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dc.contributor.authorMykhayliv, Dariya
dc.contributor.authorZauner, K.G.
dc.date.accessioned2024-01-16T14:01:23Z
dc.date.accessioned2024-01-25T15:05:07Z
dc.date.available2024-01-16T14:01:23Z
dc.date.available2024-01-25T15:05:07Z
dc.date.issued2024
dc.identifier.citationMykhayliv D and Zauner KG (2024) On stakeholder theory and corporate investment under financial frictions. International Journal of Finance and Economics. Accepted for Publication.en_US
dc.identifier.urihttp://hdl.handle.net/10454/19779
dc.descriptionYes
dc.description.abstractThe view that corporations have a wider focus than just maximizing shareholder value has received considerable attention from practitioners, managers, and academics alike. We investigate the Q theory of corporate investment with financial frictions when management maximizes stakeholder value instead of shareholder value. Different objective functions are investigated. We characterize the optimal investment and financial policy of the firm. The results show that stakeholder firms invest more than shareholder firms, i.e., over-investing, and an increase of stakeholder shares increases investment, except when equity issuing firms face severe informational asymmetries or severe cost of external equity. We also discuss different approaches to model investment of stakeholder firms and their implications for empirical analysis.en_US
dc.language.isoenen_US
dc.rights© 2024 The Authors. International Journal of Finance & Economics published by John Wiley & Sons Ltd. This is an open access article under the terms of the Creative Commons Attribution License, which permits use, distribution and reproduction in any medium, provided the original work is properly cited.en_US
dc.subjectStakeholder theory
dc.subjectCorporate investment
dc.subjectFinancial frictions
dc.subjectQ theory
dc.subjectCorporate governance
dc.titleOn stakeholder theory and corporate investment under financial frictionsen_US
dc.status.refereedYes
dc.date.Accepted12/01/2024
dc.date.application05/02/2024
dc.typeArticle
dc.type.versionPublished version
dc.identifier.doihttps://doi.org/10.1002/ijfe.2942
dc.rights.licenseCC-BYen_US
dc.date.updated2024-01-16T14:01:25Z
refterms.dateFOA2024-01-25T15:05:39Z
dc.openaccess.statusopenAccess


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