LI Yan-xi, GAI Yu-kun, XUE Guang. Managerial Ability and Enterprises' Investment Efficiency——Based on an Empirical Study of A-share Listed Companies in China[J]. Journal of Northeastern University(Social Science), 2018, 20(2): 131-139.
[1]Porta R L,Lopez-De-Silanes F,Shleifer A. What Works in Securities Laws?[J]. Journal of Finance, 2006,61(1):1-32.. [2]Hoechle D,Schmid M,Walter I,et al. How Much of the Diversification Discount Can Be Explained by Poor Corporate Governance? [J]. Journal of Financial Economics, 2012,103(1):41-60. [3]Cheng M,Dan D,Zhang Y. Does Investment Efficiency Improve After the Disclosure of Material Weaknesses in Internal Control over Financial Reporting? [J]. Journal of Accounting & Economics, 2013,56(1):1-18. [4]王福胜,朱志标. 财务报告质量、资产抵押能力与投资效率分析[J]. 商业研究, 2016(3):85-94. [5]Lang L,Ofek E,Stulz R. Leverage, Investment, and Firm Growth[J]. Journal of Financial Economics, 1996,40(1):3-29. [6]Denis D J,Denis D K,Schwert G W. Leverage and Investment in Diversified Firms[J]. Journol of Financial Economics, 2006,79(2):317-337. [7]黎来芳,叶宇航,孙健. 市场竞争、负债融资与过度投资[J]. 中国软科学, 2013(11):91-100. [8]李延喜,曾伟强,马壮. 外部治理环境、产权性质与上市公司投资效率[J]. 南开管理评论, 2015,18(1):25-36. [9]Hambrick D C,Mason P A. Upper Echelons: The Organization as a Reflection of Its Top Managers[J]. Academy Management Review, 1982,9(2):193-206. [10]Bantel K A,Jackson S E. Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference?[J]. Strategic Management Journal, 1989,10(S1):107-124. [11]Jensen M,Zajac E J. Corporate Elites and Corporate Strategy: How Demographic Preferences and Structural Position Shape the Scope of the Firm[J]. Strategic Management Journal, 2004,25(6):507-524. [12]姜付秀,伊志宏,苏飞,等. 管理者背景特征与企业过度投资行为[J]. 管理世界, 2009(1):130-139. [13]李焰,秦义虎,张肖飞. 企业产权、管理者背景特征与投资效率[J]. 管理世界, 2011(1):135-144. [14]Abel A B. Optimal Investment Under Uncertainty[J]. American Economic Review, 1983,73(1):228-233. [15]Myers S C,Majluf N S. Corporate Financing Decisions When Firms Have Information Investors Do Not Have[J]. Journal of Financial Economics, 1984,13(2):187-221. [16]Jensen M C. Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.[J]. American Economic Review, 1986,76(2):323-329. [17]何威风,刘巍,黄凯莉. 管理者能力与企业风险承担[J]. 中国软科学, 2016(5):107-118. [18]Demerjian P R,Lewis-Western M F,Lev B,et al. Managerial Ability and Earnings Quality[J]. Accounting Review, 2013,88(2):463-498. [19]Andreou P C,Ehrlich D,Karasamani I,et al. Managerial Ability and Firm Performance: Evidence from the Global Financial Crisis[J]. Social Science Electronic Publishing, 2015,63(2):59-78. [20]Habib A,Hasan M M. Managerial Ability, Investment Efficiency and Stock Price Crash Risk[J]. Research in International Business & Finance, 2017,42:262-274. [21]Demerjian P,Lev B,Mcvay S. Quantifying Managerial Ability: A New Measure and Validity Tests[J]. Management Science, 2012,58(7):1229-1248. [22]Aggarwal R K,Samwick A A. Empire-builders and Shirkers: Investment, Firm Performance, and Managerial Incentives[J]. Journal of Corporate Finance, 1999,12(3):489-515. [23]赵纯祥,张敦力. 市场竞争视角下的管理者权力和企业投资关系研究[J]. 会计研究, 2013(10):67-74.