The purpose of dividend policy, promoted by a joint-stock company may be: building trust and forming a true business ownership, business growth, increase creditworthiness of the company and of trust others to it. The paper aim is to study the dividend policy to those five Romanian Financial...

M became CFO of Monolithic Power Systems, Inc. (MPWR-$61.21) in 2011. Since 2004, MPS' $184.1 million spent on buybacks boosted its share price by about $6.54, roughly a 12.0% benefit. A fraction of that was earned on CFO M's watch.In October 2012, with MPS trading at $18.00, a Cashless...

Free Cash Flow (FCF) was adopted in the late 1980s as a financial tool to evaluate the firm and its individual projects. We question the procedure of calculating the FCF where a significant portion of Current Liabilities is offset against Current Assets, thereby creating the hybrid asset Net...

The reasons for the formation and prevalence of business groups in many countries around the world have attracted the interest of many academics. The main reasons for the formation of business groups can be listed as preventing market imperfections and information problems, reducing market...

This article investigates the existence of propping in Turkish business group firms for the years 2010-2016 (150 firms and 1050 firm-year data in total). It is claimed that pyramidal ownership in Turkey is used to prop up intra-group funds and is a beneficial vehicle providing a less costly way...

A Cashless Buyback(tm) enables any corporation, large or small, regardless of financial strength, to capitalize in size at low risk on a period of substantial equity undervaluation. A Cashless Buyback(tm) sets before a CFO a proposition in the following general form:"Your company's stock now...

In this paper, we examine the impact of excess cash on firm decisions about accretive share repurchases — those increasing earnings per share (EPS) by at least one cent — and the impact of these repurchases on firm investments and value. Employing a fuzzy regression discontinuity design, we...

I investigate firm financial management when the CFO has greater authority by being on the board and the corresponding changes when the CFO position leaves the board. After the 2002 regulatory changes on board composition requirements, determinants of CFO board membership shift from being driven...

Under German law, the subscribed capital of a company can either be paid up in cash or in kind. Contributions in kind are subject to special rules because they pose the danger of an overvaluation of assets which is detrimental to both the other members of the company and to its creditors. Thus,...

Purpose: As shareholder-elected monitors, independent non-executive directors (INEDs) should ensure that managers do not retain earnings to promote their own interests. The relationship between board independence and dividend distributions was hence investigated for selected companies listed on...