Managerial Ability,Board Financial Expertise,Uncertainty,and Investment Dynamics in China:Empirical Insights from Upper Echelon,Resource basde,and Real Option Theory

目录

声明

ACKNOWLEDGEMENTS

TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

ABBREVIATIONS

ABSTRACT

摘要

CHAPTER 1：INTRODUCTION

1．1．Background of the study

1．2．Research context and investment in China

1．3．Research gap，the rationale of the study，and problem statement

1．3．1．Managerial perspective

1．3．2．Board perspective

1．3．3．Economic perspective

1．4．Research objectives

1．5．Contribution and significance of the research

1．6．Research methodology

1．7．Organization of the thesis

1．8．Summary of chapter

CHAPTER 2：THEORATICAL PERSPECTIVES ON AGENCY THEORY，UPPER ECHELON，RESOURCE BASED VIEW，REAL AND GROWTH OPTION，AND STEWARDSHIP THEORY

2．1．Theoretical Literature

2．1．1．Agency Theory

2．1．2．Standard Agency Theory

2．1．3．Upper Echelon Theory(UET)

2．1．4．Resource based view(RBV)

2．1．5．Stewardship Theory

2．1．6．Real Options Theory(ROT)

2．1．7．Growth Theory

2．2．Empirical Literature

2．3．Summary of the Chapter

CHAPTER 3：MANAGERIAL ABILITY AND INVESMENT DYNAMICS IN A NORMAL AND CRISIS PERIOD：A TWIST BY FINANCIAL AND ECONOMIC CONSTRAINTS

3．1．Introduction

3．2．Literature review

3．2．1．Agency problem and corporate investment

3．2．2．The literature on managerial ability

3．2．3．Measuring managerial ability

3．2．4．Managerial ability and corporate investment：Hypothesis development

3．2．5．Managerial ability and investment decisions under constraints

3．2．6．Managerial ability and investment decisions during the crisis period

3．2．7．Managerial ability and firm outcomes

3．3．Research Methodology

3．3．1．Data collection and sample identification

3．3．2．Eeonometric models

3．3．3．Variables explanation

3．4．Empirical results

3．5．Summary of the chapter

3．6．Figures and Tables

CHAPTER 4：BOARD FINANCIAL EXPERTISE，BOARD INDEPENDENCE，AND INVESTMENT DECISIONS OF THE FIRMS

4．1．Introduction

4．2．Literature review

4．2．1．Literature on board independence

4．2．2．Literature on boards financial expertise

4．2．3． Board characteristics and investment decisions under constraints

4．2．4． Board characteristics and firm value

4．3．Research methodology

4．3．1．Data collection and sample identification

4．3．2．Econometric models

4．3．3．Variables explanation

4．3．4．Estimation techniques

4．4．Empirical results

4．4．1．Summary statistics

4．4．2．Descriptive statistics and correlation analysis

4．4．3．Multivariate regression analysis

4．4．4．Regression analysis for firms with financial constraints

4．4．5．Additional analysis

4．4．6．Impact of board characteristics on firm’s outcomes

4．5．Summary of the chapter

4．6．Figures and tables

CHAPTER 5：DETERMINANTS OF UNCERTAINTY AND THEIR IMPACT ON INVESTMENT DECISIONS OF THE FIRMS

5．1．Introduction

5．2．Literature review

5．2．1．Agency theory and corporate investment

5．2．2．Real options theory and corporate investment

5．2．3．Uncertainty and corporate investment

5．2．4．Uncertainty and investment under constraints

5．3．Research methodology

5．3．1．Data collection and sample identification

5．3．2．Econometric models

5．3．3．Variables explanation

5．4．Empirical results

5．4．1．Descriptive statistics and correlation analysis

5．4．2．Test for Stationarity

5．4．4．GARCH test for autocorrelation

5．4．5．Day of the week effect

5．4．6．Multivariate regression Analysis

5．4．7．GMM analysis

5．4．8．GMM analysis for the firms with financial and economic constraints

5．4．9．GMM analysis for the firms with additional control variables(Robustness)

5．4．10．Uncertainty as a moderator

5．4．11．Non-linear relationship between uncertainty and investment

5．4．12．Granger causality test

5．5．Summary of the chapter

5．6．Tables

CHAPTER 6：CONCLUSION，IMPLICATIONS，AND LIMITATIONS OF THE STUDY

6．1．Conelusion

6．2．Implications

6．3．Limitations of the study

REFERENCES

APPENDIX