Journal ArticleDOI
Asset specificity, firm heterogeneity and capital structure
TLDR
In this article, an empirical investigation of the importance of specialized assets and other unique characteristics of a firm in explaining the variance in capital structure across firms is presented, suggesting a strong link between strategy and capital structure.Abstract:
This paper presents an empirical investigation of the importance of specialized assets and other unique characteristics of a firm in explaining the variance in capital structure across firms. The results show that firm-specific effects contribute most to the variance in leverage, suggesting a strong link between strategy and capital structure.read more
Citations
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Transaction Cost Analysis: Past, Present, and Future Applications
Aric Rindfleisch,Jan B. Heide +1 more
TL;DR: In this article, transaction cost analysis (TCA) has received considerable attention in the marketing literature over the past decade, and marketing scholars have made important contributions in extending and refining it.
Journal ArticleDOI
Empirical Research in Transaction Cost Economics: A Review and Assessment
TL;DR: The main insights and predictions of transaction cost economics (TCE) are becoming increasingly accepted, in particular, the importance of govering transactions as mentioned in this paper, however, the empirical support for these claims is much less known.
Journal ArticleDOI
Conflicting Voices: The Effects of Institutional Ownership Heterogeneity and Internal Governance on Corporate Innovation Strategies
TL;DR: In this article, the authors examined the relationship between governance and corporate innovation strategies, and found that differences among governance constitue a barrier between innovation and corporate success, in opposition to the assumption that owners have a unified voice.
Journal ArticleDOI
Transaction Cost Economics: An Assessment of Empirical Research in the Social Sciences
TL;DR: A comprehensive review of the empirical literature in transaction cost economics (TCE) across multiple social science disciplines and business fields can be found in this paper, where the authors show how TCE has branched out from its economic roots to examine empirical phenomena in several other areas.
Journal ArticleDOI
Impact of ownership on the international involvement of SMEs
Zulima Fernández,María J. Nieto +1 more
TL;DR: In this paper, the authors analyzed the relationship between the internationalisation strategies of SMEs and types of ownership and found that internationalisation is negatively related to family ownership and positively related to corporate ownership.
References
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Journal ArticleDOI
Theory of the firm: Managerial behavior, agency costs and ownership structure
TL;DR: In this article, the authors draw on recent progress in the theory of property rights, agency, and finance to develop a theory of ownership structure for the firm, which casts new light on and has implications for a variety of issues in the professional and popular literature.
Journal ArticleDOI
The Market for “Lemons”: Quality Uncertainty and the Market Mechanism
TL;DR: In this paper, the authors present a struggling attempt to give structure to the statement: "Business in under-developed countries is difficult"; in particular, a structure is given for determining the economic costs of dishonesty.
Journal Article
The Cost of Capital, Corporation Finance and the Theory of Investment
TL;DR: In this article, the effect of financial structure on market valuations has been investigated and a theory of investment of the firm under conditions of uncertainty has been developed for the cost-of-capital problem.
Posted Content
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
TL;DR: In this paper, the benefits of debt in reducing agency costs of free cash flows, how debt can substitute for dividends, why diversification programs are more likely to generate losses than takeovers or expansion in the same line of business or liquidationmotivated takeovers, and why the factors generating takeover activity in such diverse activities as broadcasting and tobacco are similar to those in oil.
Journal ArticleDOI
Corporate financing and investment decisions when firms have information that investors do not have
TL;DR: In this paper, a firm that must issue common stock to raise cash to undertake a valuable investment opportunity is considered, and an equilibrium model of the issue-invest decision is developed under these assumptions.