Debates continue to rage between those that argue that managers should maximize the present value of their firm's cash flows in making strategic choices and those that argue that, sometimes, the wealth maximizing interests of a firm's equity holders should be abandoned for the good of a firm's...

Empirical studies that account for the endogeneity of the diversification decision must also account for a firm's alternative uses for its free cash flow. This study examines dividends and stock repurchases in tandem with the firm's diversification decision and finds that the factors that lead a...

Investors with a pro-social or sustainability agenda increasingly attempt to influence firm managers to adopt socially responsible behavior, either through positive/reward tactics or negative/punishment tactics. This paper considers how investors can use each approach to differentially influence...