Ownership structure, cash flow, and capital investment: Evidence from East Asian economies before the financial crisis

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Financial flexibility, corporate investment and performance: evidence from financial crises (2013, unknown): “Although we do not investigate this further, a possible explanation relates to the overinvestment tendency of firms during economic booms (Hadlock 1998; Wei and Zhang 2008), which possibly weakens the link between growth opportunities and investment in the pre crisis period.”
Family control and investment–cash flow sensitivity: Empirical evidence from the Euro zone (2011, unknown): “Finally, Galeotti, Schiantarelli and Jaramillo (1994) and Wei and Zhang (2008) both explain their results in terms of the solution of agency problems when ownership is concentrated in the hands of a large shareholder.”
Corporate finance and governance in emerging markets: A selective review and an agenda for future research (2011, background): “Prior studies report that the excess control over ownership is associated with stock value discounts (Claessens et al., 2002, and many others) and various firm policy distortions such as overinvestment (Wei and Zhang, 2008).”