* General Manager, Finance, CSR Limited. 1 For the purposes of this paper, capital management refers to the process of determining the optimal capital structure of a non-financial company. There are, of course, a number of issues that relate to the optimal capital investment strategy that are not addressed here. 2 A leveraged buy-out (LBO) facilitates equity ownership of a company via a highly-...

We explore the significance of employee compensation and alternative (reservation) income on investment timing, endogenous default, yield spreads and capital structure. In a real-options setting, a manager’s incentive to under(over)invest in a project is associated to labor income he has to forego in order to work on the project, the manager’s salary, his stake on the project’s equity capital a...

We develop a model based on the theory of incomplete contracts for how ownership structure of interorganizational systems (IOS) can affect information exploitation and IT adoption. Our model yields several propositions that suggest the appropriate strategic actions that a firm may take when there is potential for IOS adopters to question whether adopting the IOS will be value maximizing. We ana...

OF THESIS By using a longitudinal dataset of over 200 privatised industrial companies, covering the period 1995-1998, data analysis was carried out to explore two main issues: which factors determine export activity; and which firm characteristics determine the presence of a foreign partner in a host firm? The determinants of export intensity and propensity were examined by a wide variety of te...

Institutional investor is supposed to be more powerful than individual investor from the perspectives of regularity authority and scholar, but the results are mixed. Using the data of listed company in China, the paper presents a comparative study on the impacts of institutional investor and individual investor on investment risk. It shows that the scale and ownership of institutional investor ...

The purpose of this paper is examining the impact of financial leverage as a mediation variable on the relationship between ownership concentration and financial corporate performance. To test the hypotheses, multiple regression analysis is used. The statistical population of this research is all listed companies in Tehran Stock Exchange. However, data were available only for 60 companies durin...

Prior studies have reported mixed findings on the impact of corporate information technology (IT) investment on firm performance. This study investigates the effect of corporate governance, an important management control mechanism, on the relation between IT investment and firm performance in the Taiwanese electronics industry. Specifically, we explore board independence and foreign ownership,...