Evidence on managerial entrenchment effects on firm value
by Bernard Ben Sita; Abdallah M. Dah; Waddah Hallak
International Journal of Financial Services Management (IJFSM), Vol. 6, No. 2, 2013

Abstract: We investigate managerial entrenchment effects on firm value. Conditioning investment and Research and Development (R&D) spending on a managerial entrenchment indicator, we find that under managerial entrenchment investment and spending tend to be higher. Under some simplifying assumptions, we find that overinvestment is greater under capital investment than under R&D spending.

Online publication date: Sat, 13-Sep-2014

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