The Investment Opportunity Set And Corporate Financing Dividend And Compensation Policies

Download or read book The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies written by Clifford W. Smith and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine explanations for corporate financing-, dividend-, and compensation-policy issues. 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.