This study examines competing views on dividends as either a disciplinary mechanism for managerial autonomy or a constraint on investment due to misinformed or short-term investors. As a first step in researching this issue, this paper estimates a dividend pay-out relationship for South Africa....

In September 2008, Lehman Brothers and Merrill Lynch had similar business strategies and exposure to toxic assets, and both faced insolvency. However, while Lehman was allowed to fail, Merrill was rescued. For Lehman employees without board positions (Lehman "Orphans"), bankruptcy was thus...

We review and bridge the literature on the internationalization of state-owned firms and sovereign wealth funds to provide a novel understanding of how governments’ nonbusiness objectives affect foreign investments. We explain how governments as foreign investors behave differently from...

Share repurchases have come under criticism as they may be used for earnings management and take capital away from productive investment. However, share repurchases can also reduce the agency costs of free cash flow and offset the dilution of current shareholders. Whether firms engage in good or...

Share repurchases have come under criticism as they may be used for earnings management and take capital away from productive investment. However, share repurchases can also reduce the agency costs of free cash flow and offset the dilution of current shareholders. Whether firms engage in good or...

The COVID-19 pandemic has resulted in governments playing increasingly prominent roles as active economic agents. However, state capitalism does not necessarily serve broad developmental purposes, and rather can be directed to supporting sectional and private interests. As the literature on...

We investigate the role firms play in dealing with data protection. We draw parallels between the ethical challenges regarding data capabilities and other social issues that over time have instigated the evolution of corporate responsibilities. Our contention is that we can learn from the...