We investigate the decision rules for corporate investment by designing a company value frontier. This company value frontier allows for balancing the financial value and social and environmental impacts. This article develops novel value concepts-ranging from shareholder value to shareholder...

The Working Capital Management (WCM) has an important role in the firm's success or failure because it directly effects the overall business health of the firm. This study examined the impact of WCM on profitability and shareholders wealth using the 50 companies listed in different sectors on...

Although Jensen (1988) argues that high levels of free cash flow and unused borrowing capacity are likely to encourage low-value mergers, the “pecking order” theory offers a different perspective, where managers conserve cash flow to undertake positive NPV investments. We argue that the...

On 19 March 2012, the iconic technology company Apple announced a program to distribute its “excess” cash to shareholders in the form of dividends and share buybacks. This announcement follows a pattern similar to the then iconic Microsoft's (MSFT) announcement in 2004. Likewise, the bluest...