ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)最新文献_第7页

The Impact of Uncertainty on Payout Policy 不确定性对支付政策的影响

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-10-31 DOI: 10.1108/MF-09-2015-0237

Brian R. Walkup

{"title":"The Impact of Uncertainty on Payout Policy","authors":"Brian R. Walkup","doi":"10.1108/MF-09-2015-0237","DOIUrl":"https://doi.org/10.1108/MF-09-2015-0237","url":null,"abstract":"Purpose \u0000 \u0000 \u0000 \u0000 \u0000The purpose of this paper is to investigate the impact of market-level uncertainty on dividend and repurchase decisions. \u0000 \u0000 \u0000 \u0000 \u0000Design/methodology/approach \u0000 \u0000 \u0000 \u0000 \u0000Using a large data set over a nearly 50-year period, the author examines the choice to pay dividends and repurchase shares using logit and multinomial logit regressions. \u0000 \u0000 \u0000 \u0000 \u0000Findings \u0000 \u0000 \u0000 \u0000 \u0000Market-level uncertainty (measured by a GARCH estimate of volatility, as well as the Chicago Board Options Exchange Volatility Index) is shown to have a statistically significant impact on firms’ payout policy decisions. This impact is different for dividends and repurchases as well as for firms with differing levels of cash flows. As market uncertainty increases, firms with low cash flow levels tighten dividend policy to conserve cash while firms with high cash flow levels become opportunistic through the use of share repurchases. \u0000 \u0000 \u0000 \u0000 \u0000Practical implications \u0000 \u0000 \u0000 \u0000 \u0000The findings allow investors to better understand the connection between shifts in market-level uncertainty and corporate payout policy, specifically through the differing use of dividends and repurchases. \u0000 \u0000 \u0000 \u0000 \u0000Originality/value \u0000 \u0000 \u0000 \u0000 \u0000While prior literature on payout policy has focused on firm-level determinants, this study demonstrates that market-level uncertainty impacts firms’ payout policy decisions uniquely. Furthermore, this is, to the author’s knowledge, the first study to differentiate by relative cash flow level, demonstrating that not all cash flow levels react in the same manner.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126133730","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: 16

Decomposition of Profitability into Financing, Investing and Operating Leverages Components and the Overstatement of Return on Net Operating Assets 盈利能力分解为融资杠杆、投资杠杆和经营杠杆三部分与经营净资产收益率的虚报

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-10-25 DOI: 10.2139/ssrn.2859167

Uche T. Agburuga, Emmauel Ibanichuka

{"title":"Decomposition of Profitability into Financing, Investing and Operating Leverages Components and the Overstatement of Return on Net Operating Assets","authors":"Uche T. Agburuga, Emmauel Ibanichuka","doi":"10.2139/ssrn.2859167","DOIUrl":"https://doi.org/10.2139/ssrn.2859167","url":null,"abstract":"The original and the advanced Du Pont models fail to account for the contributions of financing, investing and operating activities of the firm to profitability distinctly. The original Du Pont specifies return on equity to be a multiplicative component of profit margin (efficiency of operations), asset turnover (efficiency of assets) and Equity multiplier (financial leverage). The advanced Du Pont model decomposed return on equity into operating profitability and financing profitability components namely, return on net operating assets and return on net financial obligations. We derive the additive three leverages Du Pont model that isolate the profit attributable to financing, investing and operating leverages. Financing leverage component of return on equity comprises two elements. The first element is the portion of profit arising from the use of debt-financed current assets (efficiency of operations). The second element is the portion of profit due to the capacity of debt-financed non-current assets to generate income (efficiency of assets); the operating leverage component of return on equity (ROE)is the part that is due to the use of current assets and current liabilities (working capital) in operations (both efficiency of operations and efficiency of assets). The investing leverage component of ROE is the profit attributed to the capacity of equity-financed non-current assets to generate income (efficiency of assets). This paper contributes to knowledge by distinctly identifying and accounting for investing leverage. When applied to the data in Burns, Sale & Stephan (2008), we show that debt financing boosts the capacity of investment in assets and that the advanced Du Pont model overstates return net operating assets.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125733732","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: 2

Yönetim Kurulu Çeşitliliğinin Finansal Performansa Etkisi: Bist 100 Üzerine Bir Araştirma (The Impact of Board Diversity on Financial Performance: An Evidence on BIST 100)

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-10-01 DOI: 10.17719/JISR.20164622640

Emir Otluoğlu, E. Sari, Kadriye Ovgu Cakmak

{"title":"Yönetim Kurulu Çeşitliliğinin Finansal Performansa Etkisi: Bist 100 Üzerine Bir Araştirma (The Impact of Board Diversity on Financial Performance: An Evidence on BIST 100)","authors":"Emir Otluoğlu, E. Sari, Kadriye Ovgu Cakmak","doi":"10.17719/JISR.20164622640","DOIUrl":"https://doi.org/10.17719/JISR.20164622640","url":null,"abstract":"Turkish Abstract: Sermaye Piyasasi Kurulu’nun (SPK) 2014 yilinda yayinlanan tebligi ile halka acik firmalarin yonetim kurullarindaki cinsiyetcesitliliginin arttirilmasi istenmektedir. Bu dogrultuda calisma, Borsa Istanbul’da (BIST) islem gormekte olan firmalarin yonetimkurullarinin cinsiyet cesitliligi ile firma performansi arasindaki iliskiyi arastirmaktadir. Calismanin orneklemi olarak 2010-2015 yillariarasinda BIST 100 endeksinde yer alan firmalar secilmistir. Orneklemde yer alan firmalarin yonetim kurullarindaki cinsiyet cesitliligi ilefirmalarin muhasebe temelli, piyasa temelli ve nakit temelli performans olcutleri arasinda iliski incelenmistir. Uygulanan panel verianalizi sonucunda; yonetim kurulunda kadin uye bulunmasinin, firmalarin ozsermaye karliligi ve Tobin’in q orani uzerinde, yonetimkurulundaki kadin uye oraninin ise aktif karlilik ve nakit akisi uzerinde etkili oldugu gozlemlenmistir.English Abstract: The communique issued by Capital Markets Board of Turkey (CPM) in 2014 requires the public companies to increase the gender diversity in the board member composition. This study examines the relationship between board diversity and financial performance. The sample of the study consists of the companies listed on Borsa Istanbul (BIST) 100 Index. The relationship between the board diversity and accounting based, market based and cash based financial performance indicators is examined. The result of panel data analysis indicates that female board membership affects Return on Equity and Tobin’s q. Also, it is found that the proportion of female board membership affects Return on Assets and cash flows.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126597368","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: 7

Insider Ownership and the Cost of Debt Capital: Evidence from Bank Loans 内部人所有权与债务资本成本:来自银行贷款的证据

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-09-10 DOI: 10.2139/ssrn.2446543

S. Lugo

引用次数: 13

Equity Short Selling and the Bank Loan Market 股票卖空与银行贷款市场

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-08-12 DOI: 10.2139/ssrn.2664496

Po-Hsin Ho, Chih-Yung Lin, Tse-Chun Lin

引用次数: 12

Effect of Capital Structure on Financial Performance of Listed Manufacturing Firms in Nigeria 资本结构对尼日利亚制造业上市公司财务绩效的影响

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-08-01 DOI: 10.2139/ssrn.3492011

I. Dahiru, A. B. Dogarawa, Muhammad Auwalu Haruna

{"title":"Effect of Capital Structure on Financial Performance of Listed Manufacturing Firms in Nigeria","authors":"I. Dahiru, A. B. Dogarawa, Muhammad Auwalu Haruna","doi":"10.2139/ssrn.3492011","DOIUrl":"https://doi.org/10.2139/ssrn.3492011","url":null,"abstract":"There exists divergence of opinion in the literature on the nature and extent of relationship between capital structure and firms financial performance. Empirical studies on this have documented inconsistent and inclusive findings thereby providing an incentive for further studies to be conducted using different dataset and methodology of analysis to confirm or disprove some of the previous results. This study investigated the impact of capital structure on financial performance of listed manufacturing firms in Nigeria. The study formulated four hypotheses and used generalized least square multiple regression to analyse the panel data extracted from the annual reports and accounts of 31 sampled firms for the period 2009 to 2014. The study found that total debt, long-term debt and short-term debt have significant impact on the financial performance of listed manufacturing firms in Nigeria. The study also found that total debt to total equity has no significant effect on the financial performance of the firms. In view of the findings, the study recommended among others that the management of listed manufacturing firms should work very hard to increase the short term debt to total assets component of their capital structure, since it has positive impact on their financial performance. Also, the firms should reduce the level of total debt to total assets and long term debt to total assets in their capital structure components, because they affect their financial performance negatively.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129138720","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: 5

Earnings Transparency and Corporate Cash Holdings 盈利透明度和公司现金持有量

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-07-31 DOI: 10.2139/ssrn.2824898

Chenxin Liu

{"title":"Earnings Transparency and Corporate Cash Holdings","authors":"Chenxin Liu","doi":"10.2139/ssrn.2824898","DOIUrl":"https://doi.org/10.2139/ssrn.2824898","url":null,"abstract":"This paper examines the impact of earnings transparency on corporate cash holdings. Motivated by Barth et al. (2013), who show that firms with less earnings transparency tend to have higher cost of equity, this paper shows that the cross-section differences in earnings transparency cause variations in firm cash holdings because firms with less earnings transparency have more incentives to hold cash in order to avoid costly external financing. Using data of US firms from 1980 to 2013, it is found that earnings transparency is significantly negatively associated with cash reserves. This impact remains significant when corporate governance measures and accounting-based earnings quality measures are accounted for. And this impact is more pronounced in firms with more growth opportunities, more RD expenses and more financial constraints. It is further found that firm with lower earnings transparency have a higher value of cash holdings, suggesting that cash held by firms with lower earnings transparency are expected to be used to invest, which is also a verification that firms with less earnings transparency hold more cash for precautionary motivation.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115986205","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

公司資本結構與其下游廠商特性之關係 (Capital Structure and the Characteristics of Customers) 公司资本结构与其下游厂商特性之关系 (Capital Structure and the Characteristics of Customers)

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-07-29 DOI: 10.2139/ssrn.2815787

Yu-ting Luo

{"title":"公司資本結構與其下游廠商特性之關係 (Capital Structure and the Characteristics of Customers)","authors":"Yu-ting Luo","doi":"10.2139/ssrn.2815787","DOIUrl":"https://doi.org/10.2139/ssrn.2815787","url":null,"abstract":"Chinese Abstract: 本研究探討公司的資本結構與其下游公司特性的關係，以臺灣上市製造業公司為研究樣本，研究期間為2009年至2010年。實證結果發現，下游廠商的研發費用越多以及給員工的薪酬越多，代表專屬投資程度越大，公司負債水準就越低；下游廠商集中度越高，公司就必須提高負債比率以增加議價能力。因此，資本結構不只取決於公司本身特性、與同業競爭狀況，甚至和下游廠商的特性有關係。English Abstract: This paper investigates the interactions between the characteristics of customers and firms’ capital structure. Using Taiwanese industrial firms as a sample, we provide evidence that there is negative relationship between firms’ debt ratio and the relation-specific investment of their customers. We also find that the debt ratio increases with the concentration of the customer industry. These findings suggest that capital structure depends not only on the characteristics of the firm itself, but on the characteristics of its stakeholders like customers.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131220501","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

Credit Rating Change and Capital Structure in Latin America 拉丁美洲信用评级变化与资本结构

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-06-13 DOI: 10.1590/1807-7692BAR2016150164

Dany Rogers, Wesley Mendes-da-Silva, P. Rogers

{"title":"Credit Rating Change and Capital Structure in Latin America","authors":"Dany Rogers, Wesley Mendes-da-Silva, P. Rogers","doi":"10.1590/1807-7692BAR2016150164","DOIUrl":"https://doi.org/10.1590/1807-7692BAR2016150164","url":null,"abstract":"This study analyzes the impact of imminent reclassification of credit rating on the decision-making regarding capital structure of non-financial corporations listed in Latin America. Despite the importance attributed by the market agents and the existence of empirical evidence of the effect caused by rating in the capital structure of companies in developed countries, this issue is still incipient in Latin-American countries. For this purpose, all the non-financial corporation owners of, at least one corporate rating issued by an international rating agency were taken into account, with the requirement of being listed on a stock exchange in at least one Latin-American country. Through a data panel analysis comprising the period between 2001 and 2010 and by making use of the Generalized Method of Moments (GMM), the main results that were achieved did not indicate that non-financial corporations listed in Latin America, with imminent reclassification of ratings, adopt less debts than those without an imminent reclassification of their ratings. These findings suggest that the imminent reclassifications of credit ratings do not present important information for managers of non-financial corporations in Latin America when making decisions about capital structure.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"109 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134205068","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: 9

Review of Capital Structure Theories: Empirical Evidence of UK Market 资本结构理论述评:英国市场的经验证据

ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic) Pub Date : 2016-06-01 DOI: 10.2139/ssrn.2838414

K. Seferiadis

{"title":"Review of Capital Structure Theories: Empirical Evidence of UK Market","authors":"K. Seferiadis","doi":"10.2139/ssrn.2838414","DOIUrl":"https://doi.org/10.2139/ssrn.2838414","url":null,"abstract":"The \"average\" firm in the market of United Kingdom has changed its leverage ratio dramatically in the last three decades, following some patterns which apparently cannot be explained by applying simplistic methods. In this paper we try to shed some light in the main stream of the Capital Structure Theories and its critical determinants that influence the evolution in the period of our study. Using the equity decisions of an initial dataset of 3489 firms in UK, we try to reply in three main issues. First, using descriptive statistics, we try to consider how corporate capital structures have evolved during the last three decades in UK. Then, we investigate if existing empirical models explain the changes in the issuing of debt and equity. And last, if these models cannot explain the changes, we examine the nature of forces that are behind variation in financial policy. In our analysis, with a view to find the determinant forces behind, we examine a wide set of linear regressions, concluding to a model comprising of the most prominent factors that affect capital structure changes. Our regression framework is an improvement that can implement the foundation for much future work.","PeriodicalId":367100,"journal":{"name":"ERN: Other Econometrics: Applied Econometric Modeling in Financial Economics - Econometrics of Corporate Finance & Governance (Topic)","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126231966","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