Growth Stocks and Corporate Capital Structure Theory

Kumar, Prem

doi:10.1111/j.1540-6261.1975.tb01828.x

Cited by 3 publications

(1 citation statement)

References 27 publications

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“…The growth of net income (GR) will proxy for the growth of the firm in this study. In an efficient market, firms with high-income growth are generally valued higher by the market and have a higher Q, as growth is generally considered positively by the market (Kumar, 1975). Thus, it is expected that the growth variable will be positively correlated to firm performance.…”

Section: Methodsmentioning

confidence: 99%

The Relationship Between Valuation and Ownership of Listed Firms in China

Hovey

Naughton

2003

Corporate Governance

105

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This paper investigates the relationship between firm performance and corporate governance in China. Firm performance is measured by Tobin's "Q", while corporate governance is determined based on ownership structure and concentration. Prior research, in both China and elsewhere, indicates that ownership structure and concentration have a significant impact on firm performance. The paper builds on previous studies by investigating the complex structure of different share classes that are typical of Chinese listed firms. Copyright Blackwell Publishing Ltd 2003.

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Section: Methodsmentioning

confidence: 99%

The Relationship Between Valuation and Ownership of Listed Firms in China

Hovey

Naughton

2003

Corporate Governance

105

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Investment distortions and the value of the government's tax claim

Kreutzmann

Sievers

Mueller

2013

Applied Financial Economics

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This article integrates the government in the context of company valuation. Our framework allows to analyse and to quantify the risk-sharing effects and conflicts of interest between the government and the shareholders when firms follow different financial policies. We provide novel evidence that firms with fixed future levels of debt might invest more than socially desirable. Economically, this happens if the gain in tax shields is big enough to outweigh the loss in the unlevered firm value. Our findings have implications for the practice of investment subsidy programmes provided by the government to avoid fostering investments beyond the socially optimal level.

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