Kapitalstruktur und Dividendenpolitik

Guserl, Richard; Pernsteiner, Helmut

doi:10.1007/978-3-8349-6730-5_12

Cited by 1 publication

(4 citation statements)

References 3 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The Irrelevance thesis of Miller (1958, 1961) starts from the perfect market, which neglects taxes, illiquidity and considers capital structure changes as irrelevant for shareholders. These assumptions led to discussions regarding the inclusion of individual decisions and operational structural characteristics (Guserl & Pernsteiner, 2015& Staroßom, 2012. In the following, it is attempted, irrespective of these theories, to approximate an optimal capital structure.…”

Section: Resultsmentioning

confidence: 99%

“…Optimizing the capital structure is important for companies to achieve lower capital costs, strengthen financial stability and improve credit-worthiness. There is no ideal theory (Guserl & Pernsteiner, 2015). The goal of the traditional approach (leverage) e.g.…”

mentioning

confidence: 99%

“…However, the freedom of design of management can lead to increasing indebtedness, risky investments and an imbalance in the capital structure. The entrepreneurial capital structure is determined not only by the different aspects and ways of thinking, but also by factual and event-related influencing factors such as capital increases, reductions, borrowings and above all through the distribution or dividend policy (Guserl & Pernsteiner, 2015).…”

mentioning

confidence: 99%

“…High corporate liquidity surplus results in so-called bootstrap acquisitions. In the process, the takeover company finances the property with liquidity surpluses of the object of purchase (Guserl & Pernsteiner, 2015& Staroßom, 2012.…”

mentioning

confidence: 99%

See 3 more Smart Citations

The ability of listed companies to optimize their capital structure, shape their distribution policy and fight hostile takeovers by repurchasing their own shares

Schwarz¹

2018

JESI

View full text Add to dashboard Cite

The management of listed companies is faced with the decision to distribute the annual surplus to the shareholders in total or to reinvest it in order to achieve the company's goals in order to sustain the continued existence and growth of the company. In order to avoid a conflict of interest between the various parties of a stock corporation, compensation must be found so as not to jeopardize the company's goals and priorities. An optimization of the capital structure and a balanced dividend policy should contribute to the satisfaction of all stakeholders of a company. This article investigates the possiblity by using a share buy-back programm, a kind of capital reduction, as a strategic measures to reach both oft he goals. Sustainability in terms of financial stability should be at the forefront of management and ownership.

show abstract

Section: Resultsmentioning

confidence: 99%

mentioning

confidence: 99%

mentioning

confidence: 99%

mentioning

confidence: 99%

See 2 more Smart Citations