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- W4285271103 abstract "Abstract We develop a dynamic capital structure model to study how agency conflicts between managers and shareholders affect the joint determination of financing and investment decisions. We show that there are two agency conflicts with opposing effects on a manager’s choice of investment: first, the consumption of private benefits channel leads managers not only to choose a lower optimal leverage, but also to underinvest, and second, compensation linked to firm size may lead managers to overinvest. We fit the model to the data and show that the average firm slightly overinvests, younger CEOs invest more than older ones, while CEOs with longer tenure overinvest more than CEOs with shorter tenure. (JEL G12, G31, G32) Received April 23, 2020; editorial decision March 27, 2022 by Editor Uday Rajan" @default.
- W4285271103 created "2022-07-14" @default.
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- W4285271103 date "2022-05-02" @default.
- W4285271103 modified "2023-10-04" @default.
- W4285271103 title "Agency Conflicts and Investment: Evidence from a Structural Estimation" @default.
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- W4285271103 doi "https://doi.org/10.1093/rcfs/cfac019" @default.
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