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Local Financial Development and Corporate Financial Policy
2009The aim of the present study is to explain both capital-structure and debt-maturity choices for small and medium-size firms in terms of institutional differences at the local level. In particular, local financial development, the effectiveness of the local enforcement system, together with other firm-specific characteristics, are considered.
CARIOLA, Alfio +2 more
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Financial Distress and Corporate Performance
The Journal of Finance, 1994Abstract This study finds that highly leveraged firms lose substantial market share to their more conservatively financed competitors in industry downturns. Specifically, firms in the top leverage decile in industries that experience output contractions see their sales decline by 26 percent more than do firms in the bottom leverage ...
Opler, Tim C, Titman, Sheridan
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Financial flexibility demand and corporate financial decisions
Financial Review, 2016AbstractI develop a hypothesis that predicts nonlinear patterns of leverage and cash holdings over firms' financial flexibility (FF) demand stages. The hypothesis also predicts distinctive financing patterns over the FF demand stages. The empirical results support the hypothesis: Flexibility‐building firms maintain low leverage by issuing equity in ...
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Corporate Financial Policy and the Theory of Financial Intermediation
The Journal of Finance, 1990ABSTRACTThis paper examines the optimal structure of financial contracts in an economy subject to two forms of moral hazard. Multiple information problems are shown to generate a role for multiple classes of financial claimants. We then show that economic efficiency is enhanced if the financial structure of the economy consists of both direct and ...
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2021
Financial distress and crises for businesses can be used to implement substantial organizational changes and turnaround the damage done to achieve financial equilibrium in the short term and financial stability in the long term. Plans, methodology and tools are provided here to examine how this turnaround can be achieved.
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Financial distress and crises for businesses can be used to implement substantial organizational changes and turnaround the damage done to achieve financial equilibrium in the short term and financial stability in the long term. Plans, methodology and tools are provided here to examine how this turnaround can be achieved.
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The Financial Consequences of Corporate Growth
The Journal of Finance, 1980IT IS GENERALLY RECOGNIZED that there is a high degree of economic concentration in the United States and elsewhere.' The term economic concentration refers to the extent to which an industry's assets, output, or sales are distributed among the firms in that industry.
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Corporate financial policy and corporate control
Journal of Financial Economics, 1988Abstract This paper presents evidence that stockholder wealth declines on average when managers respond to attempted hostile takeovers with defensive changes in asset and ownership structure. The data also indicate that these corporate restructurings are typically quite large and that many are attempts by managers to create barriers specific to the ...
Larry Y. Dann, Harry DeAngelo
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Corporate Philanthropy and Corporate Financial Performance
Academy of Management Proceedings, 2013To resolve empirical inconclusiveness and conceptual confusion found in the literature relating corporate philanthropy and financial performance, in this paper we suggest a stakeholder sensemaking ...
Shouming Chen +2 more
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Peer Effects in Corporate Financialization: The Role of Fintech in Financial Decision Making
International Review of Financial AnalysisThis paper develops a three-period theoretical model of corporate investment decision-making to illustrate the impact of peer effects on corporate financialization and the influence of Fintech on peer effects in corporate financialization. To empirically
Haolin Zhang (418208) +3 more
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Corporate Blockholders and Financial Leverage
Financial Review, 2018This research investigates the relationship between corporate block ownership and firm financial leverage. Corporate blockholders, which are nonfinancial firms who hold more than five percent equity in a target industrial firm, can affect the target firm’s policies through their business relationships, monitoring, or expropriations.
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