financial statement of a company is a reflection of the operational and financial position of a company. the comparative analysis of two companies similar in nature, size, work, location and objectives etc., facilitates an understanding of the operational and financial soundness of the companies. the kingdom of saudi arabia is aiming for rapid industrialization in its economy. sahara petrochemi...

This paper estimates the implied cost of equity for Canadian and U.S. firms using a methodology based on the dividend discount model and utilizing firms’ current stock price and analysts’ forecasted earnings. We find that firm size and firm stock liquidity are negatively related to cost of equity, while greater firm financial leverage and greater dispersion in analysts’ earnings forecasts are a...

Hundreds of billions of dollars have been spent in homeland security since September 11, 2001. Many mathematical models have been developed to study strategic interactions between governments (defenders) and terrorists (attackers). However, few studies have considered the tradeoff between equity and efficiency in homeland security resource allocation. In this article, we fill this gap by develo...

We provide evidence that associations between realized returns and common risk proxies (factor betas and implied cost of equity estimates) vary with properties of the sample returns distribution used to estimate those associations. We consider two forms of non-random sampling from a reference distribution of realized returns for all CRSP firms with at least 12 consecutive monthly returns during...

The study seeks to examine the effect of equity ownership structure on firm financial performance in South Korea. I focus on the role of two main dimensions of the ownership structure: Ownership concentration (i.e., the distribution of shares owned by majority shareholders) and identity of owners (especially, foreign investors and institutional investors). Using panel data for South Korea in 20...

The purpose of this study is to examine the role of corporate governance in the concept of tax justice. The current research contributes to the field of applied research and is regarded as a descriptive survey research, testing four main hypotheses and eight special hypotheses. The required data for this research were obtained through a questionnaire distributed among financial managers of 133 ...

We analyse the determinants of equity agency costs for the top 500 Australian listed firms. Data are collected over four one-year periods (2004, 2005, 2010 and 2011) and analysed using both pooled OLS regression and two stage least squares regression within a random effects panel data model. Analysis covers the full four-year period, the pre global financial crisis (GFC) sub-period (2004 and 20...

Three factors significantly influence profit repatriations by U.S. multinational firms: tax considerations, domestic financing and investment needs, and agency problems inside firms. Dividend repatriations are surprisingly persistent and resemble dividend payments to external shareholders. Tax considerations are influential but not decisive. Affiliates whose organizational forms carry differing...