The corporate investment decision process and control systems
by Ghazi Zouari
International Journal of Economic Policy in Emerging Economies (IJEPEE), Vol. 4, No. 1, 2011

Abstract: The objective of this research is to strengthen the relevance of the theoretical corpus of Fama and Jensen (1983a, 1983b) and Jensen and Meckling (1992). To do so, we apply the theory of the organisational architecture to the investment process to understand its complexity and efficiency. We show that the role played by the nature of investment, evaluation and incentive systems in the creation of value goes through the establishment of a decentralised decisional structure. An empirical test was conducted on a sample of 63 Tunisian firms by using descriptive and explanatory analyses. The test validated the four hypotheses tested.

Online publication date: Sun, 11-Jan-2015

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