Keywords: Managerial discretion
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Journal Articles
Managerial Finance (2026) 52 (7): 1253–1268.
Published: 03 February 2026
... CEO and firm controls, with heterogeneity tests based on Tobin’s Q and the E-index to capture variation in managerial discretion. Robustness checks include dynamic event-study models and placebo analyses. Findings Firms led by MBA-trained CEOs reduce CapEx significantly less during crisis periods...

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