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ISBN: 1843763990Издательство: Edward Elgar Publishing
Год издания: 2003
Book DescriptionThis 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 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 firmsto 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....