In this paper, we examine why firms have no debt in their capital structure. We reject the hypothesis that zero-leverage policies are driven by entrenched managers attempting to avoid the disciplinary pressures of debt. These firms do not have weaker internal or external governance mechanisms....

Contrary to the concerns of the Council of Institutional Investors and other shareholder activists, it is reported that the incidence of multiple board memberships appointments by corporate directors is low, with only 4% of the sample holding three or more seats. It is found that directors in...

Purpose Despite the availability of amicable means to resolve construction disputes, litigation remains a mainstream dispute resolution process in some countries. This tendency to litigate (TTL) calls for research to develop appropriate precautions to encourage stakeholders to resolve most...

Purpose Claims have become an inseparable part of construction projects across the world. Construction claims often tend to result not only in time and cost overruns but in case of a dispute arising from the claim, it may result in erosion of the brand value and the working relationship between...

Purpose Judiciary plays a pivotal role in the overall development of a nation's economy and its involvement assures process transparency and impartiality. However, litigation is often expensive, uncertain and prone to delays. Notwithstanding such inherent challenges associated with litigation,...

The payment of dividends imposes costs on the firm's shareholders in the form of higher taxes (relative to capital gains) and issuance costs arising from the dividend-induced need to acquire external equity, given the firm's investment and capital structure policies. Why, then, do firms pay...

This dissertation consists of two essays. The first provides evidence that the recent revival of shelf equity offers is related to changes in how firms use shelf registration. During 1990-2003 firms that make shelf filings have no immediate intent and low probability of issuance, lower...