dc.contributor.author | Dogru, Tarik | |
dc.date.accessioned | 2024-04-15T07:59:59Z | |
dc.date.available | 2024-04-15T07:59:59Z | |
dc.date.issued | 2017 | |
dc.identifier.uri | https://thuvienso.hoasen.edu.vn/handle/123456789/15097 | |
dc.description | Cornell Hospitality Quarterly 2018, Vol. 59(4) 339–351
© The Author(s) 2017 | vi |
dc.description.abstract | Corporate investments are expected to create value for firms. Although some studies report evidence supporting such
expectations, many studies document contradictory findings. However, it is not clear why corporate investments create
value in some firms but reduce value in others. The purpose of this study is to examine the extent to which the quality
of corporate governance and the degrees of financial constraints affect the relationship between corporate investments
and hotel firm value in a unified model where both weak corporate governance and financial constraint problems are
concurrently observed. Shareholders of poorly governed firms place a lower value on corporate investments compared
with those of well-governed firms, whereas shareholders of financially constrained firms perceive corporate investments
to be of greater value compared with those of unconstrained firms. The results further showed that CEOs of financially
constrained firms make value-increasing investments despite poor corporate governance mechanisms. Theoretical and
practical implications are discussed within the realm of corporate finance theories. | vi |
dc.language.iso | en | vi |
dc.publisher | The Author(s) | vi |
dc.subject | corporate governance; financial constraints; investment; hotels; firm value | vi |
dc.title | Corporate Investment and Hotel Firm Value: Does Corporate Governance Matter in Financially Constrained Firms? | vi |
dc.type | Article | vi |