Cash holdings, costly financing and the<i>q</i>theory of returns

Galpin, Neal

doi:10.1111/acfi.12406

Cited by 4 publications

(2 citation statements)

References 34 publications

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“…Specifically, firm size is included in line with prior findings that large firms are more likely to disclose (additional) information than small firms (Dhaliwal et al ., ; Matsumura et al ., ; Griffin et al ., ; Moses et al ., ). Likewise, firms’ net new financing ( FIN ) similar to Galpin () is included to determine whether firms’ ability to raise external finance influences their decision to disclose (Whited and Wu, ; He et al ., ). Leverage is included here with regard to whether firms with higher external debt financing are more likely to disclose their carbon‐related information to CDP (Moses et al ., ).…”

Section: Methodsmentioning

confidence: 99%

Carbon disclosure, emission intensity and cost of equity capital: multi‐country evidence

Bui

Moses

Houqe

2019

Accounting & Finance

123

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This study examines the joint effect of carbon disclosure and greenhouse gas (GHG) emissions on firms’ implied cost of equity capital (COC). Based on 4655 firm‐year observations across 34 countries, we find firms’ GHG emission intensity to be positively associated with COC. However, we find also that the penalty linked with higher COC is moderated by extensive carbon disclosure. We provide evidence that the extent of carbon disclosure helps reduce the premium required by investors to compensate for poor carbon performance. Our study provides insights to policymakers, investors and managers on the combined effect of carbon disclosure, and emission intensity.

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Section: Methodsmentioning

confidence: 99%

Carbon disclosure, emission intensity and cost of equity capital: multi‐country evidence

Bui

Moses

Houqe

2019

Accounting & Finance

123

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“…Among the measures of firm value are the book value of the firm, otherwise referred to as the net worth of the firm. However, the use of book value as a measure of firm value suffers from certain defects arising from various methods of treating accounting data (Galpin, 2020). Furthermore, the value of a firm can also be measured using market values.…”

Section: Firm Valuementioning

confidence: 99%

Effect of Tax Planning on Firm Value of Manufacturing Firms Listed At the Nairobi Securities Exchange

Mwaluku

2022

afmj

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This study examined the effect of tax planning on firm value of manufacturing firms listed at the Nairobi Securities Exchange for a ten-year period 2010 to 2019. Specifically, the study sought to: evaluate the influence of assets’ tangibility on firm value of manufacturing firms listed at the Nairobi Securities Exchange; determine the influence of leverage on firm value of manufacturing firms listed at the Nairobi Securities Exchange; and establish the effect of effective tax rate on firm value of manufacturing firms listed at the Nairobi Securities Exchange. The study was anchored on three theories: the pecking order theory; the agency theory and the political power theory. The study adopted longitudinal research survey and employed panel least squares analysis. The population of this study was all the 13 manufacturing companies listed on the manufacturing, construction and allied sectors of the Nairobi Securities Exchange as of December 2020. Due to the small number of firms, census technique was adopted and hence sampling was be required. Findings of the study indicated that asset tangibility had a positive, though statistically insignificant effect on firm value. Leverage was found to have a positive and a statistically significant relationship with firm value. Furthermore, results of the study indicated that effective tax rate had a positive and statistically significant influence on firm value.

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