We survey more than 1,000 CEOs and CFOs to understand how capital is allocated, and decision-making authority is … delegated, within firms. We find that CEOs are least likely to share or delegate decision-making authority in mergers and … CEOs are more likely to delegate decision authority when the firm is large or complex. Delegation is less likely when the …

factors that drive dividend and share repurchase policies. We find that managers are very reluctant to cut dividends, that … repurchases is viewed by managers as being more flexible than using dividends, permitting a better opportunity to optimize … investment. Managers like to repurchase shares when they feel their stock is undervalued and in an effort to affect EPS. Dividend …