Free Cash Flows, Management Ownership, Dividend Policy, and Debt Policy

Dividend Policy and Cash Flow Uncertainty

Debt Valuation, Renegotiation, and Optimal Dividend Policy

The valuation of debt and equity, reorganization boundaries, and firm’s optimal dividend policies are studied in a framework where we model strategic interactions between debt holders and equity holders in a game-theoretic setting which can accommodate varying bargaining powers to the two claimants. Two formulations of reorganization are presented: debt-equity swaps and strategic debt service r...

Investigating the Impact of Debt and Free Cash Flows on Tax Avoidance with Emphasis on the Role of Institutional Ownership

The present study aimed at investigating the effect of debt and free cash flows on tax avoidance by emphasizing the role of institutional ownership in companies listed on the Tehran Stock Exchange. The statistical population of the study includes all companies listed on the Tehran Stock Exchange from 2013 to 2019. The statistical data for testing hypotheses based on the databases of Tehran Stoc...

Cash dividend policy, corporate pyramids, and ownership structure: Evidence from China

Article history: Received 21 September 2011 Received in revised form 28 December 2012 Accepted 7 January 2013 Available online 23 January 2013 This paper investigates how the state-controlling ownership and the ownership through corporate pyramid structures affect the dividend policies of publicly listed firms in China. We find that the state-controlled firms in China pay higher dividends (meas...

Dividend policy, managerial ownership and debt financing: A non-parametric perspective

This paper examines the relation between dividend policy, managerial ownership and debt-financing for a large sample of firms listed on NYSE, AMEX and NASDAQ. In addition to standard parametric estimation methods,weusea semi-parametric approach,whichhelps capturemoreeffectivelynon-linearities in thedata. In linewith the alignment effect ofmanagerial ownership, our results support a negative rel...