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首页> 外文期刊>British Journal of Management >Corporate Investing as a Response to Economic Downturn: Prospect Theory, the Behavioural Agency Model and the Role of Financial Slack
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Corporate Investing as a Response to Economic Downturn: Prospect Theory, the Behavioural Agency Model and the Role of Financial Slack

机译：公司投资以应对经济衰退：前景理论，行为代理模型和财务松弛的作用

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摘要

This study examines innovation investment during the major economic downturn of 2008-2009. Drawing from prospect theory, it suggests that increasing levels of slack resources enhance innovation investment during a crisis; slack resources also moderate the impact of historical performance on investment. This study also examines how, during global crises, the board of directors can affect the CEO's proclivity to invest by leveraging performance management devices, such as target-setting and behavioural evaluation criteria. A test based on a sample of Italian companies provides support for the hypothesized effects. Results suggest that firms may respond to global crisis with innovation investment, and that organizational factors, as well as the board of directors, may play a major role in this response.
机译：本研究考察了2008-2009年主要经济衰退期间的创新投资。根据前景理论，它表明，在危机期间，闲置资源水平的提高会增强创新投资。闲置的资源也会缓和历史业绩对投资的影响。这项研究还探讨了在全球危机期间，董事会如何利用绩效管理工具（例如目标设定和行为评估标准）来影响CEO的投资倾向。基于意大利公司样本的测试为假设的影响提供了支持。结果表明，企业可以通过创新投资来应对全球危机，而组织因素以及董事会可能在这一应对中发挥重要作用。

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