Organizational Capital and Investment‐Cash Flow Sensitivity: The Effect of Management Quality Practices
研究发现，企业良好的管理实践（组织资本）能降低投资对内部现金流的敏感性，并缓解融资约束，表明组织资本对投资决策有重要影响。
This paper examines the influence of organizational capital, as evident in management quality practices, on the response of firm investment to internal cash flows. We provide novel and strong evidence that investment sensitivity to internal cash flows decreases in the presence of superior management practices. We also find that superior management practices reduce the firm's financing frictions, evident in lower capital constraints. Our results are robust to numerous tests. Overall, our findings suggest that intangible organizational capital is important for investment decisions and that superior management practices contribute to value‐maximizing behavior.