OWNERSHIP STRUCTURE, FREE CASH FLOW, ASSET STRUCTURE AND DIVIDEND POLICY ON DEBT POLICY

Dividend Policy and Cash Flow Uncertainty

Investigating the relationship among information asymmetry, dividend policy and ownership structure

The purpose of a financial manager in dividend policy is to maximize the wealth of its owners while providing adequate funds for the company. In this research, the aim is to determine the relationship between information asymmetry, dividend policies and ownership structure. After designing information asymmetry evaluation indicators, the transaction information has been collected from the Stock...

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...

Ownership structure and inventory policy

This paper makes use of a database of Spanish manufacturing firms to explore the effect of a firm’s ownership structure on its inventory policy. We have argued that the presence of institutional investors reduces a firm’s liquidity needs and nts overinvestment policies. This, in turn, leads to lower equilibrium inventory levels. Also, we expect, on average, ventory investment when bank-equity f...

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...