Determinants of corporate financial policy: theory and evidence on Finnish data
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Helsinki
Helsinki School of Economics
1990
|
| Schriftenreihe: | Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun julkaisuja / B
103 |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | 95 S. |
| ISBN: | 9517008546 |
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Datensatz im Suchindex
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TABLE OF CONTENTS
Page
CHAPTER I: INTRODUCTION 7
1.1 Background ?
1.2 Modigliani Miller irrelevancy theorem 9
1.3 General conditions for irrelevancy H
1.4 The role of market imperfections 15
1.5 Outline of the study i6
CHAPTER II: THE TAX SHELTER BANKRUPTCY COST MODEL OF OPTIMAL FINANCIAL
POLICY 18
2.1 Assumptions about the institutional setting 18
2.2 The model 19
2.3 The marginal investor s tax rates: Miller s model 23
2.4 Comparative statics results 29
2.5 Optimal financial policy and tax exhaustion 35
CHAPTER III: AGENCY THEORETIC EXPLANATIONS FOR FINANCIAL POLICY 37
3.1 Introduction 37
3.2 Managerial agency problems 39
3.2.1 Agency problems in an owner,managed firm 40
3.2.2 Financial policy as a bonding device 45
3.2.3 Financial policy as a signalling device 46
3.3 Conflicts of interest between different sources of capital 47
3.3.1 The investment disincentive of debt financing 49
3.3.2 The risk incentive of debt financing 53
3.3.3 Asymmetric information and the pecking order
hypothesis 56
3.4 Summary of implications for corporate financial policy 60
5
Page
CHAPTER IV: EMPIRICAL EVIDENCE 63
4.1 Model specification 67
4.2 The sample 72
4.3 Results 75
CHAPTER V: CONCLUDING REMARKS 87
APPENDICES 90
REFERENCES 92
|
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| geographic | Finnland |
| geographic_facet | Finnland |
| id | DE-604.BV008954521 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T17:27:23Z |
| institution | BVB |
| isbn | 9517008546 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-005909396 |
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| physical | 95 S. |
| publishDate | 1990 |
| publishDateSearch | 1990 |
| publishDateSort | 1990 |
| publisher | Helsinki School of Economics |
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| series2 | Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun julkaisuja / B |
| spelling | Virolainen, Kimmo Verfasser aut Determinants of corporate financial policy theory and evidence on Finnish data Helsinki Helsinki School of Economics 1990 95 S. txt rdacontent n rdamedia nc rdacarrier Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun julkaisuja / B 103 Mathematisches Modell Steuer Corporations Finance Mathematical models Corporations Taxation Mathematical models Corporations Taxation Finland Corporations Finland Finance Finanzmanagement (DE-588)4139075-1 gnd rswk-swf Finnland Finanzmanagement (DE-588)4139075-1 s DE-604 B Kauppakorkeakoulu <Helsinki>: Helsingin Kauppakorkeakoulun julkaisuja 103 (DE-604)BV005631594 103 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005909396&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Virolainen, Kimmo Determinants of corporate financial policy theory and evidence on Finnish data Mathematisches Modell Steuer Corporations Finance Mathematical models Corporations Taxation Mathematical models Corporations Taxation Finland Corporations Finland Finance Finanzmanagement (DE-588)4139075-1 gnd |
| subject_GND | (DE-588)4139075-1 |
| title | Determinants of corporate financial policy theory and evidence on Finnish data |
| title_auth | Determinants of corporate financial policy theory and evidence on Finnish data |
| title_exact_search | Determinants of corporate financial policy theory and evidence on Finnish data |
| title_full | Determinants of corporate financial policy theory and evidence on Finnish data |
| title_fullStr | Determinants of corporate financial policy theory and evidence on Finnish data |
| title_full_unstemmed | Determinants of corporate financial policy theory and evidence on Finnish data |
| title_short | Determinants of corporate financial policy |
| title_sort | determinants of corporate financial policy theory and evidence on finnish data |
| title_sub | theory and evidence on Finnish data |
| topic | Mathematisches Modell Steuer Corporations Finance Mathematical models Corporations Taxation Mathematical models Corporations Taxation Finland Corporations Finland Finance Finanzmanagement (DE-588)4139075-1 gnd |
| topic_facet | Mathematisches Modell Steuer Corporations Finance Mathematical models Corporations Taxation Mathematical models Corporations Taxation Finland Corporations Finland Finance Finanzmanagement Finnland |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=005909396&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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