If a company faces some form of tax progressivity-that is, its marginal tax rate increases over the firm's expected range of reported taxable income-corporate hedging can reduce the firm's expected tax liability by reducing the volatility of pre-tax income. In a study described in this article,...

Since the formulation of the M&M propositions almost 50 years ago, financial economists have been debating whether there is such a thing as an optimal capital structure-a proportion of debt to equity that maximizes shareholder value. Some finance scholars have followed M&M in arguing that both...

This article applies and extends the three-part organizational framework used in the preceding article to a broad range of management innovations. After furnishing some interesting evidence of the rise and fall of management techniques such as TQM, Reengineering, Just-in-Time Production, and...

Effective corporate leadership involves more than developing a good strategic plan and setting high ethical standards. It also means coming up with an organizational design that encourages the company's managers and employees to carry out its business plan and maintain its ethical standards....