Technical Report 経営者の在職期間と投資の効率性

石田, 惣平  ,  蜂谷, 豊彦

2015-08 , Graduate School of Commerce and Management Center for Japanese Business Sutdies, Hitotsubashi University
2016/5/12 論文データ(PDF)を取り下げ。
This study examines the relation between top executive tenure and investment efficiency. Our results are as follows. First, top executives are more likely to invest inefficiently, particularly underinvest, in the early years than in the later years of their service. Second, they are more likely to underinvest and efficiency of their investment is lower in the final year as compared to their other years in office. These results show that top executives opportunistically decide the level of investment at a certain point in their tenure.

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