دانلود رایگان مقاله تصمیمات مربوط به تامین مالی شرکت تحت ابهام پیچیدگی سفارشات پیامد خط مشی نقدینگی

abstract

This paper addresses the following unresolved questions from the perspective of ambiguity theory: Why do some firms issue equity instead of debt? Why did most firms retain their cash holdings instead of distributing them as dividends in recent times? How do firms change their financing policies during a period of severe financial constraints and ambiguity, or when facing the threat of an unpredictable financial crisis? We analyze how the values of the firm's equity and debt are affected by ambiguity. We also show that cash holdings are retained longer if the investors' ambiguity aversion bias is sufficiently large, while cash holdings become less attractive when the combined impact of ambiguity and ambiguity aversion is relatively low.

4. Conclusion

In this study we examine the effects of ambiguity on corporate financial decisions and cash holdings. Following the capacity approach, we describe the firm value as a Choquet Brownian process, and predict that greater ambiguity will lead firms to decrease equity, increase debt and enter financial distress earlier. This study offers several contributions. First, we contribute to the ambiguity literature regarding the impact of ambiguity on corporate financial decisions, which has never been studied in a real-option framework like ours. Second, we contribute to the theoretical debate about the conditions under which a pecking order for the issuing of securities exists. Finally, we examine in which manner ambiguity affects corporate cash holdings. We show that cash holdings are retained longer if the investors' ambiguity aversion bias is sufficiently large, while cash holdings become less attractive when the combined impact of ambiguity and ambiguity aversion is relatively low. Overall, our results shed new light on some biases in corporate beliefs, which have implications for corporate finance. Our study shows that perceived ambiguity is a determinant in behavioural corporate fi- nance and significantly affects managerial decisions.