Financial Constraints and Investment Efficiency: Internal Capital Allocation across the Business Cycle

By Gayané Hovakimian. 2011

203 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/df2b82e214f454604f37e5cb245b31890a9c33cf

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Rebecca N. Hann
2. Belén Villalonga
3. O. Ozbas
4. Venkat Kuppuswamy
5. M. Ogneva
6. Hongshan Ai
7. Xie Li
8. Matthew C. Li

In Finance

1. Rebecca N. Hann
2. O. Ozbas
3. Venkat Kuppuswamy
4. M. Ogneva
5. Matthew C. Li
6. Belén Villalonga
7. M. Song
8. Kashif Naeem

In Strategy and Management

1. Belén Villalonga
2. M. Ogneva
3. O. Ozbas
4. Hongshan Ai
5. Xie Li
6. Matthew C. Li
7. Venkat Kuppuswamy
8. M. Song

Citations in the corpus

• Does Diversification Create Value in the Presence of External Financing Constraints? Evidence from the 2007-2009 Financial Crisis (2016, background): “Hovakimian (2011) and Matvos and Seru”
• Corporate investment efficiency: The role of financial development in firms with financing constraints and agency issues in OECD non-financial firms (2019, background): “Beneficial ramifications of debt contracts to discipline managers from over-investing are well cited in the literature (Aghion et al., 1999; Aivazian et al., 2005; Hovakimian, 2011; Jensen & Meckling, 1976).”
• Corporate Diversification and the Cost of Capital (2012, background): “Hovakimian (2011) shows that more financially constrained diversified firms allocate capital more efficiently during recessions.”
• Political connections, financing constraints, and the optimization of innovation efficiency among China's private enterprises (2015, background): “Finally, Maietta and Sena (2010) and Hovakimian (2011) believe that cooperation among producers can increase their technological innovation efficiency, even in the presence of tightened financing constraints.”
• CEO Duality, Agency Costs, and Internal Capital Allocation Efficiency (2019, unknown): “…part of the observed investment inefficiency documented in prior studies (for example, Rajan et al. , 2000; Ahn et al ., 2006; Datta et al ., 2009; Hovakimian, 2011; Duchin and Sosyura, 2013) stems from the increased power and the self-interested internal investment behaviour associated with CEO…”