Hu, Conghui; Liu, Yu-Jane - In: Journal of Corporate Finance 30 (2015) C, pp. 11-31
This paper investigates the impact of CEOs' career experiences on corporate investment decisions. We hypothesize that … CEOs with more diverse career experiences are less likely to be constrained by insufficient internal capital. The potential … diverse career experiences exhibit lower investment-cash flow sensitivity and exploit more outside funds, including both bank …