Journal of Financial Economics Vol. 32 No. 3 1992
The investment opportunity set and corporate financing, dividend, and compensation policies
Abstract
We examine explanations for corporate financing-, dividend-, and compensation-policy choices. We document robust empirical relations among corporate policy decisions and various firm characteristics. Our evidence suggests contracting theories are more important in explaining cross-sectional variation in observed financial, dividend, and compensation policies than either tax-based or signaling theories.
- DOI
- 10.1016/0304-405x(92)90029-w
- Volume
- 32
- Issue
- 3
- Pages
- 263-292
- Language
- en
- Sources
- bibtex:phds-export.bib openalex crossref