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Dividends are not only a signal about a firm's prospects under asymmetric information, but they can also act as a corporate governance device to align the management's interests with those of the shareholders. Dividend Policy and Corporate Governance is the first comprehensive volume on the relationship between dividend policy and corporate governance, and examines in detail empirical studies and current theories. Reviewing the interactions between dividend policy and other corporate governance mechanisms, it compares results for the UK and the US with those for other countries such as France, Germany, and Japan, and provides new empirical evidence on corporate governance in continental Europe and its impact on dividends. Focusing on one of the main representatives of this system, Germany, it highlights major differences between the dividend policies of German firms and those of UK or US firms. Conventional wisdom states that German dividends are lower than UK or US dividends, yet on a published-profits basis the exact converse is true. In addition, the authors demonstrate a link between corporate control structures and dividend payouts, report evidence that the existence of a loss is an additional determinant of dividend changes, and demonstrate that the tax status of the controlling shareholder and the firm's dividend payout are not linked. The conclusions reached in this book have important implications for the current debate on corporate governance, making it invaluable for academics, finance professionals, regulators, and legal advisors.
First published in 1997, this volume and its contributors take stock of current issues in accounting and finance. Featuring specialists in business, accounting, finance along with Vice Chancellor John Bull, they examine areas including auditors’ decision-making, financial shocks, the European corporate capital structure, GPs, accounting education and professional journals.
This is the third edition of a successful book which offers students and practitioners an up-to-date overview of developments in Internet law and practice. The editors have once again assembled a team of specialist authors to write about those aspects of Internet law which are of special importance in the global regulation of the Internet and focussed around three principal themes- e-commerce, intellectual property, and privacy, data protection and cyber-crime with, in addition a major contribution on Internet Governance. This edition incorporates for the first time areas such as data protection, privacy and electronic surveillance, cyber crime and cyber security, jurisdiction and dispute resolution online. The sectionon IP contains clear and comprehensive analysis of the many and varied ways in which IP and the internet intersect including open source licenses and the IP problems around search engines. The new edition also takes account of all current cases and legislation, including the draft revised EC Telecoms Package and the Audio Visual Media Services Directive. This book will be essential reading for students, teachers and practitioners interested in Internet law and practice as well as technologists and social scientists. 'The book is easy to read, and...has been well edited...and flows smoothly through the various topics. ...the book provides a worthwhile overview of this developing area of law throughout the world.' Peter Walsh, International Trade Law Annual 'a thorough and stimulating survey. ...a good introduction for lawyers and students approaching Internet and e-commerce law for the first time, and a useful course text.' Brian Hutchinson, The Irish Jurist
Dividend policy continues to be among the premier unsolved puzzles in finance. A number of theories have been advanced to explain dividend policy. This e-book briefly reviews the principal theories of payout policy and dividend policy and summarizes the empirical evidence on these theories. Empirical evidence is equivocal and the search for new explanation for dividends continues.
Valuation lies at the heart of much of what we do in finance, whether it is the study of market efficiency and questions about corporate governance or the comparison of different investment decision rules in capital budgeting. In this paper, we consider the theory and evidence on valuation approaches. We begin by surveying the literature on discounted cash flow valuation models, ranging from the first mentions of the dividend discount model to value stocks to the use of excess return models in more recent years. In the second part of the paper, we examine relative valuation models and, in particular, the use of multiples and comparables in valuation and evaluate whether relative valuation models yield more or less precise estimates of value than discounted cash flow models. In the final part of the paper, we set the stage for further research in valuation by noting the estimation challenges we face as companies globalize and become exposed to risk in multiple countries.
The Journal of Global Business and Management Research (GBMR) strives to comply with highest research standards and scientific/research/practice journals' qualities. Being international and inter-disciplinary in scope, GBMR seeks to provide a platform for debate among diverse academic and practitioner communities who address a broad area of business and management issues across the globe.
The dynamic economic climate invites participants who are grounded in strategic financial management and infrastructure development. Thus, a lack of sufficient infrastructure, in both quality and quantity, often disqualifies developing countries from being key players in the global economy and influences other socioeconomic problems like unemployment, quality of work life, and quality of life. Handbook of Research on Strategic Business Infrastructure Development and Contemporary Issues in Finance discusses the efficiency of good infrastructure and its impact on socioeconomic growth and socioeconomic development in general and addresses contemporary aspects of the strategic financial management essential for accomplishing the objective of wealth maximization in today's challenging and competitive economy. This book is an essential research work for policy makers, government workers and NGO employees, as well as academicians and researchers in the fields of business, finance, marketing, management, accounting, MIS, public administration, economics, and law.
This book comprises 19 papers published in the Special Issue entitled “Corporate Finance”, focused on capital structure (Kedzior et al., 2020; Ntoung et al., 2020; Vintilă et al., 2019), dividend policy (Dragotă and Delcea, 2019; Pinto and Rastogi, 2019) and open-market share repurchase announcements (Ding et al., 2020), risk management (Chen et al., 2020; Nguyen Thanh, 2019; Štefko et al., 2020), financial reporting (Fossung et al., 2020), corporate brand and innovation (Barros et al., 2020; Błach et al., 2020), and corporate governance (Aluchna and Kuszewski, 2020; Dragotă et al.,2020; Gruszczyński, 2020; Kjærland et al., 2020; Koji et al., 2020; Lukason and Camacho-Miñano, 2020; Rashid Khan et al., 2020). It covers a broad range of companies worldwide (Cameroon, China, Estonia, India, Japan, Norway, Poland, Romania, Slovakia, Spain, United States, Vietnam), as well as various industries (heat supply, high-tech, manufacturing).
Organisations exist to attain certain goals and objectives through unified team efforts of management and executives.Performance of a business or a company is an amalgam of various activities performed by it in different areas of operations.While appraising or assessing the performance of the company,a fair evaluation should be made regarding the efficiency and effectiveness of the concern in these areas of operations. The important areas of performance appraisal include: production,cost trends and sales,profitability,funds management,financial strength,working capital, value added, fixed assets, social performance,liquidity and productivity.Indian manufacturing sector in liberalised era presents thought-provoking research papers in the field of corporate performance evaluation.The subject matter of the book is structured around six important areas of performance appraisal, which can be advantageously used by research scholars,teachers,financial managers,creditors and businessman.the book provides multidirectional and multidimensional investigation of various aspects of corporate performance evaluation with reference to Indian manufacturing sector in lineralised era.Apart from its extensive coverage and lucid presentation,the strength of the book lies in its Indian background. This book will be of immense use particularly to university and college teachers, chartered accountants, company secretaries, M.Com.,B.Com., and MBA students and other professional courses.In addition, it would be useful reference book for researchers and financial managers.