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SSRN Electronic Journal, 2001
Managers and corporate directors need to recognize two key behavioral impediments that obstruct the process of value maximization, one internal to the firm and the other external. I call the first obstruction behavioral costs. Behavioral costs, like agency costs, tend to prevent value creation. Behavioral costs are the costs associated with errors that
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Managers and corporate directors need to recognize two key behavioral impediments that obstruct the process of value maximization, one internal to the firm and the other external. I call the first obstruction behavioral costs. Behavioral costs, like agency costs, tend to prevent value creation. Behavioral costs are the costs associated with errors that
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Unlocking sustainability potential: The impact of green finance reform on corporate ESG performance
Corporate Social Responsibility and Environmental ManagementImproving the incentive mechanism and institutional framework of green finance policy is important to promote the synchronization of environmental management and enterprise development.
Da Gao, Xiaotian Zhou, Jing Wan
semanticscholar +1 more source
Valuing Corporate Financing Strategies [PDF]
SSRN Electronic Journal, 2008 We develop a dynamic structural model of the firm that allows us to carefully analyze the value of alternative financing strategies. We first illustrate the benefits of joint versus separate optimization of dynamic financing and investment policies. We then examine the impact on firm value of investment and financing distortions due to financial agency
Andrea Gamba +2 more
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Economic Significance in Corporate Finance
, 2020Reporting the economic significance of findings in empirical corporate finance has become increasingly common, but a review of the literature from 2000 to 2018 reveals problems with standard practice that make it difficult to judge the importance of ...
Todd Mitton
semanticscholar +1 more source
Regional digital finance and corporate investment efficiency in China
Applied Economics, 2022Digital finance has a substantial effect on macroeconomics and plays an important role in corporate investment behaviour. However, few studies examine how digital finance affects corporate investment efficiency.
Zhuo Huang +4 more
semanticscholar +1 more source
Journal of Applied Corporate Finance, 2010
One of the core tenets of modern finance theory is that corporations create value by producing operating rates of return on capital that are greater than the cost of capital. “Postmodern” corporate finance, while reaffirming the importance of earning an adequate return on capital, also attempts to restore at least part of the traditional corporate ...
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One of the core tenets of modern finance theory is that corporations create value by producing operating rates of return on capital that are greater than the cost of capital. “Postmodern” corporate finance, while reaffirming the importance of earning an adequate return on capital, also attempts to restore at least part of the traditional corporate ...
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Firms and social responsibility: A review of ESG and CSR research in corporate finance
Journal of Corporate Finance, 2021Stuart L. Gillan, Andrew Koch, L. Starks
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2003
Abstract This review evaluates the four major theories of corporate financing: (1) the Modigliani–Miller theory of capital-structure irrelevance, in which firm values and real investment decisions are unaffected by financing; (2) the trade-off theory, in which firms balance the tax advantages of borrowing against the costs of financial distress; (
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Abstract This review evaluates the four major theories of corporate financing: (1) the Modigliani–Miller theory of capital-structure irrelevance, in which firm values and real investment decisions are unaffected by financing; (2) the trade-off theory, in which firms balance the tax advantages of borrowing against the costs of financial distress; (
openaire +2 more sources