Within the realm of corporate finance, IPO (refers to the process of offering shares of corporation to the public for the first time) companies in Malaysia received little attention from the academic scholarly works. An important area of inquiry for IPO companies is to investigate the board...

This paper explores the impact of target CEOs' retirement preferences on takeovers. Using retirement age as proxy for CEOs' private merger costs, we find strong evidence that target CEOs' preferences affect merger activity. The likelihood of receiving a successful takeover bid is sharply higher...

Differences in management and shareholders priorities have been recognized and accepted to exist creating problems in the agency to which financial theorists opined that dividend payments is the best means of resolving the conflict. Results obtained using the multiple regression equation model...

We survey the literature on payout policy, with a particular emphasis on developments in the last two decades. Of the traditional motives of why firms pay out (agency, signaling, and taxes), the cross-sectional empirical evidence is most persuasive in favor of agency considerations. Studies...

This paper is the first investigation of the interplay between dividends and risk taking in banks. I examine the role of dividends as a risk-shifting mechanism that can exacerbate moral hazard, controlling for standard determinants of dividends in nonfinancial firms. My main findings show that...

We compare cross-sectional variation of dividend yields of companies across 32 countries. Beyond the impact of firm-specific accounting and financial variables, this study investigates how the variations in country level variables affect dividend payout policies. The country level variables...

This Article reports results of an empirical study that suggests that the current economic crisis has changed managerial behavior in the US in a way that may impede economic recovery. The study finds a strong, statistically significant and economically meaningful, positive correlation between...

In this paper, we examine whether a firm's relationship with its principal customers/suppliers affects its payout policies. A firm has customer-supplier relationships when its business depends on a small number of major customers/suppliers. The extant literature indicates two channels through...

This paper develops a theoretical model explaining management's choice of using corporate cash flow to pay dividends, repurchase shares, or invest in a real project. The model demonstrates the case in which managers have better information than investors about the quality of the firm...