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1.
Chun-Ai Ma 《新兴市场金融与贸易》2016,52(9):2043-2055
Financial flexibility helps improve firm performance. By using data from Chinese listed companies, we examine whether investment scale or investment efficiency drives the relationship between financial flexibility and firm performance via a special mediator testing method that is widely used in the psychology literature (Baron and Kenny, 1986). We find that financial flexibility has a significant and positive effect on both investment and firm performance. However, investment scale rather than investment efficiency seems to drive firm performance. This finding helps us understand that Chinese companies tend to emphasize investment expansion more than they do investment efficiency to improve firm performance. 相似文献
2.
利用中国工业企业数据库,从银行业市场和股票市场入手,分析企业生存的决定因素,结果发现: 银行业市场的发展对企业存续时间有着正面的作用,股票市场的发展对企业存续时间有着负面的作用;在不同样本分类下,这一影响存在着异质性。同时,治理环境变化是影响企业生存的又一因素,良好的治理环境能够发挥金融市场发展带来的正面效果,降低金融市场发展带来的负面作用。 相似文献
3.
This paper provides out-of-sample evidence on the payout policy in Canada during the 1985–2003 period. First, we show that the proportion of nonfinancial firms paying dividends has decreased, while the proportion initiating repurchase programs has increased. We also show that Canadian firms paying dividends and repurchasing shares are extremely concentrated. Second, we focus on the factors that could affect the choice between repurchases and dividends. We find that dividends and repurchases are used by different types of firms. While we do not confirm the financial flexibility hypothesis, our results are consistent with the substitution hypothesis after controlling for selection bias and endogeneity. 相似文献
4.
Although firms cite flexibility as important when repurchasing shares, we know little about how or why firms vary repurchases. We use an extensive sample of daily repurchase transactions from the United Kingdom to investigate how the number of repurchase days and volumes of shares repurchased change based on several known motivations. We find that stock price changes, liquidity, leverage, takeover activity and earnings per share targets impact share repurchasing patterns. Further, we compare actual repurchases to alternative share accumulation strategies and find that firms utilize flexibility without paying higher costs. 相似文献
5.
This paper examines the impact of the repatriation tax provision of the Tax Cuts and Jobs Act (TCJA) on firms’ dividend policy. Our findings show that the firms most affected by the repatriation tax provision, that is, those with high foreign sales, reward shareholders by substantially increasing dividends per share, but maintain aggregate dollar dividends. Dividend per share (DPS) increasing firms repurchase at significantly higher magnitudes than non-dividend per share increasing firms, suggesting that DPS increasing firms partially utilize repurchases to avoid substantial increases in their long-term aggregate dividend commitments. We also investigate whether managers reap the rewards of dividend increases, finding that firms with high levels of executive ownership and foreign sales are more likely to increase their dividends per share after the TCJA was enforced. Overall, our results highlight the importance of the interconnection between dividends and repurchases in examining the response of firm payout policy to external shocks. 相似文献
6.
Hamdi Ben‐Nasr 《Journal of Business Finance & Accounting》2015,42(5-6):665-704
In this paper we examine the relationship between government ownership and dividend policy. Using a multinational sample of newly privatised firms from 43 countries, we find strong and robust evidence indicating that dividend payout is negatively related to government ownership, consistent with the predictions of agency theory. We also find that country‐level corporate governance affects the relationship between government ownership and dividend policy. Specifically, the adverse effects of government ownership on dividend policy are more pronounced in countries with weak law and order and a lower level of checks and balances. Our results are important, as they show that government ownership, as well as the institutional environment, does in fact affect the critical corporate policies, such as dividend policy, of newly privatised firms. 相似文献
7.
We study payout by UK listed companies during 1993–2018. Regular dividends remain the dominant channel, but flexible payouts (special dividends and repurchases) have grown, and they make total payout more responsive to earnings. Flexible payouts are used to augment regular dividends: few companies pay out by flexible means only, and tests indicate that they augment rather than replace regular dividends. Comparison with US evidence shows that UK companies make greater use of dividends (including specials) in relation to repurchases, and have a greater willingness to change regular dividend per share. 相似文献
8.
Fbio Dias Duarte Ana Paula Matias Gama Mohamed Azzim Gulamhussen 《European Financial Management》2020,26(3):628-683
We relate credit risk and owners’ personal guarantees to bank loan maturities during the global financial crisis. The findings, which remain robust to reverse causality, show that firms rated as low risk, with a strong relationship with the bank, whose owners provided personal guarantees and with large loan sizes obtained longer maturities. Banks with larger nonperforming loans provided loans with shorter maturities. Firms with low‐ and high‐risk ratings that provided owners’ personal guarantees obtained longer maturities. These findings shed additional light on the relationship between risk and loan maturities and the role of personal guarantees in reducing information asymmetries. 相似文献
9.
Since 1966, researchers have examined financial distress prediction models to determine the usefulness of accounting information to lenders. These researchers primarily used legal bankruptcy as the response variable for economic financial distress, or included legal bankruptcy with other events in dichotomous prediction models. However, theoretical models of financial distress normally define financial distress as an economic event, the inability to pay debts when due (insolvency). This study uses a loan default/accommodation response variable as a proxy for the inability to pay debts when due. The purpose of this note is to empirically test whether or not using the inability of a firm to pay debts when due, loan default/accommodation, as a response measure produces different results than using legal bankruptcy as the response measure. The study's empirical results show that legal bankruptcy and loan default/accommodation financial distress prediction models produce different statistical results, thus suggesting that the responses measure different constructs. A loan default/accommodation model also fits the data better than a bankrupt model. Our results suggest that a loan default/accommodation response may be a more appropriate measure to determine which accounting information is most useful to lenders in evaluating a firm's credit risk. 相似文献
10.
Investor-driven 'short-termism' is said to harm EU public firms' ability to invest for the long term, prompting calls for the EU to better insulate managers from shareholder pressure. But the evidence offered—rising levels of repurchases and dividends—is incomplete and misleading: it ignores large offsetting equity issuances that move capital from investors to EU firms. We show that, over the last 30 years and the last decade, net shareholder payouts have been moderate and investment and cash balances have increased. In sum, the data provide little basis for the view that short-termism in the EU warrants corporate governance reforms. 相似文献
11.
We investigate the role of financial distress in the seasoned equity market. We find that distressed firms comprise about 40% of SEOs and these distressed issuers have worse abnormal announcement returns than non‐distressed issuers. Stock return volatility is an important determinant for announcement returns for non‐distressed SEO issuers but not for distressed SEO issuers. Signals of firm quality are associated with better announcement returns, larger issues, increased investment, improved operating performance, and lower likelihood of delisting for distressed SEO firms as compared to non‐distressed firms. Our findings suggest equity finance is valuable for financially distressed firms with strong growth prospects. 相似文献
12.
Hong Kong is one of the largest trading economies in the world. Business opportunities attract the presence of more and more multinational companies and different currencies. Hedging currency risks has become an important and vital activity for a success business entity in Hong Kong. This paper empirically tests the determinants of foreign currency hedging for a large sample of Hong Kong non-financial firms. The findings are potentially useful for increasing firms’ economic benefit and shareholders’ wealth as well as improving the economic efficiency of currency hedging for companies in Hong Kong as well as in the mainland of China.
JEL classification: F30, G32, G33 相似文献
13.
Harry DeAngelo 《European Financial Management》2023,29(2):389-398
Corporate share buybacks are under attack, mainly from the political left, but also to some degree from the right. Critics advocate increasing the tax on buybacks in the hope of inducing firms to invest more and in ways that benefit workers. This attack on buybacks reflects a misunderstanding of basic (textbook-level) finance principles. The approach advocated by critics will backfire at growth-stage firms, which will invest less, not more, because a payout-tax increase will reduce the supply of equity infusions. At mature firms that are generating ample free cash flow, managers can easily evade the (unattractive-for-shareholders) real investments that critics desire by investing retained cash in financial assets. Buyback critics should recognise that punishing cash payouts per se would be counterproductive, and should focus instead on making a case for legislation that creates incentives that directly promote the specific behaviours they desire. 相似文献
14.
Nicholas Clarke;Dylan Norris;Andrew Schrowang; 《The Financial Review》2024,59(1):57-87
This study examines the relationship between managerial reference points and corporate payout policy. We find that share repurchase activity increases as a firm's current stock price declines in relation to the price at which it previously repurchased shares. To facilitate a behavioral interpretation of this relation, we show that it weakens around stock splits, is asymmetric over gains and losses, and strengthens when prior repurchase prices are more salient. Further, the relation is not explained by traditional repurchase motives. The results suggest a behavioral pattern in which managers use prior repurchase prices as reference points for current repurchases. 相似文献
15.
Yang Wang 《新兴市场金融与贸易》2019,55(11):2652-2667
ABSTRACTThis paper investigates whether Chinese firms utilize trade credit as an alternative financial intermediation to alleviate financial constraints, and whether trade credit matters for firm productivity. The results show that trade credit significantly affects firm productivity in private and foreign-owned firms but not state-owned enterprises, indicating that trade credit is an efficient financial intermediation for non-state firms. Second, trade credit better helps firms that have severe financial constraints grow. Third, the mechanism of trade credit and TFP is by the substitution effect of cash flow, the smoothing effect of working capital and the drive of innovation. Finally, the impact of trade credit on productivity is driven by the regions under a more institutionally developed environment. 相似文献
16.
Charles E. Mossman Geoffrey G. Bell L. Mick Swartz Harry Turtle 《The Financial Review》1998,33(2):35-54
Four types of bankruptcy prediction models based on financial statement ratios, cash flows, stock returns, and return standard deviations are compared. Based on a sample of bankruptcies from 1980 to 1991, results indicate that no existing model of bankruptcy adequately captures the data. During the last fiscal year preceding bankruptcy, none of the individual models may be excluded without a loss in explanatory power. If considered in isolation, the cash flow model discriminates most consistently two to three years before bankruptcy. By comparison, the ratio model is the best single model during the year immediately preceding bankruptcy. Quasi-jack-knifing procedures suggest that none of the models can reliably predict bankruptcy more than two years in advance. 相似文献
17.
Abstract: We study the mergers of US publicly traded bank holding companies during 1987–2000 and find that the acquiring firm's sustainable growth rate is an important determinant of the cross‐sectional variation in the merged entity's long‐term operating and stock performance. The most economically significant determinants of the merged bank's abnormal stock return performance are the acquiring bank's estimated sustainable growth rate prior to the acquisition, as well as post‐acquisition changes in this growth rate, and the bank's dividend payout ratio. Our findings are robust even after controlling for several potentially confounding factors. 相似文献
18.
This study investigates whether the stock market differentiates between firms that file bankruptcy petitions for strategic reasons and firms that file bankruptcy petitions for financial reasons. We perform both univariate and regression tests on a sample of 245 firms that filed Chapter 11 bankruptcy petitions between 1981 and 1996. After controlling for bankruptcy outcome, probability of bankruptcy, firm financial condition, and firm size, we find that, in the period around bankruptcy filing, firms that file bankruptcy petitions for financial reasons have significantly larger stock price declines than firms that file bankruptcy petitions for strategic reasons. 相似文献
19.
Melvin Jameson Tao‐Hsien Dolly King Andrew Prevost 《Journal of Business Finance & Accounting》2021,48(1-2):374-404
Consistent with the premise that make‐whole call provisions enhance value‐creating financial flexibility, we find that higher sensitivity of managerial wealth to stock price (delta) increases the likelihood that corporate bonds contain make‐whole provisions. Building on the results of related research, post‐issue financial performance of make‐whole callable bond issuers increases in delta. In line with prior findings that demonstrate financial flexibility can be costly to bondholders, we find that managerial equity incentives impact the incremental effect of make‐whole provisions on the pricing of corporate debt securities. Consistent with the flexibility explanation, we also find that the market response as measured by abnormal trading volume to the issuance of make‐whole callable debt varies in equity incentives. Overall, our results suggest that managerial incentives play a role in the choice, pricing, and market response to make‐whole options in corporate debt securities. 相似文献
20.
David J. Denis 《The Financial Review》2012,47(4):631-643
This paper is the keynote address from the Eastern Finance Association's 2012 meeting in Boston. I assert that, despite a substantial amount of work and much progress in the capital structure field, traditional models do a remarkably poor job of explaining the dynamics of observed capital structures. New approaches that focus on the firm's intertemporal access to capital appear to represent the most promising avenues for yielding fresh insights. 相似文献