Corporate Finance: Valuation最新文献_第6页

Corporate Finance: Valuation Pub Date : 2020-11-18 DOI: 10.2139/ssrn.3747571

Qianru Qi

引用次数: 0

The Impact of Corporate Social Responsibility on Firm Value - The Role of Shareholder Preferences 企业社会责任对企业价值的影响——股东偏好的作用

Corporate Finance: Valuation Pub Date : 2020-11-13 DOI: 10.2139/ssrn.3730169

Stefan Paulus

引用次数: 0

Corporate Capital Structure and Firm Value: International Evidence on the Special Roles of Bank Debt 公司资本结构与企业价值:银行债务特殊作用的国际证据

Corporate Finance: Valuation Pub Date : 2020-11-08 DOI: 10.2139/ssrn.3726764

Allen N. Berger, Sadok El Ghoul, O. Guedhami, Jiarui Guo

引用次数: 14

R&D and Innovation: Evidence from Patent Data 研发与创新:来自专利数据的证据

Corporate Finance: Valuation Pub Date : 2020-11-01 DOI: 10.2139/ssrn.3777384

Koji Takahashi, Yu-Jin Oh

{"title":"R&D and Innovation: Evidence from Patent Data","authors":"Koji Takahashi, Yu-Jin Oh","doi":"10.2139/ssrn.3777384","DOIUrl":"https://doi.org/10.2139/ssrn.3777384","url":null,"abstract":"We investigate innovation dynamics in Japanese listed firms by calculating an indicator for the accumulation of innovation based on patent citations, the “citation stock.” The calculated citation stock has decreased since the mid-2000s, which implies that the pace of innovation accumulation at Japanese listed firms has slowed. Using the citation stock, we show that an increase in a firm’s citation stock contributes to its productivity growth and that the citation stock provides information on whether research and development (R&D) leads to innovation that cannot be captured by focusing on the amount of R&D investment alone. In addition, we find that while higher R&D investment is associated with new innovation, the efficiency of R&D investment in Japan has decreased in recent years. Such a decrease in the efficiency of R&D investment has been reported not only for Japanese firms but also for a wide range of fields around the world, so that firms and research institutions are attempting to maintain the pace of innovation by increasing the number of researchers and research spending. For Japan, where it is difficult to increase the number of researchers due to the declining population, it is important to improve the quality of research through various efforts such as increasing the diversity of researchers.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"460 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122494089","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: 1

Information Overload Effects in Sequential Information Acquisition for Investment Decision-Making 投资决策顺序信息获取中的信息过载效应

Corporate Finance: Valuation Pub Date : 2020-10-31 DOI: 10.2139/ssrn.3722450

M. Hartmann, Barbara E. Weißenberger

{"title":"Information Overload Effects in Sequential Information Acquisition for Investment Decision-Making","authors":"M. Hartmann, Barbara E. Weißenberger","doi":"10.2139/ssrn.3722450","DOIUrl":"https://doi.org/10.2139/ssrn.3722450","url":null,"abstract":"This paper experimentally investigates structured investment decision-making with sequential information provision. Subjects were asked to rank investment alternatives using a scoring model. A mixed design with information provision as the within-subject variable and initial information load as the between-subjects variable was employed. A computer-based process tracing technology provided insights into the underlying information acquisition process – information cues were covered by boxes for the second step of the decision. Moving the cursor over a box uncovered the information. Duration and frequency of uncovering the different information cues was recorded in a database. The main variables of interest were decision accuracy, decision confidence, and measures characterizing the information acquisition process. The main findings were the following: the amount of information provided in the first step significantly impacted decision accuracy and decision confidence, which decreased for the high initial information load group. In addition, receiving a high number of information cues in the first step led to a reduction in the attention devoted to the information received in the second step. Confirmatory information search behavior could not be observed. Findings help further our understanding on how the amount and timing of information provision impact decision quality and confidence.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127537848","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: 0

Decision-Making in the Capital Budgeting Context – Effects of Type of Decision Aid and Increases in Information Load 资本预算环境下的决策——决策辅助类型与信息负荷增加的影响

Corporate Finance: Valuation Pub Date : 2020-10-31 DOI: 10.2139/ssrn.3722448

M. Hartmann, Barbara E. Weißenberger

{"title":"Decision-Making in the Capital Budgeting Context – Effects of Type of Decision Aid and Increases in Information Load","authors":"M. Hartmann, Barbara E. Weißenberger","doi":"10.2139/ssrn.3722448","DOIUrl":"https://doi.org/10.2139/ssrn.3722448","url":null,"abstract":"This paper experimentally investigates how different types of decision aids interact with increases in data load in a structured capital budgeting decision-making task. The experiment employed a 2x2 between-subjects design and was run in a course on management control systems with 136 master’s degree students at a German university. Subjects were tasked with reviewing investment proposals that contained differing amounts of information (low vs. high data load, i.e., irrelevant information cues in addition to those relevant for the decision). The second manipulation referred to the type of decision aid – either a detailed, rules-based capital budgeting guideline with clear cut-off rates, or the advice to employ generally accepted criteria for investment decision-making. The dependent variables investigated were perceived task complexity, decision accuracy, and decision confidence. Increases in data load led to an increase in perceived task complexity. There was only limited evidence for experimental conditions affecting decision accuracy. The group of subjects relying on the capital budgeting manual reported significantly higher decision confidence. Implications for practice on how to provide decision-makers with information for investment decision-making are derived.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132834713","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: 0

The Impact of Earnings Persistence on the Operating Cash Flows with Emphasis on Financial Constraints 盈余持续性对经营性现金流量的影响——以财务约束为重点

Corporate Finance: Valuation Pub Date : 2020-10-25 DOI: 10.20469/ijbas.6.10004-5

Orman Hamedi Ilkhechi, Saeid Anvar Khatibi

{"title":"The Impact of Earnings Persistence on the Operating Cash Flows with Emphasis on Financial Constraints","authors":"Orman Hamedi Ilkhechi, Saeid Anvar Khatibi","doi":"10.20469/ijbas.6.10004-5","DOIUrl":"https://doi.org/10.20469/ijbas.6.10004-5","url":null,"abstract":"The purpose of this study is to investigate the effect of earnings stability on operating cash flows with emphasis on financial constraints. Evidence suggests that earnings stability has a positive and significant effect on operating cash flows, and financial constraints have a negative and significant effect on operating cash flows and also financial constraints do not have a significant interactive effect on the relationship between profit stability and operating cash flows. To measure operating cash flow, the cash flow from operating activity obtained through the cash flow statement is obtained by dividing the total assets of the company. The research is from 2012 to 2016 that a total of 121 companies active in various industries have formed the research sample. The method of the present research is descriptive-correlational in terms of applied purpose and post-event in terms of data collection method. Multivariate regression method has been used to test the research hypotheses. The independent variable in this study is profit stability and the dependent variable is operating cash flow and financial constraint as a moderating variable. The result is also supported by stakeholder theory. In general, the research findings show the important and prominent role of earnings stability in shaping the operating cash flow and its financial constraints.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"01 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127228047","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: 0

Corporate Stakeholders, Corporate Valuation, and ESG 企业利益相关者、企业估值与ESG

Corporate Finance: Valuation Pub Date : 2020-10-20 DOI: 10.2139/ssrn.3715899

Bradford Cornell, A. Shapiro

{"title":"Corporate Stakeholders, Corporate Valuation, and ESG","authors":"Bradford Cornell, A. Shapiro","doi":"10.2139/ssrn.3715899","DOIUrl":"https://doi.org/10.2139/ssrn.3715899","url":null,"abstract":"In an article published in 1987, we explained how corporate stakeholders, including customers, employees, suppliers, and distributors, influence financial policy and corporate behavior and why corporations have an incentive to treat these non-investor stakeholders fairly. At the heart of this explanation is the recognition that there are two fundamentally different classes of claims on a corporation. The first and most familiar are explicit contractual claims. These include employment contracts, bond indentures, product warranties, and the like. The second are implicit claims. Examples include fair treatment of employees, promise of continuing service to customers, and honest dealing with suppliers and distributors. Corporate stakeholders, all of whom have business relationships with the companies whose implicit claims they hold, value these implicit claims and are therefore prepared to pay for them. Corporate value is created by selling these implicit claims for more than it costs to honor them. More recently, a new class of non-investor stakeholders has arisen, related to Environmental, Social, and Governance (ESG) issues, but with no business relationships with the companies they are making demands on. Although many ESG advocates stress their role in creating shareholder value, they provide no explanation for how this value creation occurs. In this paper, we show that implicit claims provide a critical link that ties non-investor stakeholders and ESG to shareholder value. We show why many of the demands placed on corporations by ESG advocates, in the name of corporate social responsibility, interfere with the sale of implicit claims to corporate stakeholders and may thereby destroy shareholder value.","PeriodicalId":127551,"journal":{"name":"Corporate Finance: Valuation","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116252763","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: 1

Takeover Protections and Stock Returns 收购保护和股票回报

Corporate Finance: Valuation Pub Date : 2020-10-19 DOI: 10.2139/ssrn.3714966

Assaf Eisdorfer, E. Morellec, A. Zhdanov

引用次数: 1

If You Want to Maximize Profits, Manage for the Long-Term 如果你想实现利润最大化，就要做长期管理

Corporate Finance: Valuation Pub Date : 2020-10-14 DOI: 10.2139/ssrn.3721803

Y. Koskinen, J. A. Pandes, Shuai Yang

引用次数: 0