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Managerial Power, External Governance and Over-investment

Author: ZhangNa
Tutor: TanQingMei
School: Tianjin University
Course: Accounting
Keywords: Managerial power External governance Over-investment
CLC: F272
Type: Master's thesis
Year: 2012
Downloads: 138
Quote: 0
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Abstract


Nowadays, investment has become one of the most important factors in bothstimulating economic development and company development. China’s economy isexperiencing a rapid development with the transforming and emerging market feature.The problems of “over-economy” and “over-investment” come out during the period.In recent years, many companies in China blindly enlarge the scale of investment, puta lot of money to various fields of construction and often make inefficient investment.In the modern enterprise system, there is principal-agent problem between the ownersand operators due to the separation of ownership and management. When themanagers have vast resources of the company and the authority to make decisions,they often make overinvestment decisions for their own benefit. However, as animportant oversight mechanism, the company’s external governance plays a constrainton management power, which will reduce the overinvestment behavior. Based on this,we do research on the impact of management power on excessive investment and therole of external governance mechanisms.Firstly, we make literature review of the managers’ power, external governanceand overinvestment at home and abroad. Then we select and analyze the data of thelisted companies on China’s main board from2006to2010. Finally, we summarizethe empirical results and make some recommendations.The results of this study show that: the higher level of the managers’ education,the higher the degree of overinvestment; the managerial ownership will increase theoverinvestment; the unity of the manager and the chairman will reduce the company’soverinvestment. The product market competition will curb excessive investment; andthere is a “U”-type relationship between the top shareholding ratio andoverinvestment. The product market competition and external shareholders willimpact the managerial power----overinvestment sensitivity.

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CLC: > Economic > Economic planning and management > Enterprise economy > Enterprise planning and management decision - making
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