Riset ini bertujuan untuk menganalisis pengaruh debt equity ratio (DER), return on assets (ROA), dan firm size (FS) terhadap dividend payout (DPR) pada perusahaan terbuka yang terdaftar dalam indeks Kompas100 selama periode 2016–2019. Teknik pengambilan sampel riset menggunakan purposive sampling yaitu teknik dengan kriteria sebagai Kompas 100, membagikan dividen secara berturut-turut 2016 – 20...

Project background: one common strategy within the capital structure relative value umbrella is trading credit versus equity. Credit and equity are both claims on the assets of a company. Debt securities typically pay a fixed coupon to the holder as long as the company does not default, but offers no additional upside if the company’s performance improves and its assets become more valuable. On...

We present a cashow based model of corporate debt valuation that incorporates two novel features. First, we allow for the separation and optimal determination of the rm's debt-service and dividend policies; in particular, the rm is allowed to maintain cash reserves to meet future debt obligations. Second, our model admits the possibility that raising resources through issuance of new equity cou...

I test the market discipline of bank risk hypothesis by examining whether banks choose risk management policies that account for the risk preferences of subordinated debt holders. Using around 500,000 quarterly observations on the population of U.S. insured commercial banks over the 1995–2009 period, I document that the ratio of subordinated debt affects bank risk management decisions consisten...

The He and Krishnamurthy models imply that the financial intermediary sector – measured broadly, and not just focused for example on hedge funds – has leverage that rises during crisis. The prediction is due to a mix of general equilibrium and corporate finance arguments. First, in the model, in general equilibrium the intermediary sector must retains the bulk of risk exposure from intermediate...

The purpose of this paper is to find out which signaling factors enhance the probability of success in attracting equity crowdfunding. I examined the impact of venture quality (equity to date, debt to date and networks) on funding success. My data highlights that networks can be interpreted as an effective signal and therefore strongly impact the probability of funding success. Equity to date a...

We consider firm financing when the firm quality is private information of the manager and, given its inherent quality, the project viability depends on the manager exerting unobservable effort. We show that capital structure matters even though managerial contracts are optimally designed. Good firms would like to issue more debt to avoid selling underpricing equity. However, the interaction be...