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the association between dividend policy and the investment opportunity set. It is hypothesised that the association is …-sectional logistic regressions of dividend policy on investment opportunity set. The results support both hypotheses. This finding … suggests that with respect to dividend policy, politically connected companies depart somewhat from the goal of shareholder …
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greater competitive threats from rival firms in product markets. However, the real effects of dividend policy on product … market outcomes are not widely understood. This paper investigates the causal effects of dividend policy on sales growth in … product markets. Exploiting the 2003 dividend tax cut as the exogenous shock to dividend policy and the cross-firm variation …
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Corporate finance theory provides both precise and approximate formulas for the maximum growth rate of a firm, typically called the internal growth rate (when no external funds are permitted) and the sustainable growth rate (when the capital structure is held fixed). The assumption in these...
Persistent link: https://www.econbiz.de/10013101088
Corporate finance theory provides both precise and approximate formulas for the maximum growth rate of a firm, typically called the internal growth rate (when no external funds are permitted) and the sustainable growth rate (when the capital structure is held fixed). The assumption in these...
Persistent link: https://www.econbiz.de/10013101354
This paper shows that the effect of inflation on asset prices and real aggregates depends on the financial intermediation sector. When firms finance using nominal long-term debt issued by financial intermediaries, unexpected changes in inflation lead to a wealth transfer across sectors. Higher...
Persistent link: https://www.econbiz.de/10012595351