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Since it first appeared, agency theory has argued that debt can decrease agency issues between agent and principal and enhance the value of firms. This paper explores the moderating effect of agency cost on the association between capital structure and firm performance. A panel econometric...
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financing. …
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This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of large banks in the United States and Europe. We find a remarkable consistency in sign, significance and economic magnitude. Like non-financial firms, banks appear to have...
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This study investigates how controlling shareholders fraudulently extracted firm value via cash tunnelling from Chinese companies from 1998 to 2011. The evidence suggests that expropriating owners choose a balance sheet account that is not directly related to the firm's operating business in...
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levels for those firms who would like to use equity financing. This institutional background makes the payout behavior of … the direct relationship between payout choices and financing behavior. This paper takes the regulations as the … institutional background, treats the financing qualifications as the option for firms to choose, and then discusses the value of the …
Persistent link: https://www.econbiz.de/10013120397
and financing behaviors based on data from A-share listed firms in Shanghai and Sheen, China, using a quasi …The practice of carbon emissions trading (CET) has been carried out in China since 2013. Compared to more mature CET … market mechanisms such as in Europe, the impact of the policies implemented in China regarding CET on the micro behavior of …
Persistent link: https://www.econbiz.de/10014354815