메뉴 건너뛰기




Volumn 72, Issue 1, 2009, Pages 305-321

Influence and inefficiency in the internal capital market

Author keywords

Asymmetric information; Firm investment; Influence activities; Internal capital markets; M form organization; Signal jamming

Indexed keywords


EID: 70349467733     PISSN: 01672681     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jebo.2009.07.001     Document Type: Article
Times cited : (78)

References (55)
  • 1
    • 0001637625 scopus 로고
    • Innovation in large and small firms: an empirical analysis
    • Acs Z.J., and Audrestsch D.B. Innovation in large and small firms: an empirical analysis. American Economic Review 78 (1988) 678-690
    • (1988) American Economic Review , vol.78 , pp. 678-690
    • Acs, Z.J.1    Audrestsch, D.B.2
  • 2
    • 0002893643 scopus 로고    scopus 로고
    • Formal and real authority in organizations
    • Aghion P., and Tirole J. Formal and real authority in organizations. Journal of Political Economy 105 (1997) 1-29
    • (1997) Journal of Political Economy , vol.105 , pp. 1-29
    • Aghion, P.1    Tirole, J.2
  • 3
    • 0003367892 scopus 로고
    • Capital rationing and organizational slack in capital budgeting
    • Antle R., and Eppen G.D. Capital rationing and organizational slack in capital budgeting. Management Science 31 (1985) 163-174
    • (1985) Management Science , vol.31 , pp. 163-174
    • Antle, R.1    Eppen, G.D.2
  • 4
    • 84993907313 scopus 로고
    • Influence costs and capital structure
    • Bagwell L.S., and Zechner J. Influence costs and capital structure. The Journal of Finance 48 (1993) 975-1008
    • (1993) The Journal of Finance , vol.48 , pp. 975-1008
    • Bagwell, L.S.1    Zechner, J.2
  • 5
    • 21844512599 scopus 로고
    • Subjective performance measures in optimal incentive contracts
    • Baker G.P., Gibbons R., and Murphy K.J. Subjective performance measures in optimal incentive contracts. Quarterly Journal of Economics 109 (1994) 1125-1156
    • (1994) Quarterly Journal of Economics , vol.109 , pp. 1125-1156
    • Baker, G.P.1    Gibbons, R.2    Murphy, K.J.3
  • 6
    • 16844377675 scopus 로고    scopus 로고
    • Does function follow organizational form? Evidence from the lending practices of large and small banks
    • Berger A.N., Miller N.H., Petersen M.S., Ranjan R.G., and Stein J.C. Does function follow organizational form? Evidence from the lending practices of large and small banks. Journal of Financial Economics 76 (2005) 237-269
    • (2005) Journal of Financial Economics , vol.76 , pp. 237-269
    • Berger, A.N.1    Miller, N.H.2    Petersen, M.S.3    Ranjan, R.G.4    Stein, J.C.5
  • 8
    • 0002689871 scopus 로고
    • A theory of predation based on agency problems in financial contracting
    • Bolton P., and Scharfstein D.S. A theory of predation based on agency problems in financial contracting. American Economic Review 80 (1990) 93-106
    • (1990) American Economic Review , vol.80 , pp. 93-106
    • Bolton, P.1    Scharfstein, D.S.2
  • 10
    • 0009933769 scopus 로고    scopus 로고
    • Explaining the diversification discount
    • Campa J.M., and Kedia S. Explaining the diversification discount. Journal of Finance 57 (2002) 1731-1762
    • (2002) Journal of Finance , vol.57 , pp. 1731-1762
    • Campa, J.M.1    Kedia, S.2
  • 12
    • 14844361494 scopus 로고    scopus 로고
    • What do we know about cross-subsidization? Evidence from merging firms
    • (Article 3)
    • Chevalier J. What do we know about cross-subsidization? Evidence from merging firms. Advances in Economic Analysis & Policy 4 (2004) (Article 3)
    • (2004) Advances in Economic Analysis & Policy , vol.4
    • Chevalier, J.1
  • 15
    • 0142250316 scopus 로고    scopus 로고
    • Managerial incentives and internal capital markets
    • de Motta A. Managerial incentives and internal capital markets. Journal of Finance 58 (2003) 1193-1220
    • (2003) Journal of Finance , vol.58 , pp. 1193-1220
    • de Motta, A.1
  • 16
    • 0036773888 scopus 로고    scopus 로고
    • Authority and communication in organizations
    • Dessein W. Authority and communication in organizations. Review of Economic Studies 69 (2002) 811-838
    • (2002) Review of Economic Studies , vol.69 , pp. 811-838
    • Dessein, W.1
  • 18
    • 0033661553 scopus 로고    scopus 로고
    • Hierarchies and the organization of knowledge in production
    • Garicano L. Hierarchies and the organization of knowledge in production. Journal of Political Economy 108 (2000) 874-904
    • (2000) Journal of Political Economy , vol.108 , pp. 874-904
    • Garicano, L.1
  • 19
    • 0041903835 scopus 로고    scopus 로고
    • Learning about internal capital markets from corporate spin-offs
    • Gertner R., Powers E., and Scharfstein D.S. Learning about internal capital markets from corporate spin-offs. Journal of Finance 57 (2002) 2479-2506
    • (2002) Journal of Finance , vol.57 , pp. 2479-2506
    • Gertner, R.1    Powers, E.2    Scharfstein, D.S.3
  • 20
    • 70349467009 scopus 로고    scopus 로고
    • Glaser, M., Sautner, Z., 2007. Looking inside a conglomerate: efficiency of internal capital allocation and managerial power within a firm. EFA 2007 Ljubljana Meetings Working Paper, Available at SSRN: http://ssrn.com/abstract=966325.
    • Glaser, M., Sautner, Z., 2007. Looking inside a conglomerate: efficiency of internal capital allocation and managerial power within a firm. EFA 2007 Ljubljana Meetings Working Paper, Available at SSRN: http://ssrn.com/abstract=966325.
  • 22
    • 0039120675 scopus 로고    scopus 로고
    • The capital budgeting process: incentives and information
    • Harris M., and Raviv A. The capital budgeting process: incentives and information. Journal of Finance 51 (1996) 1139-1174
    • (1996) Journal of Finance , vol.51 , pp. 1139-1174
    • Harris, M.1    Raviv, A.2
  • 23
    • 4243442002 scopus 로고    scopus 로고
    • Managerial incentive problems: a dynamic perspective
    • Holmström B. Managerial incentive problems: a dynamic perspective. Review of Economic Studies 66 (1999) 169-182
    • (1999) Review of Economic Studies , vol.66 , pp. 169-182
    • Holmström, B.1
  • 24
    • 84925929305 scopus 로고
    • Contractual models of the labor market
    • Holmström B. Contractual models of the labor market. American Economic Review 71 (1981) 308-313
    • (1981) American Economic Review , vol.71 , pp. 308-313
    • Holmström, B.1
  • 26
    • 21644453051 scopus 로고    scopus 로고
    • Incentives in internal capital markets: capital constraints, competition, and investment opportunities
    • Inderst R., and Laux C. Incentives in internal capital markets: capital constraints, competition, and investment opportunities. RAND Journal of Economics 36 (2005) 215-228
    • (2005) RAND Journal of Economics , vol.36 , pp. 215-228
    • Inderst, R.1    Laux, C.2
  • 28
    • 44649197264 scopus 로고
    • Theory of the firm: managerial behavior, agency costs and ownership structure
    • Jensen M.C., and Meckling W.H. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3 (1976) 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 29
    • 0042594657 scopus 로고    scopus 로고
    • Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence
    • Maksimovic V., and Phillips G. Do conglomerate firms allocate resources inefficiently across industries? Theory and evidence. Journal of Finance 57 (2002) 721-767
    • (2002) Journal of Finance , vol.57 , pp. 721-767
    • Maksimovic, V.1    Phillips, G.2
  • 30
    • 12344317307 scopus 로고    scopus 로고
    • Decision processes, agency problems, and information: an economic analysis of capital budgeting procedures
    • Marino A.M., and Matsusaka J.G. Decision processes, agency problems, and information: an economic analysis of capital budgeting procedures. Review of Financial Studies 18 (2005) 301-325
    • (2005) Review of Financial Studies , vol.18 , pp. 301-325
    • Marino, A.M.1    Matsusaka, J.G.2
  • 32
    • 0002135970 scopus 로고
    • Bargaining costs, influence costs, and the organization of economic activity
    • Alt J.E., and Shepsle K.E. (Eds), Cambridge University Press, Cambridge, England; New York
    • Milgrom P.R. Bargaining costs, influence costs, and the organization of economic activity. In: Alt J.E., and Shepsle K.E. (Eds). Perspectives on Positive Political Economy (1990), Cambridge University Press, Cambridge, England; New York 57-89
    • (1990) Perspectives on Positive Political Economy , pp. 57-89
    • Milgrom, P.R.1
  • 33
    • 84936016547 scopus 로고
    • Employment contracts, influence activities and efficient organization design
    • Milgrom P.R. Employment contracts, influence activities and efficient organization design. Journal of Political Economy 96 (1988) 42-60
    • (1988) Journal of Political Economy , vol.96 , pp. 42-60
    • Milgrom, P.R.1
  • 35
    • 84934561547 scopus 로고
    • An economic approach to influence activities in organizations
    • Milgrom P., and Roberts J. An economic approach to influence activities in organizations. The American Journal of Sociology 94 (1988) S154-S179
    • (1988) The American Journal of Sociology , vol.94
    • Milgrom, P.1    Roberts, J.2
  • 38
    • 11044226099 scopus 로고    scopus 로고
    • Integration, organizational processes, and allocation of resources
    • Ozbas O. Integration, organizational processes, and allocation of resources. Journal of Financial Economics 75 (2005) 201-242
    • (2005) Journal of Financial Economics , vol.75 , pp. 201-242
    • Ozbas, O.1
  • 40
    • 0001926170 scopus 로고
    • A CEO survey of U.S. companies' time horizons and hurdle rates
    • Poterba J.M., and Summers L.H. A CEO survey of U.S. companies' time horizons and hurdle rates. Sloan Management Review 37 (1995) 43-53
    • (1995) Sloan Management Review , vol.37 , pp. 43-53
    • Poterba, J.M.1    Summers, L.H.2
  • 41
    • 0001951694 scopus 로고    scopus 로고
    • The governance of the new corporation
    • Vives X. (Ed), Cambridge University Press, Cambridge, England; New York
    • Rajan R.G., and Zingales L. The governance of the new corporation. In: Vives X. (Ed). Corporate Governance: Theoretical and Empirical Perspectives (2000), Cambridge University Press, Cambridge, England; New York 201-232
    • (2000) Corporate Governance: Theoretical and Empirical Perspectives , pp. 201-232
    • Rajan, R.G.1    Zingales, L.2
  • 43
    • 0003457920 scopus 로고    scopus 로고
    • The cost of diversity: the diversification discount and inefficient investment
    • Rajan R.G., Zingales L., and Servaes H. The cost of diversity: the diversification discount and inefficient investment. Journal of Finance 55 (2000) 35-80
    • (2000) Journal of Finance , vol.55 , pp. 35-80
    • Rajan, R.G.1    Zingales, L.2    Servaes, H.3
  • 45
    • 0039027668 scopus 로고    scopus 로고
    • The dark side of internal capital markets: divisional rent-seeking and inefficient investment
    • Scharfstein D.S., and Stein J.C. The dark side of internal capital markets: divisional rent-seeking and inefficient investment. Journal of Finance 55 (2000) 2537-2564
    • (2000) Journal of Finance , vol.55 , pp. 2537-2564
    • Scharfstein, D.S.1    Stein, J.C.2
  • 46
  • 49
    • 66049156972 scopus 로고    scopus 로고
    • Agency, information, and corporate investment
    • Constantinides G.M., Harris M., and Stulz R.M. (Eds), Elsevier/North-Holland, Amsterdam/Boston
    • Stein J.C. Agency, information, and corporate investment. In: Constantinides G.M., Harris M., and Stulz R.M. (Eds). Handbook of the Economics of Finance (2003), Elsevier/North-Holland, Amsterdam/Boston 111-163
    • (2003) Handbook of the Economics of Finance , pp. 111-163
    • Stein, J.C.1
  • 50
    • 0008443175 scopus 로고    scopus 로고
    • Information production and capital allocation: decentralized versus hierarchical firms
    • Stein J.C. Information production and capital allocation: decentralized versus hierarchical firms. Journal of Finance 57 (2002) 1891-1921
    • (2002) Journal of Finance , vol.57 , pp. 1891-1921
    • Stein, J.C.1
  • 51
    • 84986532464 scopus 로고
    • Allocating capital among a firm's divisions: hurdle rates vs. budgets
    • Taggart Jr. R.A. Allocating capital among a firm's divisions: hurdle rates vs. budgets. Journal of Financial Research 10 (1987) 177-189
    • (1987) Journal of Financial Research , vol.10 , pp. 177-189
    • Taggart Jr., R.A.1
  • 52
    • 3042777269 scopus 로고    scopus 로고
    • Does diversification cause the 'diversification discount'?
    • Villalonga B. Does diversification cause the 'diversification discount'?. Financial Management 33 (2004) 5-27
    • (2004) Financial Management , vol.33 , pp. 5-27
    • Villalonga, B.1
  • 53
    • 0000929051 scopus 로고    scopus 로고
    • Is it inefficient investment that causes the diversification discount?
    • Whited T.S. Is it inefficient investment that causes the diversification discount?. Journal of Finance 56 (2001) 1667-1691
    • (2001) Journal of Finance , vol.56 , pp. 1667-1691
    • Whited, T.S.1
  • 54
    • 0041876419 scopus 로고    scopus 로고
    • Internal capital markets and firm-level compensation incentives for division managers
    • Wulf J. Internal capital markets and firm-level compensation incentives for division managers. Journal of Labor Economics 20 (2002) S219-S262
    • (2002) Journal of Labor Economics , vol.20
    • Wulf, J.1
  • 55
    • 70349461356 scopus 로고    scopus 로고
    • Empire-building or bridge-building? Evidence from new CEOs' internal capital allocation decisions
    • Xuan, Y., 2009. Empire-building or bridge-building? Evidence from new CEOs' internal capital allocation decisions. Review of Financial Studies.
    • (2009) Review of Financial Studies
    • Xuan, Y.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.