Corporate Investment Decision: A Review of Literature
Round 1
Reviewer 1 Report
Dear authors,
The topic is interesting, however, still, the paper is immature, and you need to address the following issues in the next version:
1- The theoretical issues should be improved by the most recent studies; some are listed below:
- Economic policy uncertainty and firm investment decisions: Dilemma or opportunity?
- The Impact of Investment Efficiency on Firm Value and Moderating Role of Institutional Ownership and Board Independence
- Structural shocks in monetary policy, exchange rates, and stock prices using SVAR in Iran
- The relationship between corporate investment decision and firm performance: Moderating role of cash flows
2- The implications of the study are not clear, so they need to be highlighted in the next version
Author Response
Response 1: Thanks for your consideration. We have updated the theoretical issue by considering the mentioned studies. [Kong, et al., (2022) asserted that economic uncertainty inhibits corporate investment which further has a material impact on corporate performance. Islam, et al., (2022) vowed that corporate investment is a key determinant of corporate financial performance. Salehi, et al., (2022) supported the positive link between investment efficiency and firm value. Their study further reveals the moderating role of board independence and institutional ownership]. Page 4, 5
Response 2: Our review study has several implications and literature contributions: first, this study reviews the large number of studies published in well-reputed journals and clearly guides on major determinants of investment decisions. Secondly, this review study tends to enhance the theoretical insights on relevant factors that can potentially determine industrial investment decisions. It further shows the significance of such factors in different era’s and was considered by the research community. Third, this study can be a handful as an outline document of investment determinants for corporate managers because it provides a summarized review of a large body of literature. page 3
Author Response File: 
Author Response.pdf
Reviewer 2 Report
Dear authors,
Thank you very much for sending your paper to the journal. The following issues should be fully addressed in the next version:
1- The paper should cover the publications up to 2022.
2- The contributions of the study should be highlighted in the next version
3- Any reason for selecting only 3 journals?
4-theoretical issues should be extand by the recent studies
Author Response
Response 1: Yes, we have updated the analysis by extending the sample to the year 2022. To see the modifications, please see Tables 1, 2, 3. Page 9-15,
Response 2: As for the concern literature contribution, this study brings forward the empirical findings of past studies and adds new thoughts regarding determinants of corporate investment decisions. In literature, there exist numerous studies that empirically suggest the various determinants of industrial investment decisions, but no study found which offers such theoretical understanding. Thus, our study fulfills this instant gap of literature by offering a review of studies and bringing them together into a single study. It was an immense need to summarize the voluminous literature published on investment during the recent decade. Page 13
Response 3: We select these three journals as these are top-ranked journals in the area of finance research (as ranked by the web of science, and JCR). Furthermore, these journals offer more concrete studies enhancing the theoretical and empirical understanding of an investment topic.
Response 4: Yes, we have added more studies from recent literature 2022.
Author Response File: Author Response.pdf
Round 2
Reviewer 2 Report
Dear author,
Thank you very much for addressing my comments on the current version; the current version has been improved.
