Capital Allocation and Delegation of Decision-Making Authority within Firms

By John R. Graham, Campbell R. Harvey, Manju Puri. 2014

390 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/7b072bf78cba3daa17d70db3c62725fc0f51e0f2

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Citations in the corpus

Earnings Management within Multinational Corporations (2018, background): “8 structures affect capital structure, dividend payout policy, and investment efficiency (Stein, 2002; Graham et al., 2015), while studies in accounting have examined the implications for”
Financial Expert CEOs: CEO’s Work Experience and Firm’s Financial Policies (2014, neutral): “In a survey, Graham, Harvey, and Puri (2011) find that about 15% of responding CEOs claim that decisions on capital structure are made solely by themselves and only 2% of CEOs claim they are not involved in the decision making at all.”
Risk, Uncertainty, and Heuristics (2014, positive): “Graham, Harvey, and Puri (2012) report that “almost half of themanagers (subscribers to Chief Executive magazine, CFOmagazine, CFOAsia, and CFO Europe) consider their gut feel as an important or very important factor in making capital allocation decisions.””
How Do CEOs See Their Roles? Management Philosophies and Styles in Family and Non-Family Firms (2013, positive): “Relatedly, Graham, Harvey, and Puri (2015) study the scope and determinants of delegation of CEO decisions by surveying executives in the US and across regions.”
Information Environment and the Investment Decisions of Multinational Corporations (2013, background): “However, increased information frictions and moral hazard within firms make resource allocation challenging for the parent (Stein 1997; Hope and Thomas 2008; Graham et al. 2011).”
Earnings quality: Evidence from the field (2013, background): “One possible reason for the lower response rates compared to, for example, Graham et al. (2005) is that spam filters have become more stringent in recent years, and despite our best efforts to avoid them, they have taken a toll.”
CEO Personal Risk-Taking and Corporate Policies (2016, positive): “In a recent study, Graham, Harvey, and Puri (2015) report that CEOs dominate merger and acquisition (M&A) decisions relative to other types of corporate decisions.”
Knowledge, Compensation, and Firm Value: An Empirical Analysis of Firm Communication (2014, neutral): “22 In a recent study, Graham et al. (2011) survey CEOs regarding their choice to delegate decisions.”
Internal Governance and Real Earnings Management (2016, background): “In a recent study, Graham, Harvey, and Puri (2013) find that only about 15 percent of the surveyed CEOs and CFOs indicate that the CEO is the sole-decision maker in their firms regarding important corporate decisions, such as M&A, capital allocation and investments.”
The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda (2020, background): “The recent work in finance conducted by Graham, Harvey, and Puri (2015) regarding the delegation of authority in M&A decisions is a good example of how survey data can help address these questions.”
Managerial Attitudes and Corporate Actions (2013, background): “1 In a companion paper (Graham et al., 2010) we examine how capital is allocated, and decision-making authority is delegated, within firms, and use several questions from this survey that are not studied in this paper.”