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Real Option, Debt Agency Conflicts and Corporate Investment Decisions
Journal of Business Theory and Practice
This paper studies enterprise investment decisions under debt agency conflicts by the method of real option. It is different from the existed literatures that this paper considers not only the influence of investment goals alienation on investment decisions without bankruptcy agency, but also analyzes the investment decisions distortion under bankruptcy agency conflicts. The study result shows that enterprises with debt usually exist overinvestment; on the one hand, the overinvestment comesdoi:10.22158/jbtp.v7n2p76 fatcat:tah5kflv4fg5da3jbs7pu6zg5m