Detail Ownership, Liquidity, and Investment   Oleh:  Hadlock, Charles J. Jenis: Article from Bulletin/Magazine Dalam koleksi: The Rand Journal of Economics vol. 29 no. 3 (1998), page 487-508. Topik: OWNERSHIP; ownership; liquidity; investment Ketersediaan Perpustakaan Pusat (Semanggi) Nomor Panggil: RR10 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada     Lihat Detail Induk Isi artikel This article documents a nonlinear relationship between insider shareholdings and the sensitivity of a firm's investment to its cash flow. As insider holdings increase from zero, investment-cash flow sensitivities rise sharply. This relationship weakens at higher levels of insider ownership, and I find some evidence that investment - cash flow sensitivities decrease slowly with insider holdings after a certain point. I argue that these results are inconsistent with the hypothesis that free - cash - flow problems cause the widely noted sensitivity of investment to cash flow. The results are consistent with the presence of asymmetric - information problems in the capital markets that are heightened when managers have a strong incentive to maximize shareholder returns. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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