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    The Q Theory of Investment with Private Benefits of Control, Soft Budget Constraints and Financial Constraints

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    Publication date
    2015-12
    Author
    Mykhayliv, Dariya
    Zauner, K.G.
    Keyword
    Corporate governance; Q therory of investment; Financial constraints; Investment; Private benefits of control; Soft budget constraints
    Rights
    © 2015 The Authors. Reproduced by permission from the copyright holder.
    Peer-Reviewed
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    Abstract
    In this paper, we extend Tobin’s Q model under financial frictions (Hennesy, Levy, and Whited, Journal of Financial Economics (2007)), using a discrete-time version of their model, to include private benefits of control of managers and other stakeholders and soft budget constraints in the form of money injections into the firm. Managers are not viewed to maximise shareholder value, but to maximise the value of their shareholding plus their private benefits of control. Private benefits of control introduce elements of asset stripping into the model. We characterize the optimal investment policy, analyse comparative statics and discuss applications to firms in transitional economies.
    URI
    http://hdl.handle.net/10454/11240
    Version
    Accepted Manuscript
    Citation
    Mykhayliv D and Zauner KG (2015) The Q Theory of Investment with Private Benefits of Control, Soft Budget Constraints and Financial Constraints. Working Paper. The Authors.
    Type
    Working Paper
    Collections
    Management and Law Publications

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