References
- Abe, N., and S. Shimizutani. 2007. Employment policy and corporate governance— An empirical comparison of the stakeholder and the profit-maximization model. Journal of Comparative Economics 35 (2):346–68. doi:https://doi.org/10.1016/j.jce.2007.02.006.
- Acemoglu, D., S. Johnson, and J. A. Robinson. 2001. The colonial origins of comparative development: An empirical investigation. American Economic Review 91 (5):1369–401. doi:https://doi.org/10.1257/aer.91.5.1369.
- Beck, T., A. Demirgüç-Kunt, and R. Levine. 2003. Law, endowments, and finance. Journal of Financial Economics 70 (2):137–81. doi:https://doi.org/10.1016/S0304-405X(03)00144-2.
- Benmelech, E., and N. K. Bergman. 2009. Collateral pricing. Journal of Financial Economics 91 (3):339–60. doi:https://doi.org/10.1016/j.jfineco.2008.03.003.
- Ben-Nasr, H., and A. A. Alshwer. 2016. Does stock price informativeness affect labor investment efficiency? Journal of Corporate Finance 38:249–71. doi:https://doi.org/10.1016/j.jcorpfin.2016.01.012.
- Berkowitz, D., C. Lin, and Y. Ma. 2015. Do property rights matter? Evidence from a property law enactment. Journal of Financial Economics 116 (3):583–93. doi:https://doi.org/10.1016/j.jfineco.2015.04.003.
- Biddle, G. C., G. Hilary, and R. S. Verdi. 2009. How does financial reporting quality relate to investment efficiency? Journal of Accounting and Economics 48 (2–3):112–31. doi:https://doi.org/10.1016/j.jacceco.2009.09.001.
- Bloom, N., S. Bond, and J. Van Reenen. 2007. Uncertainty and investment dynamics. Review of Economic Studies 74 (2):391–415. doi:https://doi.org/10.1111/j.1467-937X.2007.00426.x.
- Caggese, A. 2012. Entrepreneurial risk, investment, and innovation. Journal of Financial Economics 106 (2):287–307. doi:https://doi.org/10.1016/j.jfineco.2012.05.009.
- Caliendo, M., and S. Kopeinig. 2008. Some practical guidance for the implementation of propensity score matching. Journal of Economic Surveys 22 (1):31–72. doi:https://doi.org/10.1111/j.1467-6419.2007.00527.x.
- Campello, M., J. R. Graham, and C. R. Harvey. 2010. The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics 97 (3):470–87. doi:https://doi.org/10.1016/j.jfineco.2010.02.009.
- Cao, Y., Y. Bai, and L. Zhang. 2020. The impact of farmland property rights security on the farmland investment in rural China. Land Use Policy 97:104736. doi:https://doi.org/10.1016/j.landusepol.2020.104736.
- Cao, Z., and W. Rees. 2020. Do employee-friendly firms invest more efficiently? Evidence from labor investment efficiency. Journal of Corporate Finance 65:101744. doi:https://doi.org/10.1016/j.jcorpfin.2020.101744.
- Chen, J., X. Pan, M. Qian, and Y. Wu. 2018. Does property rights protection affect firm innovation? Evidence from the Chinese property rights law enactment. Tsinghua University Working Paper.
- Claessens, S., and L. Laeven. 2003. Financial development, property rights, and growth. Journal of Finance 58 (6):2401–36. doi:https://doi.org/10.1046/j.1540-6261.2003.00610.x.
- Cull, R., and L. C. Xu. 2005. Institutions, ownership, and finance: The determinants of profit reinvestment among Chinese firms. Journal of Financial Economics 77 (1):117–46. doi:https://doi.org/10.1016/j.jfineco.2004.05.010.
- Djankov, S., O. Hart, C. McLiesh, and A. Shleifer. 2008. Debt enforcement around the world. Journal of Political Economy 116 (6):1105–49. doi:https://doi.org/10.1086/595015.
- Erosa, A., T. Koreshkova, and D. Restuccia. 2010. How important is human capital? A quantitative theory assessment of world income inequality. Review of Economic Studies 77 (4):1421–49. doi:https://doi.org/10.1111/j.1467-937X.2010.00610.x.
- Fang, V. W., X. Tian, and S. Tice. 2014. Does stock liquidity enhance or impede firm innovation? Journal of Finance 69 (5):2085–125. doi:https://doi.org/10.1111/jofi.12187.
- Ghaly, M., V. A. Dang, and K. Stathopoulos. 2020. Institutional investors’ horizons and corporate employment decisions. Journal of Corporate Finance 64:101634. doi:https://doi.org/10.1016/j.jcorpfin.2020.101634.
- Guerriero, C. 2016. Endogenous property rights. Journal of Law and Economics 59 (2):313–58. doi:https://doi.org/10.1086/686985.
- Ha, J., and M. Feng. 2018. Conditional conservatism and labor investment efficiency. Journal of Contemporary Accounting & Economics 14 (2):143–63. doi:https://doi.org/10.1016/j.jcae.2018.05.002.
- Johnson, S., J. McMillan, and C. Woodruff. 2002. Property rights and finance. American Economic Review 92 (5):1335–56. doi:https://doi.org/10.1257/000282802762024539.
- Jung, B., W. J. Lee, and D. P. Weber. 2014. Financial reporting quality and labor investment efficiency. Contemporary Accounting Research 31 (4):1047–76. doi:https://doi.org/10.1111/1911-3846.12053.
- Khedmati, M., M. A. Sualihu, and A. Yawson. 2020. CEO-director ties and labor investment efficiency. Journal of Corporate Finance 65:101492. doi:https://doi.org/10.1016/j.jcorpfin.2019.101492.
- Kong, D., S. Liu, and J. Xiang. 2018. Political promotion and labor investment efficiency. China Economic Review 50:273–93. doi:https://doi.org/10.1016/j.chieco.2018.05.002.
- Kong, D., Y. Tao, and Y. Wang. 2020. China’s anti-corruption campaign and firm productivity: Evidence from a quasi-natural experiment. China Economic Review 63:101535. doi:https://doi.org/10.1016/j.chieco.2020.101535.
- La Porta, R., F. Lopez-de-Silanes, and A. Shleifer. 2008. The economic consequences of legal origins. Journal of Economic Literature 46 (2):285–332. doi:https://doi.org/10.1257/jel.46.2.285.
- La Porta, R., F. Lopez-de-Silanes, A. Shleifer, and R. Vishny. 1998. Law and finance. Journal of Political Economy 106 (6):1113–55. doi:https://doi.org/10.1086/250042.
- La Porta, R., F. Lopez‐de‐Silanes, A. Shleifer, and R. Vishny. 2002. Investor protection and corporate valuation. Journal of Finance 57 (3):1147–70. doi:https://doi.org/10.1111/1540-6261.00457.
- Lawry, S., C. Samii, R. Hall, A. Leopold, D. Hornby, and F. Mtero. 2017. The impact of land property rights interventions on investment and agricultural productivity in developing countries: A systematic review. Journal of Development Effectiveness 9 (1):61–81. doi:https://doi.org/10.1080/19439342.2016.1160947.
- Lee, K. Y. K., and K. Mo. 2020. Do analysts improve labor investment efficiency? Journal of Contemporary Accounting & Economics 16 (3):100213. doi:https://doi.org/10.1016/j.jcae.2020.100213.
- Levine, R. 2005. Law, endowments and property rights. Journal of Economic Perspectives 19 (3):61–88. doi:https://doi.org/10.1257/089533005774357842.
- Li, G., J. Li, Y. Zheng, and P. H. Egger. 2021. Does property rights protection affect export quality? Evidence from a property law enactment. Journal of Economic Behavior & Organization 183:811–32. doi:https://doi.org/10.1016/j.jebo.2020.10.023.
- Liu, G., and C. Zhang. 2020. Economic policy uncertainty and firms’ investment and financing decisions in China. China Economic Review 63:101279. doi:https://doi.org/10.1016/j.chieco.2019.02.007.
- Liu, Y., Y. Liu, W. L. Megginson, and Z. Wei. 2018. The effect of property rights protection on capital structure: evidence from a Chinese natural experiment. Available at SSRN 3293435.
- Mishra, S., and M. T. Ewing. 2020. Financial constraints and marketing investment: Evidence from text analysis. European Journal of Marketing. doi:https://doi.org/10.1108/EJM-01-2019-0090.
- Rajan, R., and L. Zingales. 1998. Financial development and growth. American Economic Review 88 (3):559–86. doi:https://doi.org/10.3386/w5758.
- Sualihu, M. A., M. Rankin, and J. Haman. 2021. The role of equity compensation in reducing inefficient investment in labor. Journal of Corporate Finance 66:101788. doi:https://doi.org/10.1016/j.jcorpfin.2020.101788.
- Taylor, G., A. Al-Hadi, G. Richardson, U. Alfarhan, and K. Al-Yahyaee. 2019. Is there a relation between labor investment inefficiency and corporate tax avoidance? Economic Modelling 82:185–201. doi:https://doi.org/10.1016/j.econmod.2019.01.006.
- Xu, G. 2018. The costs of patronage: Evidence from the British empire. American Economic Review 108 (11):3170–98. doi:https://doi.org/10.1257/aer.20171339.
- Zeng, J., X. Wang, and M. Xiao. 2019. The impact of government property right law on collateral loans: A quasi-natural experiment based on the enactment of Chinese property law. International Review of Economics & Finance 63:273–83. doi:https://doi.org/10.1016/j.iref.2019.01.007.