Download or read book Agency Costs of Stakeholders and Corporate Finance written by Bing Yu and published by . This book was released on 2009 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: Agency cost is a major factor that constrains corporate finance decision making. Current corporate governance theory focuses primarily on agency costs of managers and existing literature studies extensively on this aspect. This dissertation studies agency costs from a unique point of view: it addresses the agency costs of creditors and employees. It tests the relationship between creditor rights as well as employee rights and corporations' financing and dividend payment decisions across countries. Based on a sample of 182, 182 firm-year observations from 21,663 unique firms over 52 countries, this study uses the year- and industry-fixed effects Tobit model to test the impacts of creditor rights and labor rights on debt ratio in different countries. The empirical results reveal a positive relationship between employee rights and firms' use of debt and a negative relationship between creditor rights and firm debt ratio. Such relationships hold valid when tests are implemented by using pooled country sample, country mean of residuals, and different country-group sub-samples. The results imply that in countries where employee rights are high, shareholders will use more debt obligation to reduce possibility of exploitation by employees whereas in countries where creditor rights are high, it is harder for shareholders to get a favorable debt contract and they will reduce the use of debt capital. Running fixed effects Logit and Tobit models, this study also documents that labor rights are negatively related to firms' decision to pay dividends and dividend payment amounts. This relationship is reinforced to be more salient in civil law countries where shareholder rights are weak. The empirical results are robust by controlling for sample selection bias, test model specification, and a series of country-level control variables. The explaining power of the major creditor rights and labor rights variables keeps significant statistically, implying that the empirical results remain valid after taking country-specific economic characteristics into account across countries. This is the first study that examines agency costs of employees in corporate finance context explicitly. It takes all stakeholders into account when studying agency problems and sheds light on the interaction relationship among shareholders, creditors, and employees across countries. The empirical results of this study provide a new perspective to interpret international variations in financial leverage and dividend policy in the world.

Download or read book A Stakeholder Rationale for Risk Management written by Gregor Gossy and published by Springer Science & Business Media. This book was released on 2008-09-08 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gregor Gossy develops a stakeholder rationale for risk management arguing that firms which are more dependent on implicit claims from their non-financial stakeholders, such as customers, suppliers, and employees, prefer conservative financial policies.

Download or read book Introduction to Corporate Finance written by Laurence Booth and published by John Wiley & Sons. This book was released on 2020-02-18 with total page 818 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fifth edition of Introduction to Corporate Finance is a student friendly and engaging course that provides the most thorough, accessible, accurate, and current coverage of the theory and application of corporate finance within a uniquely Canadian context. Introduction to Corporate Finance will provide students with the skills they need to succeed not only in the course, but in their future careers.

Download or read book Fundamentals of Corporate Finance written by Jonathon Berk and published by Pearson Higher Education AU. This book was released on 2013-12-02 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: Core concepts. Contemporary ideas. Outstanding, innovative resources. To succeed in your business studies, you will need to master core finance concepts and learn to identify and solve many business problems. Learning to apply financial metrics and value creation as inputs to decision making is a critical skill in any kind of organisation. Fundamentals of Corporate Finance shows you how to do just that. Berk presents the fundamentals of business finance using the Valuation Principle as a clear, unifying framework. Throughout the text, its many applications use familiar Australian examples and makes consistent use of real-world data. This Australian adaptation of the highly successful US text Fundamentals of Corporate Finance features a high-calibre author team of respected academics. The second edition builds on the strengths of the first edition, and incorporates updated figures, tables and facts to reflect key developments in the field of finance. For corporate finance or financial management students, at undergraduate or post-graduate level.

Download or read book Corporate Finance written by CFA Institute and published by John Wiley & Sons. This book was released on 2022-10-13 with total page 819 pages. Available in PDF, EPUB and Kindle. Book excerpt: The complete guide to corporate finance, for today’s practitioners from CFA Institute After ten years, the third edition of the CFA Institute Investment Series’ Corporate Finance text has arrived with a decisive focus on the needs of today’s investment professionals. Now titled Corporate Finance: Economic Foundations and Financial Modeling, this third edition outlines the essential tools, concepts, and applications within the discipline of corporate finance that businesses need to thrive. New and refreshed content on Environmental, Social, and Governance (ESG) considerations alongside foundational coverage of capital structure and measures of leverage empower readers to support the growth of their organizations and develop the skills to succeed in our current corporate world. Six new chapters expand this updated discussion of corporate finance via topics such as corporate structures and ownership, capital investments, business models and risks, corporate restructuring, and more. The companion workbook (sold separately) offers problems and solutions aligning with the text and allows learners to test their comprehension of key concepts. Through Corporate Finance: Economic Foundations and Financial Modeling, 3rd Edition, readers will become proficient in the following areas: Corporate structures and governance Capital budgeting Cost of capital Measures of leverage Business models, risks, and restructurings CFA Institute is the world’s premier association for investment professionals, and the governing body for the CFA® Program, CIPM® Program, CFA Institute ESG Investing Certificate, and Investment Foundations® Program. Those seeking a deeper understanding of the fundamentals behind corporate finance will value the level of expertise CFA Institute brings to the discussion, providing a clear, comprehensive resource for students and professionals alike.

Download or read book Corporate Finance written by John Graham and published by Cengage AU. This book was released on 2020-10-30 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate Finance, 3e offers a dynamic, modern and practical approach that illustrates how financial management really works. It features up-to-date content including a focus on ethics in finance, following the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. This resource is distinguished by the cash-flow ‘arc’ of the narrative, which gives a practical learning path, and the use of real options - a practical analysis tool that is used in corporate finance. Students are provided with an engaging and contemporary learning path, giving them realistic preparation for a career in finance. The strong five-part framework of the book is supported by integrated online elements and easy-to-read chapter narratives. Premium online teaching and learning tools are available on the MindTap platform. Learn more about the online tools cengage.com.au/mindtap

Download or read book eBook Corporate Finance 5e written by David Hillier and published by McGraw Hill. This book was released on 2024-02-12 with total page 955 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fifth European edition of Corporate Finance takes an applied approach to cover all the latest research and topic areas important to students taking Finance courses. The new edition provides an international perspective on all areas of corporate finance and has been updated to include discussion on current trends such as the integrated nature of global supply chains, financial risk management, and key regulatory changes impacting the sector. It addresses the impact that FinTech, the climate and geopolitics are having on the development of corporate finance, considers the questions brought about by the global corona virus pandemic, and looks to the future of the industry. Understanding and Application •Clear, user-friendly style •Example boxes in every chapter provide hypothetical examples to illustrate theoretical concepts such as cash flow timing, dividend smoothing and differential growth. •Real World Insight boxes use companies like Apple, Volkswagen and Adidas to show how they have applied corporate finance theories and concepts to their business decisions. •Chapter links throughout provide quick cross-referencing to show the connections between topics. Practice and Proficiency •Mini and Practical cases present scenarios and questions to practice application and learning. •Questions and Problems in each chapter, categorised by topic and level of difficulty, allow for rigorous testing of the chapter content. •Numbered maths equations and key notation boxes listing the variables and acronyms that will be encountered in each chapter, designed to encourage mastery of Maths. •Exam Questions designed to take 45 minutes and test you on material learned in a more formal exam style. •Connect® resources include algorithmic questions designed to ensure equations and calculations are not learned by rote but by thorough understanding and practice. New to This Edition •Sustainability in Action boxes draw on issues relating to the environment, society, the economy and climate change to show how corporate finance is so important to the resolution of sustainability challenges. •Updated discussions and new sections on sustainable value added, green bonds, dividend policy and share repurchases, Islamic Financing, intangible valuation, and the differential value method. Available on McGraw Hill’s Connect®, the well-established online learning platform, which features our award-winning adaptive reading experience as well as resources to help faculty and institutions improve student outcomes and course delivery efficiency. To learn more, visit mheducation.co.uk/connect David Hillier is Associate Principal and Executive Dean of the University of Strathclyde Business School. A Professor of Finance, David was recognized as being in the top 3 per cent of the most prolific finance researchers in the world over the past 50 years (Heck and Cooley, 2009) and appears regularly in the media as a business commentator. His YouTube channel of finance lectures (professordavidhillier) has attracted nearly half a million views worldwide. This European edition is originally based on the Corporate Finance text by Stephen A. Ross, Randolph W. Westerfield, Jeffrey F. Jaffe, and Bradford D. Jordan.

Download or read book The Theory of Corporate Finance written by Jean Tirole and published by Princeton University Press. This book was released on 2010-08-26 with total page 657 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Magnificent."—The Economist From the Nobel Prize–winning economist, a groundbreaking and comprehensive account of corporate finance Recent decades have seen great theoretical and empirical advances in the field of corporate finance. Whereas once the subject addressed mainly the financing of corporations—equity, debt, and valuation—today it also embraces crucial issues of governance, liquidity, risk management, relationships between banks and corporations, and the macroeconomic impact of corporations. However, this progress has left in its wake a jumbled array of concepts and models that students are often hard put to make sense of. Here, one of the world's leading economists offers a lucid, unified, and comprehensive introduction to modern corporate finance theory. Jean Tirole builds his landmark book around a single model, using an incentive or contract theory approach. Filling a major gap in the field, The Theory of Corporate Finance is an indispensable resource for graduate and advanced undergraduate students as well as researchers of corporate finance, industrial organization, political economy, development, and macroeconomics. Tirole conveys the organizing principles that structure the analysis of today's key management and public policy issues, such as the reform of corporate governance and auditing; the role of private equity, financial markets, and takeovers; the efficient determination of leverage, dividends, liquidity, and risk management; and the design of managerial incentive packages. He weaves empirical studies into the book's theoretical analysis. And he places the corporation in its broader environment, both microeconomic and macroeconomic, and examines the two-way interaction between the corporate environment and institutions. Setting a new milestone in the field, The Theory of Corporate Finance will be the authoritative text for years to come.

Download or read book Corporate Finance and Governance in Stakeholder Society written by Shinichi Hirota and published by Routledge. This book was released on 2015-02-11 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops a new framework - the stakeholder model - that helps to understand corporate finance and governance in modern society, where the sources of people’s happiness have shifted from monetary to non-monetary factors. The book takes a more comprehensive approach than is typically found in the standard economics and finance literature, by explicitly incorporating both the monetary and non-monetary interests of stakeholders and by examining the value creation of corporations from a much broader perspective. Specifically, the book addresses contemporary issues concerning corporate finance and governance worldwide, including: How should we define corporate value in stakeholder society? What is the role of modern corporations? What are the principles underlying corporate financing decisions? To what extent should shareholder rights be enhanced? What determines the effectiveness of a company’s board of directors? What missions do firms set out and what is the role of mission statements? How can we understand the diversity of financial and governance systems among different countries? What legal and institutional reforms enhance or diminish corporate value in stakeholder society? The book will answer these questions theoretically and empirically.

Download or read book Introduction to Corporate Finance Asia Pacific Edition with Online Stud Y Tools 12 Months written by John R. Graham and published by Cengage AU. This book was released on 2016-08-09 with total page 888 pages. Available in PDF, EPUB and Kindle. Book excerpt: Introduction to Corporate Finance offers a dynamic, modern and practical approach that illustrates how financial management really works. It features up-to-date content including the impact of the Global Financial Crisis and capital budgeting. Introduction to Corporate Finance is distinguished by the cash-flow 'arc' of the narrative, which gives a practical learning path, and the use of real options, which is a practical analysis tool that is used in corporate finance. Students are thus provided with the most engaging and contemporary learning path of any Australian text, giving them realistic preparation for a career in finance. The strong five part framework of the book is supported by integrated online elements and easy-to-read text.

Download or read book Corporate Finance written by Peter Moles and published by John Wiley & Sons. This book was released on 2011 with total page 971 pages. Available in PDF, EPUB and Kindle. Book excerpt: Fundamentals of Corporate Finance helps students develop the intuition and analytical skills necessary to effectively apply financial tools in real-world decision-making situations. The authors provide a fully integrated framework for understanding how value creation relates to all aspects of corporate finance; whether it be evaluating an investment opportunity, determining the appropriate financing for a business, or managing working capital. This unique and integrated framework also provides robust coverage of problem solving and decision-making skills.

Download or read book Handbook of Corporate Finance written by David J. Denis and published by Edward Elgar Publishing. This book was released on 2024-02-12 with total page 709 pages. Available in PDF, EPUB and Kindle. Book excerpt: Expertly surveying the realm of corporate finance, this adroitly-crafted Handbook offers a wealth of conceptual analysis and comprehensively outlines recent scholarly research and developments within the field. It not only delves into the theoretical dimensions of corporate finance, but also explores its practical implications, thereby bridging the gap between these distinct strands.

Download or read book Financial Management and the Agency Theory written by Simon Bergstein and published by GRIN Verlag. This book was released on 2014-03-14 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2013 in the subject Business economics - Investment and Finance, grade: A15 bzw. 1,0, University of New South Wales, Sydney, language: English, abstract: In Financial Management it ́s generally assumed that the goal of a private firm is shareholder wealth maximization respectively maximizing shareholder value (ACCA BPP, 2012, p. 5). This assumption correspond with a recent statement of Philip Clarke (2013) - Chief Executive Officer of Tesco who declared that ‘[e]verything [they] are doing reflects [their] determination to deliver shareholder value’. The question arises if shareholder wealth maximization is an appropriate goal since there are other individuals besides the shareholders that are affected by the activities of a firm. Another point is that managers often do not act in shareholders best interest in order to maximize their own utility. This conflict of interest is described by the agency theory. Furthermore the agency relationship complicates the achievement of the goal of shareholder wealth maximization (Van Horne and Wachowicz, 2009, p.5). Recently shareholders of the former Yellow Pages publisher Hibu blame the management not to act in their best interest because of both a lack of information provided by directors and by restructuring the company with a debt-for-equity swap that wipes shareholders out. As a consequence of Hibu’s oppressive debt mountain the debt-for-equity swap enables major lenders to take control over the company (Spanier, 2013). In this context the concept of cost of capital and its calculation provides an approach to the costs of financing decision. (McLaney, 2011,p.296). Since the debt-for-equity swap restructures Hibu ́s balance sheet it is of crucial importance to examine the sources of capital that are discussed in this context in order to evaluate the reasonableness of the debt-for-equity swap from a economical perspective. Section 1 of this assignment focuses on the characteristics of shareholders’ wealth maximization as an organizational goal of management and discusses its link with the Agency Theory. Section 2 gives an insight into the concept and the calculation of cost of capital. The 3rd section critically evaluates the different sources of capital discussed in the previous section. The last section summarizes the main points of the assignment and provides a conclusion.

Download or read book Pay Without Performance written by Lucian A. Bebchuk and published by Harvard University Press. This book was released on 2004 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: The company is under-performing, its share price is trailing, and the CEO gets...a multi-million-dollar raise. This story is familiar, for good reason: as this book clearly demonstrates, structural flaws in corporate governance have produced widespread distortions in executive pay. Pay without Performance presents a disconcerting portrait of managers' influence over their own pay--and of a governance system that must fundamentally change if firms are to be managed in the interest of shareholders. Lucian Bebchuk and Jesse Fried demonstrate that corporate boards have persistently failed to negotiate at arm's length with the executives they are meant to oversee. They give a richly detailed account of how pay practices--from option plans to retirement benefits--have decoupled compensation from performance and have camouflaged both the amount and performance-insensitivity of pay. Executives' unwonted influence over their compensation has hurt shareholders by increasing pay levels and, even more importantly, by leading to practices that dilute and distort managers' incentives. This book identifies basic problems with our current reliance on boards as guardians of shareholder interests. And the solution, the authors argue, is not merely to make these boards more independent of executives as recent reforms attempt to do. Rather, boards should also be made more dependent on shareholders by eliminating the arrangements that entrench directors and insulate them from their shareholders. A powerful critique of executive compensation and corporate governance, Pay without Performance points the way to restoring corporate integrity and improving corporate performance.

Download or read book Ebook Fundamentals of Corporate Finance written by Brealey; Myers; and published by McGraw Hill. This book was released on 2016-04-16 with total page 802 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ebook: Fundamentals of Corporate Finance

Download or read book The Control of Corporate Europe written by Fabrizio Barca and published by OUP Oxford. This book was released on 2001-11-15 with total page 354 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by an international team of authors, this book provides the first systematic account of the control of corporate Europe based on voting block data disclosed in accordance with the European Union's Large Holdings Directive (88/627/EEC). The study provides detailed information on the voting control of companies listed on the official markets in Austria, Belgium, France, Germany, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and, as a benchmark comparison, the United States. The authors record a high concentration of control of corporations in many European countries with single blockholders frequently controlling more than fifty per cent of corporate votes. In contrast, a majority of UK listed companies have no blockholder owning more than ten per cent of shares, and a majority of US listed companies have no blockholder with more than six per cent of shares. Those chapters devoted to individual countries illustrate how blockholders can use legal devices to leverage their voting power over their cash-flow rights, or how incumbents prevent outsiders from gaining voting control. It is shown that the cultural and linguistic diversity of Europe is (almost) matched by its variety of corporate control arrangements.

Download or read book Corporate Finance written by Laurence Booth and published by Wiley Global Education. This book was released on 2012-12-26 with total page 838 pages. Available in PDF, EPUB and Kindle. Book excerpt: Adapted from a best-selling Canadian title, this text offers a somewhat unique approach to corporate finance, with a framework that highlights three distinct legs of finance: economics, accounting, and law.There is an emphasis on Ethics in Corporate Finance throughout which is very desirable, since AACSB requires ethics be taught in every finance course. Adapted from a Canadian best-selling title, This text offers a somewhat unique approach to corporate finance, with a framework that highlights three distinct legs of finance: economics, accounting, and law.