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Over-investment of free cash flow

Review of accounting studies, 2006-09, Vol.11 (2-3), p.159-189 [Peer Reviewed Journal]

Springer Science+Business Media, LLC 2006 ;ISSN: 1380-6653 ;EISSN: 1573-7136 ;DOI: 10.1007/s11142-006-9012-1

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  • Title:
    Over-investment of free cash flow
  • Author: Richardson, Scott
  • Subjects: Accounting ; Balance sheets ; Capital markets ; Cash flow forecasting ; Cash flow statements ; Decision making ; Expenditures ; Hypotheses ; Investments ; Stockholders ; Studies
  • Is Part Of: Review of accounting studies, 2006-09, Vol.11 (2-3), p.159-189
  • Description: This paper examines the extent of firm level over-investment of free cash flow. Using an accounting-based framework to measure over-investment and free cash flow, I find evidence that, consistent with agency cost explanations, over-investment is concentrated in firms with the highest levels of free cash flow. Further tests examine whether firms' governance structures are associated with over-investment of free cash flow. The evidence suggests that certain governance structures, such as the presence of activist shareholders, appear to mitigate over-investment. [PUBLICATION ABSTRACT]
  • Publisher: New York: Springer Nature B.V
  • Language: English
  • Identifier: ISSN: 1380-6653
    EISSN: 1573-7136
    DOI: 10.1007/s11142-006-9012-1
  • Source: Alma/SFX Local Collection
    ProQuest Central
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