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https://doi.org/10.1016/0304-405X(89)90099-8

has been cited by the following article:

• TITLE: Uncertainty, Incentive and Over/Under-Investment

  AUTHORS: Honghui Zhang

  KEYWORDS: Environmental Uncertainty, Executive Equity, Investment Efficiency

  JOURNAL NAME: Open Journal of Business and Management, Vol.5 No.3, July 7, 2017

  ABSTRACT: This paper focuses on the impact of environmental uncertainty on investment efficiency, taking into account the effect of executive equity incentives on inefficient investments in opportunity investment set. Using the empirical data of listed companies, the study found that environmental uncertainty will increase investment efficiency and reduce over-investment level. Executive equity incentive will reduce the over-investment level and promote the lack of investment.