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Corporate Finance
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Corporate Finance

A special issue of International Journal of Financial Studies (ISSN 2227-7072).

Deadline for manuscript submissions: closed (3 March 2023) | Viewed by 9464

Special Issue Editor

Prof. Dr. Rob Hull

E-Mail Website
Guest Editor
Department of Finance, School of Business, Washburn University, Topeka, KS 66621, USA
Interests: corporate finance; capital structure; equity offerings; hedge funds; financial education; personal finance; retirement planning
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

For this Special Issue, we welcome the submission of papers on the general theme of corporate finance. As a subdivision of finance, corporate finance deals with how businesses address funding sources, capital structure choice, accounting rules, and investment decisions. Corporate finance is often concerned with maximizing equity per share value through short-term and long-term financial planning and the implementation of various policies and tactics. Topics of interest for this Special Issue include:

  • Literature review (including the role of taxes and growth);
  • Capital budgeting (with tax ramifications);
  • Capital structure (trade-off, agency, pecking order);
  • Dividend policy (which also involves the plowback of retained earnings);
  • Common related areas (leasing, mergers, working capital, investment banking);
  • Special related areas (hedge funds, costs of capital, security offerings, green financing);
  • New innovative research involving theoretical, empirical, or pedagogical studies.

Prof. Dr. Rob Hull
Guest Editor

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. International Journal of Financial Studies is an international peer-reviewed open access quarterly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • capital structure
  • dividend policy
  • capital budgeting

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Published Papers (2 papers)

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Research

36 pages, 428 KiB  
Article
Revisiting the Effect of Dividend Policy on Firm Performance and Value: Empirical Evidence from the Korean Market
by Okechukwu Enyeribe Njoku and Younghwan Lee
Int. J. Financial Stud. 2024, 12(1), 22; https://doi.org/10.3390/ijfs12010022 - 28 Feb 2024
Cited by 1 | Viewed by 6851
Abstract
This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis [...] Read more.
This study investigates the relationship between dividend policy, firm performance, and value within the Korean market, taking into account the unique context of Chaebol ownership structures. Utilizing a robust dataset of 5478 observations from the Korean Composite Stock Price Index, our empirical analysis employs advanced regression models, revealing distinctive effects of various dividend policy measures through the lenses of interest alignment and managerial entrenchment hypotheses. Surprisingly, while cash dividend payments exhibit a robust positive impact on Tobin’s Q and market-to-book ratios, suggesting an overall positive link with market valuations, a closer inspection reveals divergent impacts for Chaebol and non-Chaebol firms. In Chaebol entities, dividend policy proxies consistently demonstrate positive effects on performance metrics, aligning with the interest alignment hypothesis and highlighting strategic signaling efforts. Conversely, non-Chaebol firms exhibit intriguingly negative impacts, supporting the managerial entrenchment hypothesis and implying potential challenges to market value. Firms should prioritize transparent communication on dividend policies for improved investor decision making and enhanced corporate governance in the dynamic Korean market. Full article
(This article belongs to the Special Issue Corporate Finance)
35 pages, 689 KiB  
Article
Uncertainty Shocks and Corporate Borrowing Constraints
by Ahmed Kamara and Niraj P. Koirala
Int. J. Financial Stud. 2023, 11(1), 21; https://doi.org/10.3390/ijfs11010021 - 19 Jan 2023
Viewed by 1932
Abstract
In this paper, we study the effects of uncertainty shocks in a quantitative framework where firms in the corporate sector are constrained by credit. Specifically, we formulate borrowing constraints as a nested function that features both earnings and capital as alternative instruments for [...] Read more.
In this paper, we study the effects of uncertainty shocks in a quantitative framework where firms in the corporate sector are constrained by credit. Specifically, we formulate borrowing constraints as a nested function that features both earnings and capital as alternative instruments for assessing credit worthiness, in line with recent trends in corporate finance. We find that the quantitative framework that incorporates only one instrument (capital or earnings) in the borrowing constraint falls short in matching the business cycle properties of the US economy in terms of the behavior of output, inflation, and the price markup which are an essential part of the literature on uncertainty shocks. Rather, a hybrid formulation of the borrowing constraint which accounts for both capital and earnings helps us bring the results in the quantitative model closer to the data. Full article
(This article belongs to the Special Issue Corporate Finance)
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