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  1. Social Capital and Managers’ Use of Corporate Resources.Ziqi Gao, Leye Li & Louise Yi Lu - forthcoming - Journal of Business Ethics.
    This study investigates how social capital affects managers’ use of corporate resources. We find that for firms located in U.S. counties with a high level of social capital, corporate cash holdings have higher marginal value, the contribution of capital expenditures to shareholder value is higher, and acquirers experience higher announcement-period abnormal stock returns. We further find that social capital decreases both over- and under-investment, and thus improves ex post corporate investment efficiency. Our evidence suggests that in communities with a high (...)
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