Theory and Practice of Corporate Finance: Evidence from the Listed and Non Listed Firms in Kuwait

2011 ◽  
Author(s):  
Mohammad Eid Al Mutairi ◽  
Helen Hasan
Keyword(s):  
Corporate Finance ◽  
Theory And Practice ◽  
Listed Firms

Theory and practice of corporate finance: Evidence and distinctive features in Latin America

2012 ◽  
Vol 13 (2) ◽  
pp. 118-148 ◽  
Author(s):  
Carlos P. Maquieira ◽  
Lorenzo A. Preve ◽  
Virginia Sarria-Allende
Keyword(s):  
Latin America ◽  
Corporate Finance ◽  
Theory And Practice ◽  
Distinctive Features

Do female directors drive intellectual capital performance? Evidence from Indian listed firms

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Neha Smriti ◽  
Niladri Das
Keyword(s):  
Intellectual Capital ◽  
Value Added ◽  
Emerging Economy ◽  
Theory And Practice ◽  
Independent Directors ◽  
Female Representation ◽  
Content Type ◽  
Listed Firms ◽  
Female Directors ◽  
Capital Efficiency

PurposeThe purpose of this paper is to investigate the significance of board gender diversity (BGD) on the firm's intellectual capital (IC) performance of 272 Indian firms listed on the National Stock Exchange during 2007–2019. Considering the recent regulatory amendment by the Indian regulatory system (Security Exchange Board of India, 2018) which mandates at least one female independent directors on boards of all listed companies.Design/methodology/approachBased on theories and literature reviews, hypotheses were developed. This paper uses the proportion of female director on board and proportion of female independent directors to measure BGD and modified value-added intellectual coefficient (MVAIC) methodology to measure firms' IC performance. Two-step system-generalised method of moment panel data regression analysis has been employed to identify the variables that significantly affect IC performance.FindingsThis paper finds female representation on boards has a significant impact on MVAIC; capital employed efficiency shows the strongest association with female directors on board, followed by structural capital efficiency and human capital efficiency, while relational capital efficiency shows no significant effect. The results further demonstrate that female independent director has a significant but negative impact on IC.Research limitations/implicationsAs the study is limited to the listed firms of an emerging economy with a mandatory female quota for boards. Thus to increase the generalizability of findings, future research can be extended to include all listed and non-listed firms from another emerging economy with a mandatory female quota.Practical implicationsFrom the practical perspective, this study bridges the gap between theory and practice in terms of providing a deeper understanding to the policymakers and Indian regulatory bodies like the Ministry of Corporate Affairs and Securities Exchange Board on the importance of including female members on board as a vital contributing factor for leveraging firm's intangible performance.Originality/valueUsing resource dependency theory and agency, this study extends the literature on IC efficiency and female representation on boards by presenting the research outcome for Indian listed firms. This paper, addressing the recent changes introduced by Indian regulators and using the female independent directors on board, is amongst the first attempts to assess the relevance of BGD and IC performance. This issue has still not been discussed and analysed by researchers in India.

scholarly journals Closer View at the Stock Market Liquidity: A Literature Review

2015 ◽  
Vol 7 (2) ◽  
pp. 35 ◽  
Author(s):  
Gaurav Kumar ◽  
Arun Kumar Misra
Keyword(s):  
Asset Pricing ◽  
Capital Structure ◽  
Corporate Finance ◽  
Liquidity Risk ◽  
Firm Valuation ◽  
Market Liquidity ◽  
Stock Exchanges ◽  
Huge Amount ◽  
Listed Firms ◽  
The Impact

<p>Liquidity is said to be the lifeblood of stock markets. It has prominent implications for traders, regulators, stock exchanges and the listed firms. In recent years a huge amount of literature has emerged that deals with liquidity. This article classifies and organises the literature and provides a critical review of the frameworks currently available for modelling liquidity and its macroeconomic and firm specific drivers. Commonality and intraday behaviour of liquidity in various markets is discussed under the umbrella of market microstructures.  Subsequently, liquidity risk as a factor in Asset pricing is analysed taking various models in to consideration. Finally, the study reviewed the impact of liquidity on corporate finance decisions viz. dividends, firm valuation, stock split, capital structure etc.</p>

Modern Corporate Finance: Theory and Practice.

1995 ◽  
Vol 50 (4) ◽  
pp. 1335
Author(s):  
Thomas M. Krueger ◽  
Donald R. Chambers ◽  
Nelson J. Lacey
Keyword(s):  
Corporate Finance ◽  
Theory And Practice ◽  
Finance Theory

The theory and practice of corporate finance: evidence from the field

2001 ◽  
Vol 60 (2-3) ◽  
pp. 187-243 ◽  
Author(s):  
John R Graham ◽  
Campbell R Harvey
Keyword(s):  
Corporate Finance ◽  
Theory And Practice

FINANCIAL PREFERENCES OF LISTED FIRMS IN EMERGING MARKET: THEORY AND PRACTICE IN THE CASE OF THAILAND

2012 ◽  
Vol 01 (06) ◽  
pp. 134-142
Author(s):  
Suveera Srijaroen ◽  
Jun Jiang
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Empirical Test ◽  
Emerging Market ◽  
Explanatory Power ◽  
Theory And Practice ◽  
Financial Leverage ◽  
Market Theory ◽  
Listed Firms ◽  
Tax Shield

The study aims to identify the determinants of Thai listed firms’ capital structure using derived theoretical-based models from CAPM and Hamada equations, which incorporate the control variables, i.e. company’s operating performance and capital size, with time-invariant and random effects, for improving the explanatory power of the model. The empirical test employs the quarterly data covering the year 2006 to 2010 from the Stock Exchange of Thailand. The results showed that the tax shield and industry classification explicitly demonstrate material relevance to the alteration of the firm’s degree of financial leverage. The results also showed that the fixed assets merely exert moderate influences on the firm’s willingness to implement a policy of increasing financial leverage. Conclusively, none other relevant factors possess a significant impact on the choice of capital structure, in the case of Thailand.

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