 @default.
- W2751945025 cites W2016808053 @default.
- W2751945025 cites W2027163407 @default.
- W2751945025 cites W2031987703 @default.
- W2751945025 cites W2034328095 @default.
- W2751945025 cites W2044148313 @default.
- W2751945025 cites W2046942780 @default.
- W2751945025 cites W2046977394 @default.
- W2751945025 cites W2061462145 @default.
- W2751945025 cites W2081432842 @default.
- W2751945025 cites W2082123567 @default.
- W2751945025 cites W2090815169 @default.
- W2751945025 cites W2115468428 @default.
- W2751945025 cites W2123343520 @default.
- W2751945025 cites W2128617690 @default.
- W2751945025 cites W2136336587 @default.
- W2751945025 cites W2139998203 @default.
- W2751945025 cites W2154187126 @default.
- W2751945025 cites W2154201911 @default.
- W2751945025 cites W2156109180 @default.
- W2751945025 cites W2160860931 @default.
- W2751945025 cites W2324400225 @default.
- W2751945025 cites W262540847 @default.
- W2751945025 cites W2752617332 @default.
- W2751945025 cites W3023181463 @default.
- W2751945025 cites W3121616854 @default.
- W2751945025 cites W3121887344 @default.
- W2751945025 cites W3122465557 @default.
- W2751945025 cites W3122604999 @default.
- W2751945025 cites W3123245762 @default.
- W2751945025 cites W3124869029 @default.
- W2751945025 cites W3124880432 @default.
- W2751945025 cites W3125113415 @default.
- W2751945025 cites W3125499115 @default.
- W2751945025 cites W3125510660 @default.
- W2751945025 cites W3125512896 @default.
- W2751945025 cites W3125686936 @default.
- W2751945025 cites W3125688476 @default.
- W2751945025 cites W4211243947 @default.
- W2751945025 cites W4240092085 @default.
- W2751945025 cites W4240138963 @default.
- W2751945025 cites W4245045968 @default.
- W2751945025 doi "https://doi.org/10.2139/ssrn.3005686" @default.
- W2751945025 hasPublicationYear "2017" @default.
- W2751945025 type Work @default.
- W2751945025 sameAs 2751945025 @default.
- W2751945025 citedByCount "2" @default.
- W2751945025 countsByYear W27519450252020 @default.
- W2751945025 countsByYear W27519450252022 @default.
- W2751945025 crossrefType "journal-article" @default.
- W2751945025 hasAuthorship W2751945025A5014904075 @default.
- W2751945025 hasAuthorship W2751945025A5054855702 @default.
- W2751945025 hasAuthorship W2751945025A5073139296 @default.
- W2751945025 hasConcept C144133560 @default.
- W2751945025 hasConcept C162324750 @default.
- W2751945025 hasConcept C17744445 @default.
- W2751945025 hasConcept C199539241 @default.
- W2751945025 hasConcept C27548731 @default.
- W2751945025 hasConcept C2780233690 @default.
- W2751945025 hasConcept C38652104 @default.
- W2751945025 hasConcept C41008148 @default.
- W2751945025 hasConcept C556758197 @default.
- W2751945025 hasConcept C94625758 @default.
- W2751945025 hasConceptScore W2751945025C144133560 @default.
- W2751945025 hasConceptScore W2751945025C162324750 @default.
- W2751945025 hasConceptScore W2751945025C17744445 @default.
- W2751945025 hasConceptScore W2751945025C199539241 @default.
- W2751945025 hasConceptScore W2751945025C27548731 @default.
- W2751945025 hasConceptScore W2751945025C2780233690 @default.
- W2751945025 hasConceptScore W2751945025C38652104 @default.
- W2751945025 hasConceptScore W2751945025C41008148 @default.
- W2751945025 hasConceptScore W2751945025C556758197 @default.
- W2751945025 hasConceptScore W2751945025C94625758 @default.
- W2751945025 hasLocation W27519450251 @default.
- W2751945025 hasOpenAccess W2751945025 @default.
- W2751945025 hasPrimaryLocation W27519450251 @default.
- W2751945025 hasRelatedWork W1975287921 @default.
- W2751945025 hasRelatedWork W1985151894 @default.
- W2751945025 hasRelatedWork W1994935731 @default.
- W2751945025 hasRelatedWork W2093110416 @default.
- W2751945025 hasRelatedWork W2168878784 @default.
- W2751945025 hasRelatedWork W2333526246 @default.
- W2751945025 hasRelatedWork W2338849032 @default.
- W2751945025 hasRelatedWork W2584810979 @default.
- W2751945025 hasRelatedWork W2770742088 @default.
- W2751945025 hasRelatedWork W4283793902 @default.
- W2751945025 isParatext "false" @default.
- W2751945025 isRetracted "false" @default.