Bhuyan, Rafiqul; Hasan, Fuad - In: Journal of risk and financial management : JRFM 15 (2022) 8, pp. 1-15
target labor productivity and their tendency to manage earnings. To overcome the endogeneity problem, we employ an … instrumental variable technique based on negative investment growth and find that managers, experiencing a labor productivity gap … that elements of personal value maximization biases drive the estimated effect of the labor productivity gap. Our results …