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Essays in Corporate Policy

Abstract This dissertation consists of two essays on corporate policy. The first chapter analyzes whether being labeled a “growth” firm or a “value” firm affects the firm’s dividend policy. I focus on the dividend policy because of its discretionary nature and the link to investor demand. To address endogeneity concerns, I use regression discontinuity design around the threshold to assign firms to each category. The results show that “value” firms have a significantly higher dividend payout - about four percentage points - than growth firms. This approach establishes a causal link between firm “growth/value” labels and dividend policy.

The second chapter develops investment policy model which associated with du- ration of cash flow. Firms are doing... (more)
Created Date 2015
Contributor Lee, Tae Eui (Author) / Mehra, Rajnish (Advisor) / Tserlukevich, Yuri (Advisor) / Custodio, Claudia (Committee member) / Arizona State University (Publisher)
Subject Finance / Economics / Cash Flow Duration / Dividend Policy / Investment / Labeling Effect
Type Doctoral Dissertation
Extent 89 pages
Language English
Reuse Permissions All Rights Reserved
Note Doctoral Dissertation Economics 2015
Collaborating Institutions Graduate College / ASU Library
Additional Formats MODS / OAI Dublin Core / RIS

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Description Dissertation/Thesis