Last month, in this magazine, this author argued in Fixing Financial Statements: Financial Statement Overhaul that the traditional formats of the primary financial statements—income statement, balance sheet, and cash flow statement—need major redesign to again be useful for meaningful financial analysis, decision-making and value creation. Since the fundamental objective of a business is to inc...

Dividend policy has long been an issue of interest in the financial literature. To date, a number of studies published on agency costs and dividend policy but most of them are on developed markets, It is well known that the emerging markets are quite different from developed markets in all respects. So, the existing published evidence is of limited relevance in identifying the influence of agen...

The short-lived oil price shock at the beginning of the Persian Gulf Crisis created a natural experiment. Oil producers were left with an unexpected, one-time cash flow shock and unchanged investment opportunities. We examine how they spent this free cash flow. Most firms followed an expansionary path, but there is considerable variation in how the cash flow was allocated. Both costly external ...

dividend policy has long been an issue of interest in the financial literature. to date, a number of studies published on agency costs and dividend policy but most of them are on developed markets, it is well known that the emerging markets are quite different from developed markets in all respects. so, the existing published evidence is of limited relevance in identifying the influence of agen...