Corporate investment, financing and payout decisions: evidence from UK listed companies

[摘要] This thesis aims to contribute to the corporate finance literature by focusing on the interdependence of corporate investment, financing and payout decisions of UK-listed companies,withinthe period1999-2008. After the introductory chapter, Chapter 2 criticallyreviews the existingliterature on corporateinvestment,financing and payoutpolicies.Chapter3 investigatestheinteractionsamong the threecorporatedecisions.One of the key findingsis thatthe threecorporatedecisionsare likely to be jointlydeterminedin thepresenceof financial constraints. Theresultsalsosuggestthattheeffectofuncertaintyoncorporateinvestmentissignificantly positive,buttheeffectondividendpayoutissignificantly negative.Chapter4explorestheinfluenceof managerial confidence andeconomic sentiment onthesetofjointlydetermined corporatedecisions.An important finding is that the state of confidence at aggregate levels has significantly positive effects on both real investment and debt financing decisions.Chapter 5 discriminates conceptually and evaluates empirically twenty alternativemeasuresof corporateinvestment used in the existingliterature.It is foundthat conclusionsdrawn fromempiricalanalysisarelikelytobe sensitiveto thechoiceof corporateinvestmentmeasures.Thekey findings of the thesis are summarisedin the conclusionchapter.

[发布机构] University:University of Birmingham;Department:Birmingham Business School

[关键词] H Social Sciences;HF Commerce