Article history: Received 12 November 2009 Received in revised form 27 July 2010 Accepted 28 July 2010 Available online 6 August 2010 We provide new evidence that differences in international tax rates and tax regimes affect multinational firms' debt location decisions. Our sample contains 8287 debt issues from 2437 firms headquartered in 23 different countries with debt-issuing subsidiaries in...

This paper empirically examines whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Implementing a dynamic framework on a panel of US, UK and German companies, we find that firms make larger additions to cash holdings when they plan additional future R&D rather than fixed capital inv...

In this note we consider a general equilibrium model with oligopolistic competition between firms who ignore the feedback effect of their dividend payments on demand. The outcome of this competition coincides with the perfectly competitive equilibrium solution, provided that firms have identical production technologies. I would like to thank Atsushi Kajii and two anonymous referees for helpful ...

Purpose This study aims to examine cash dividend practices of travel and leisure (T&L) companies listed on the London Stock Exchange (LSE). Design/methodology/approach The uses a panel data set 524 firm-year observations 55 unique publicly UK T&L between 2007 2019. First, it modified version Lintner’s (1956) partial adjustment model for analysis regarding target payout ratio smoothing. ...

This study investigates the relationship between gender diversity on board and dividend payouts in China using a large sample over period 2003–2017. Our results provide robust strong evidence showing that is positively associated with cash payments of dividends. The empirical outcomes confirm facilitates corporate governance subsequently promotes payouts. We demonstrate has greatest effect when...

n Paul D. Koch is a Professor of Finance and Catherine Shenoy is an Assistant Professor of Business at the University of Kansas. We reexamine signaling and agency theories and argue that the free-cashflow hypothesis implies a stronger information effect for both overand underinvesting firms than for value-maximizing firms. Our results indicate that dividend and capital structure policies intera...

This paper empirically examines whether additional future fixed capital and R&D investment expenditures induce firms to accumulate cash reserves while considering the role of market imperfections. Implementing a dynamic framework on a panel of US, UK and German companies, we find that firms make larger additions to cash holdings when they plan additional future R&D rather than fixed capital inv...