A system dynamics model of capital structure policy for firm value maximization
نویسندگان
چکیده
منابع مشابه
Managerial Power, Capital Structure and Firm Value
With the reform of our property rights system, the maturity of the capital market, and the diversification of corporate financing, the capital structure decision has become the major concern of financial management. There are numbers of researches on how to determine the optimal capital structure, what factors affect the capital structure and what the relationship is like between the capital st...
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Ever since Modigliani and Miller made their irrelevance proposition, a key theme in corporate finance has been to explain the conditions under which capital structure does affect firm value. Split-capital closed-end funds successfully exploit such conditions, being worth on average 11% more than conventional closed-end funds. Cross-section and time-series analyses reveal that the extra value co...
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Corporate governance theory predicts that leverage affects agency costs and thereby influences firm performance. We propose a new approach to test this theory using profit efficiency, or how close a firm’s profits are to the benchmark of a best-practice firm facing the same exogenous conditions. We are also the first to employ a simultaneous-equations model that accounts for reverse causality f...
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ژورنال
عنوان ژورنال: Systems Research and Behavioral Science
سال: 2020
ISSN: 1092-7026,1099-1743
DOI: 10.1002/sres.2693