Allocating internal financial capital represents a key task for managers of multidivisional
corporations. This has led to a wealth of research and theorizing about capital allocation and …

We develop a new explanation for why some organizations are relatively evenhanded, while
others are more disparate, in allocating resources to subunits. Recognizing the central role …

We argue that when managers have private information about the productivity of assets
under their control and receive private benefits, substantial bonuses are required to induce …

Previous research on capital investment has identified a tendency in multibusiness firms
toward cross‐subsidization from well‐performing to poorly performing divisions, a …

With the aim of achieving an advanced understanding of current research on unrelated
diversification and providing fruitful groundwork to foster active interchange between …

This paper examines whether the investment of Korean business group (“chaebol”) affiliated
firms behaved differently from that of non-chaebol firms in response to the COVID-19 …

Empirical research is largely supportive of the assertion of instrumental stakeholder theory
that a positive relationship exists between “managing for stakeholders” and firm …

Dynamic enterprise risk management (ERM) entails holistic decision making for critical
corporate functions such as capital budgeting and risk management. The interplay across …

Resource allocation in firms is often done in relative terms. Allocations to each project or, in
the case of multibusiness firms, business segments are not made independently but through …

This paper examines whether global banks' liquidity reallocations via internal capital
markets are driven by the locational activity patterns of their foreign branches. Using …