EFMA 2002 London Meetings (Archive)最新文献

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Are the Gains from International Portfolio Diversification Exaggerated? The Influence of Downside Risk in Bear Markets 国际投资组合多元化的收益被夸大了吗?熊市中下行风险的影响
EFMA 2002 London Meetings (Archive) Pub Date : 2001-07-09 DOI: 10.2139/ssrn.221992
K. Butler, D. C. Joaquin
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引用次数: 160
Financial Decisions and Growth Opportunities: A Spanish Firms Panel Data Analysis 财务决策与成长机会:西班牙公司面板数据分析
EFMA 2002 London Meetings (Archive) Pub Date : 1900-01-01 DOI: 10.2139/ssrn.250717
P. Andrés, F. López-Iturriaga, Juan Antonio Rodriguez-Sanz
{"title":"Financial Decisions and Growth Opportunities: A Spanish Firms Panel Data Analysis","authors":"P. Andrés, F. López-Iturriaga, Juan Antonio Rodriguez-Sanz","doi":"10.2139/ssrn.250717","DOIUrl":"https://doi.org/10.2139/ssrn.250717","url":null,"abstract":"This paper analyzes the influence of financial leverage decisions, dividend payout policies and the ownership structure on the firm market value when companies either face, or do not face, profitable growth opportunities. We use a sample of 101 large non-financial publicly traded Spanish companies. Our results confirm the relevance of debt and dividends in terms of firm value creation by showing a negative relationship between firm value and leverage in the presence of growth opportunities. On the contrary, this relationship turns out to be positive when firms have no profitable investment projects and dividends show an outstanding role in improving value creation. Our results also demonstrate the relevance of ownership structure in the allocation of firm resources.","PeriodicalId":113051,"journal":{"name":"EFMA 2002 London Meetings (Archive)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123641876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
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