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

عنوان فارسی
تصمیمات مربوط به تامین مالی شرکت تحت ابهام: پیچیدگی سفارشات و پیامدهای خط مشی نقدینگی
عنوان انگلیسی
Corporate financing decisions under ambiguity: Pecking order and liquidity policy implications
صفحات مقاله فارسی
0
صفحات مقاله انگلیسی
9
سال انتشار
2016
فرمت مقاله انگلیسی
PDF
نشریه
الزویر - Elsevier
کد محصول
E4271
دانشگاه
گروه اقتصاد، دانشگاه بولونیا، ایتالیا
رشته های مرتبط با این مقاله
مدیریت
کلمات کلیدی
تصمیم گیری تجاری، غفلت ناگفته، نقدینگی شرکت، سلسله مراتب، دارایی های نقدی، سیاست تقسیم سود
گرایش های مرتبط با این مقاله
بازاریابی
مجله
مجله تحقیقات بازاریابی - Journal of Business Research
چکیده

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.

نتیجه گیری

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.


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