A firm’s development in its ability to execute key decisions more efficiently than competitors could lead an overall better performance. While investment decision results outflows of cash and financing inflow cash, dividend concert with how profits are distributed among shareholders. With the interest shareholders, smart appropriate have been important all businesses. This article decompose com...

OBJECTIVES The purpose of this study is to analyze the influence of the corporate governance of pharmaceutical companies on research and development (R&D) investment. METHODS The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general, and internal transactions were extracted from TS-2000 of the Korea Listed Company Association. Sample firms were th...

This paper investigates how the investment horizon of a firm’s institutional shareholders impacts the market for corporate control. We find that target firms with short-term shareholders are more likely to receive an acquisition bid but get lower premiums. This effect is robust and economically significant: Targets whose shareholders hold their stocks for less four months, one standard deviatio...

This paper examines the relationship between corporate valuations and the presence, size, incentives, and identity of multiple large shareholders. Using data on a large number of firms across Western Europe, we find that about one-third of all firms, and over 40 percent of firms with one large owner, have two or more owners that each holds more than 10 percent of the voting rights. We find that...

In this paper, we depict and analyze simple models of moral hazard, namely “operating moral hazard” and “investing moral hazard.” First we assume that a corporation exists primarily for the benefit of their shareholders. Then, moral hazard occurs when managers choose an option knowingly that is not optimum for shareholders. We evaluate the loss to shareholders in terms of cash flow to them in t...

effects of dividend policy on corporate financial growth, is a major concern of most entities. whether dividends have an influence on the value of the firm, is an important question in dividend policy. this study aimed at investigating the effects of dividend policy on financial growth of media firms. the study was conducted in nairobi at the nation media group headquarters. respondents were se...

This Article explores the creation and conundrum of citizen shareholders—investors who enter the securities market primarily through employersponsored defined-contribution plans, invest in mutual or index funds, and are saving for long-term goals like retirement. Citizen shareholders are a consequence of a retirement revolution, and are the fastest growing group