Corporate Strategy: Useful Perspective for the Study of Capital Structure?

Barton, Sidney L.; Gordon, Paul

doi:10.2307/257994

Cited by 73 publications

(70 citation statements)

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“…The verification of the "numeric" part of the plan, with the effects of the strategy represented in a financial perspective, requires an assessment of the reasonableness of the assumptions about the evolution of economic and financial variables (Mitroff andEmshoff 1979, Barton andGordon 1987).…”

Section: The Feasibility Of the Company Turnaround Project: Forecast mentioning

confidence: 99%

The attestation of corporate turnaround plans in Italy: operating problems and possible solutions

Caputo

Tron

2016

IJCA

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The manifold recent reform acts of bankruptcy law in Italy are more clearly oriented towards preserving the going concern of firms, besides granting the par condicio among creditors. Companies have broader opportunities to plan the restructuring, with the constraint of making it advantageous for creditors. In this context, the role of the independent attester is of prime and increasing importance to assure that the restructuring plan pursues creditors' and stakeholders' interests.This paper presents insights from both the authors' practical experiences and the review of the literature. It is addressed to managers, practitioners and scholars, interested in understanding turnarounds in the Italian context. The specificities of the attester's activity in analysing the data truthfulness and the feasibility of the recovery plan are deeply analysed. The article has a qualitative value and is based on a normative methodological approach, which links bankruptcy law with crisis management and auditing. The result is a systematic model of the attestation process.

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Section: The Feasibility Of the Company Turnaround Project: Forecast mentioning

confidence: 99%

The attestation of corporate turnaround plans in Italy: operating problems and possible solutions

Caputo

Tron

2016

IJCA

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“…In traditional finance theories, it is usually not analyzed how financial decisions are made within the firm as the company is treated as a managerial black box (Barton and Gordon 1987).…”

Section: Family Specific Goals and Corporate Governance Structuresmentioning

confidence: 99%

“…They account for complex dependencies between the goals of the management as well as owners of a company and the decision for certain financial instruments (Barton and Gordon 1987;Gallo, Tàpies, and Cappuyns 2004). This can be expected to be particularly relevant for family firms as they are characterized by complex dependencies between the family and the company (Wu, Chua, and Chrisman 2007).…”

Section: Family Specific Goals and Corporate Governance Structuresmentioning

confidence: 99%

Influence of Internal Factors on the Use of Equity-and Mezzanine-Based Financing in Family Firms

Achleitner¹,

Lutz²,

Schraml³

2012

Oxford Handbooks Online

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Suggested Citation: Achleitner, Ann-Kristin; Lutz, Eva; Schraml, Stephanie (2009) : Influence of internal factors on the use of equity-and mezzanine-based financing in family firms, CEFS working paper series, No. 2009-14, Center for Entrepreneurial and Financial Studies (CEFS) EQUITY-AND MEZZANINE-BASED FINANCING IN FAMILY FIRMS AbstractThe paper analyzes internal factors which influence the use of equity-and mezzaninebased financing instruments in German privately held family firms. Based on a sample of 195 surveys of family firms, we investigate the impact of family specific goals and corporate governance structures on the use of financial instruments such as retained earnings, private equity and silent partnerships. We find that family goals have a complex impact on the decision to use or not to use these instruments and parallel existing goals can result in diverging financing preferences. Furthermore, we find that the impact of corporate governance structures on financing decisions is mainly driven by the existence of an advisory board and the involvement of external managers in the management board.Our findings contribute to a better understanding of financing decisions in family firms and demonstrate the necessity to include family firm specific characteristics such as family goals and corporate governance structures in the analysis of financing decisions

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“…Ils traitent de différents facteurs humains déter-minants que l'on peut regrouper en quatre catégories : les caractéristiques démographiques des dirigeants (Feeser et Willard, 1990 ;Cooper et al, 1994 ;Orser, Hogarth-Scott et Wright, 1998 ;Orser, Hogarth-Scott et Riding, 2000 ;Barringer et al, 2005 ;Unger et al, 2011) ; les objectifs des dirigeants en grande partie déterminés par leurs caractéristiques démographiques, psychologiques et cognitives (Miner, 1990 ;Kolvereid, 1992 ;Chaganti, De Carolis et Deeds, 1995 ;Barton et Gordon, 1987 ;Ginn et Sexton, 1990 ;LeCornu, McMahon, Forsaith et Stanger, 1996 ;Cassar, 2007) ; le capital social des dirigeants (Ang, 1992 ;Barringer et al, 2005 ;Wiklund et al, 2009) ; les caractéristiques des équipes dirigeantes (Hambrick et Mason, 1984 ;Eisenhardt et Bourgeois, 1988 ;Smith, Smith, Olian, Sims, O'Bannon et Scully, 1994 ;Hambrick, Cho et Chen, 1996 ;Weinzimmer, 1997 ;Kilduff, Angelmar et Mehra, 2000).…”

Section: L'influence Des Caractéristiques Du Dirigeant Et De L'équipeunclassified

L’influence du dirigeant de PME sur les décisions financières en contexte d’hypercroissance

Teyssier

2011

Revue internationale P.M.E.

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De nombreuses PME qui survivent restent petites, soit en raison des potentialités de leurs marchés, soit parce que leurs dirigeants n’ont pas l’intention de croître, notamment pour des raisons de contrôle. Certaines d’entre elles, les « gazelles », se développent beaucoup plus rapidement que les autres. Leur potentiel de contribution à la croissance de l’économie et à la création d’emplois est aujourd’hui considéré comme majeur dans la plupart des pays de l’Organisation de coopération et de développement économiques (OCDE). Or la volonté de croissance dans la PME reste difficile à assumer financièrement sur une longue période. Dans ce travail de recherche, nous montrons qu’il est difficile d’appréhender la problématique financière de la PME indépendamment des caractéristiques de son dirigeant ou de son équipe dirigeante. Ces dernières ont une influence fondamentale sur l’intention de croissance, considérée comme une condition sine qua non à l’atteinte et au maintien d’une trajectoire de développement rapide. À chaque dirigeant correspondent donc « une forme » d’intention de croissance et une personnalisation des principales décisions financières. Nos propos sont étayés par une revue de la littérature de recherche sur les exigences du phénomène d’hypercroissance et le rôle joué, dans ce contexte précis, par les caractéristiques des dirigeants sur l’intention de croissance et les décisions financières. Nous illustrons nos développements à l’aide de deux études de cas de PME en hypercroissance.

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Corporate Strategy: Useful Perspective for the Study of Capital Structure?

Cited by 73 publications

References 0 publications

The attestation of corporate turnaround plans in Italy: operating problems and possible solutions

The attestation of corporate turnaround plans in Italy: operating problems and possible solutions

Influence of Internal Factors on the Use of Equity-and Mezzanine-Based Financing in Family Firms

L’influence du dirigeant de PME sur les décisions financières en contexte d’hypercroissance

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