ISBN:
9781781956335
Sprache:
Englisch
Seiten:
1 Online-Ressource (352 pages)
Paralleltitel:
Erscheint auch als
Paralleltitel:
Elektronische Reproduktion von Firms' investment and finance decisions
DDC:
332.63
Schlagwort(e):
Investition
;
Unternehmensfinanzierung
;
Unternehmen
;
Betriebliche Investitionstheorie
;
Betriebliche Finanzwirtschaft
;
Theorie
;
Welt
;
Belgien
;
Capital investments Congresses
;
Corporations Congresses Finance
;
Konferenzschrift
;
Deutschland
;
Industrie
;
Investition
Kurzfassung:
This book provides coherent theoretical and empirical analysis of firms' investment and financing decisions. It assesses the role of uncertainty, financial imperfections, corporate governance and taxation. Evidence is obtained using several unique and high quality microeconomic data-sets, which explore features seldom addressed. Overall, the empirical results confirm theoretical precedents. Some firms are indeed financially constrained, for fixed investment as well as for R&D projects. The 'free cash-flow' hypothesis holds, that is managers divert excess funds away for their own interests, but less so in closely controlled companies. In accordance with the real option theory, the results suggest that uncertainty leads firms to adopt a 'wait and see' strategy which eventually reduces investment, especially for irreversible investment. Corporate governance features are shown to affect managers, discipline and companies' restructuring plans. Finally, different tax reforms are evaluated, and an alternative tax structure that would stimulate growth is proposed. Scholars, including those with an interest in microeconomics and econometrics, and staff within central banks and national and international organisations will also find the book of interest, as will policymakers and decision-makers concerned with the role of financing, corporate governance and taxation on firm's decisions
Beschreibung / Inhaltsverzeichnis:
Contents: Foreword by guy quaden -- Introduction -- 1. Lifting the burden: Fundamental tax reform and us economic growth -- 2. Structural modelling of financial constraints on investment: Where do we stand? -- 3. Capital market imperfections and investment: Evidence from belgian panel data -- 4. Investment, r&d and liquidity constraints: A corporate governance approach to the belgian evidence -- 5. Financing and investment interdependencies in unquoted belgian companies: The role of venture capital -- 6. Financing constraints, fixed capital and r&d investment decisions of belgian firms -- 7. Real options and investment under uncertainty: What do we know? -- 8. Development path and capital structure of belgian biotechnology firms -- 9. Investment, uncertainty and irreversibility: Evidence from belgian accounting data -- 10. The impact of uncertainty on investment plans: A survey data approach -- 11. Governance as a source of managerial discipline -- 12. Capital structure, firm liquidity and growth -- Bibliography -- Index.
Anmerkung:
Includes bibliographical references and index
URL:
Deutschlandweit zugänglich
URL:
Deutschlandweit zugänglich
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