This paper outlines the thinking of financial theorists on issues most relevant to those influencing financial decision‐making within a firm. While the review is not comprehensive, it does provide a foundation for understanding what is included in the modern theory of corporate finance....

Since late 1980s there has been a frenzy of mergers and acquisitions in which brands have played the primary role. It is no longer rare to find offers at a multiple of more than 25 times company earning, or two or three times its share value. In this paper we attempt to reach several objectives....

Purpose – This paper aims to review the latest management developments across the globe and pinpoint practical implications from cutting‐edge research and case studies. Design/methodology/approach – This briefing is prepared by an independent writer who adds their own impartial comments...

Purpose – This paper aims to briefly review principal theories of dividend policy and to summarize empirical evidences on these theories. Design/methodology/approach – Major theoretical and empirical papers on dividend policy are identified and reviewed. Findings – It is found that the...

Purpose – The purpose of this paper is to theoretically examine under what circumstances economic cycles advance or deter corporate defaults. Design/methodology/approach – The theoretical inferences are authenticated through Monte Carlo simulations. Findings – It is found that an ongoing...

Over the past 40 years major theoretical developments have occurred in the areas of longer‐term investment and financial decision making. Many of these new concepts and the related techniques are now being employed successfully in industrial practice. By contrast, far less attention has been...

Purpose – The main purpose of this paper is to empirically examine how firm-specific (idiosyncratic) and macroeconomic risks affect the external financing decisions of UK manufacturing firms. The paper also explores the effect of both types of risk on firms' debt versus equity choices....

Purpose The purpose of this paper is to document the relation between investment-cash flow sensitivity and a firm’s engagement in corporate social responsibility (CSR) activities in European context. Specifically, this paper aims to empirically examine how CSR moderates the sensitivity between...

Purpose The purpose of this paper is to examine the many factors that affect the leverage decisions of publicly traded Australian companies, and tests to see whether these factors are reliably important. The relationship between these factors and the leverage decision is examined....

Purpose – The purpose of this paper is to review the literature on liquidity in international stock markets, highlights differences and similarities in empirical results across existing studies, and identifies areas requiring further research. Design/methodology/approach – International...