메뉴 건너뛰기




Volumn 60, Issue 2-3, 2001, Pages 187-243

The theory and practice of corporate finance: Evidence from the field

Author keywords

Capital budgeting; Capital structure; Cost of capital; Cost of equity; Discount rates; G12; G31; G32; Project valuation; Survey

Indexed keywords


EID: 0000318873     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-405X(01)00044-7     Document Type: Article
Times cited : (3137)

References (79)
  • 2
    • 84977331446 scopus 로고
    • A rationale for debt maturity structure and call provisions in the agency theoretic framework
    • Barnea A., Haugen R., Senbet L. A rationale for debt maturity structure and call provisions in the agency theoretic framework. Journal of Finance. 35:1980;1223-1234.
    • (1980) Journal of Finance , vol.35 , pp. 1223-1234
    • Barnea, A.1    Haugen, R.2    Senbet, L.3
  • 3
    • 0012497296 scopus 로고
    • Capital budgeting in 1992: A survey
    • Bierman, H.J., 1993. Capital budgeting in 1992: a survey. Financial Management 22, 24.
    • (1993) Financial Management , vol.22 , pp. 24
    • Bierman, H.J.1
  • 6
    • 0041607967 scopus 로고    scopus 로고
    • A study of financial analysts: practice and theory
    • Block, S.B., 1999. A study of financial analysts: practice and theory. Financial Analysts Journal, 86-95.
    • (1999) Financial Analysts Journal , pp. 86-95
    • Block, S.B.1
  • 7
    • 22444451792 scopus 로고    scopus 로고
    • Wharton survey of financial risk management by US non-financial firms
    • Bodnar G.M., Hayt G.S., Marston R.C. Wharton survey of financial risk management by US non-financial firms. Financial Management. 27:1998;70-91.
    • (1998) Financial Management , vol.27 , pp. 70-91
    • Bodnar, G.M.1    Hayt, G.S.2    Marston, R.C.3
  • 8
    • 0043110769 scopus 로고
    • On the existence of an optimal capital structure
    • Bradley M., Jarrell G.A., Kim E.H. On the existence of an optimal capital structure. Journal of Finance. 39:1984;899-917.
    • (1984) Journal of Finance , vol.39 , pp. 899-917
    • Bradley, M.1    Jarrell, G.A.2    Kim, E.H.3
  • 9
    • 0000488169 scopus 로고
    • Oligopoly and financial structure: The limited liability effect
    • Brander J.A., Lewis T.R. Oligopoly and financial structure. the limited liability effect American Economic Review. 76:1986;956-970.
    • (1986) American Economic Review , vol.76 , pp. 956-970
    • Brander, J.A.1    Lewis, T.R.2
  • 11
    • 84977710235 scopus 로고
    • Efficient financing under asymmetric information
    • Brennan M.J., Kraus A. Efficient financing under asymmetric information. Journal of Finance. 42:1987;1225-1243.
    • (1987) Journal of Finance , vol.42 , pp. 1225-1243
    • Brennan, M.J.1    Kraus, A.2
  • 13
    • 0002656603 scopus 로고    scopus 로고
    • Best practices in estimating the cost of capital: Survey and synthesis
    • Bruner R.F., Eades K.M., Harris R., Higgins R.C. Best practices in estimating the cost of capital. survey and synthesis Financial Management. 27:1998;13-28.
    • (1998) Financial Management , vol.27 , pp. 13-28
    • Bruner, R.F.1    Eades, K.M.2    Harris, R.3    Higgins, R.C.4
  • 14
    • 0000498336 scopus 로고
    • Bankruptcy risk and optimal capital structure
    • Castanias R. Bankruptcy risk and optimal capital structure. Journal of Finance. 38:1983;1617-1635.
    • (1983) Journal of Finance , vol.38 , pp. 1617-1635
    • Castanias, R.1
  • 15
    • 84977709904 scopus 로고
    • Capital structure as an optimal contract between employees and investors
    • Chang C. Capital structure as an optimal contract between employees and investors. Journal of Finance. 47:1992;1141-1158.
    • (1992) Journal of Finance , vol.47 , pp. 1141-1158
    • Chang, C.1
  • 19
    • 0041607962 scopus 로고
    • A comparison of capital budgeting techniques with those used in Japan and Korea
    • Epps R.W., Mitchem C.E. A comparison of capital budgeting techniques with those used in Japan and Korea. Advances in International Accounting. 7:1994;205-214.
    • (1994) Advances in International Accounting , vol.7 , pp. 205-214
    • Epps, R.W.1    Mitchem, C.E.2
  • 20
    • 84977737676 scopus 로고
    • The cross-section of expected stock returns
    • Fama E.F., French K.R. The cross-section of expected stock returns. Journal of Finance. 47:1992;427-465.
    • (1992) Journal of Finance , vol.47 , pp. 427-465
    • Fama, E.F.1    French, K.R.2
  • 22
    • 21344486016 scopus 로고
    • The risk and predictability of international equity returns
    • Ferson W.E., Harvey C.R. The risk and predictability of international equity returns. Review of Financial Studies. 6:1993;527-566.
    • (1993) Review of Financial Studies , vol.6 , pp. 527-566
    • Ferson, W.E.1    Harvey, C.R.2
  • 23
    • 84977723030 scopus 로고
    • Dynamic capital structure choice: Theory and tests
    • Fisher E.O., Heinkel R., Zechner J. Dynamic capital structure choice. theory and tests Journal of Finance. 44:1989;19-40.
    • (1989) Journal of Finance , vol.44 , pp. 19-40
    • Fisher, E.O.1    Heinkel, R.2    Zechner, J.3
  • 24
    • 84944835242 scopus 로고
    • Asymmetric information and risky debt maturity choice
    • Flannery M.J. Asymmetric information and risky debt maturity choice. Journal of Finance. 41:1986;19-37.
    • (1986) Journal of Finance , vol.41 , pp. 19-37
    • Flannery, M.J.1
  • 26
    • 84993843447 scopus 로고
    • Risk management: Coordinating corporate investment and financing policies
    • Froot K.A., Scharfstein D.S., Stein J.C. Risk management. coordinating corporate investment and financing policies Journal of Finance. 48:1993;1629-1658.
    • (1993) Journal of Finance , vol.48 , pp. 1629-1658
    • Froot, K.A.1    Scharfstein, D.S.2    Stein, J.C.3
  • 28
    • 0005971306 scopus 로고    scopus 로고
    • Transactions costs and capital structure choice: Evidence from financially distressed firms
    • Gilson S.C. Transactions costs and capital structure choice. evidence from financially distressed firms Journal of Finance. 52:1997;111-133.
    • (1997) Journal of Finance , vol.52 , pp. 111-133
    • Gilson, S.C.1
  • 29
    • 0012599239 scopus 로고
    • A survey of capital budgeting techniques used by major U.S. firms
    • Gitman L.J., Forrester J.R. Jr. A survey of capital budgeting techniques used by major U.S. firms. Financial Management. 6:1977;66-71.
    • (1977) Financial Management , vol.6 , pp. 66-71
    • Gitman, L.J.1    Forrester J.R., Jr.2
  • 35
    • 0001282337 scopus 로고
    • Investment incentives debt and warrants
    • Green R. Investment incentives debt and warrants. Journal of Financial Economics. 13:1984;115-136.
    • (1984) Journal of Financial Economics , vol.13 , pp. 115-136
    • Green, R.1
  • 37
    • 0038855144 scopus 로고    scopus 로고
    • Debt and the terms of employment
    • Hanka G. Debt and the terms of employment. Journal of Financial Economics. 48:1998;245-282.
    • (1998) Journal of Financial Economics , vol.48 , pp. 245-282
    • Hanka, G.1
  • 38
    • 0009172756 scopus 로고
    • Corporate control contests and capital structure
    • Harris M., Raviv A. Corporate control contests and capital structure. Journal of Financial Economics. 20:1988;55-86.
    • (1988) Journal of Financial Economics , vol.20 , pp. 55-86
    • Harris, M.1    Raviv, A.2
  • 40
    • 0030099669 scopus 로고    scopus 로고
    • Is there a pecking order? Evidence from a panel of IPO firms
    • Helwege J., Liang N. Is there a pecking order? Evidence from a panel of IPO firms. Journal of Financial Economics. 40:1996;429-458.
    • (1996) Journal of Financial Economics , vol.40 , pp. 429-458
    • Helwege, J.1    Liang, N.2
  • 41
    • 0040844856 scopus 로고    scopus 로고
    • Relationship between labor income risk and average return: Empirical evidence from the Japanese stock market
    • Jagannathan R., Kubota K., Takehara H. Relationship between labor income risk and average return. empirical evidence from the Japanese stock market Journal of Business, 71:1998;319-348.
    • (1998) Journal of Business , vol.71 , pp. 319-348
    • Jagannathan, R.1    Kubota, K.2    Takehara, H.3
  • 42
    • 0010962742 scopus 로고    scopus 로고
    • The conditional CAPM and the cross-section of expected returns
    • Jagannathan R., Wang Z. The conditional CAPM and the cross-section of expected returns. Journal of Finance, 51:1996;3-53.
    • (1996) Journal of Finance , vol.51 , pp. 3-53
    • Jagannathan, R.1    Wang, Z.2
  • 43
    • 84993907227 scopus 로고
    • Returns to buying winners and selling losers: Implications for stock market efficiency
    • Jegadeesh N., Titman S. Returns to buying winners and selling losers. implications for stock market efficiency Journal of Finance. 48:1993;65-91.
    • (1993) Journal of Finance , vol.48 , pp. 65-91
    • Jegadeesh, N.1    Titman, S.2
  • 44
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen M.C. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review. 76:1986;323-339.
    • (1986) American Economic Review , vol.76 , pp. 323-339
    • Jensen, M.C.1
  • 45
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen M.C., Meckling W. Theory of the firm. managerial behavior, agency costs and ownership structure Journal of Financial Economics. 3:1976;305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.2
  • 46
    • 84986486690 scopus 로고
    • Risky debt maturity choice in a sequential game equilibrium
    • Kale J.R., Noe T.H. Risky debt maturity choice in a sequential game equilibrium. Journal of Financial Research. 13:1990;155-165.
    • (1990) Journal of Financial Research , vol.13 , pp. 155-165
    • Kale, J.R.1    Noe, T.H.2
  • 47
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • Leland H.E., Pyle D.H. Informational asymmetries, financial structure, and financial intermediation. Journal of Finance. 32:1977;371-387.
    • (1977) Journal of Finance , vol.32 , pp. 371-387
    • Leland, H.E.1    Pyle, D.H.2
  • 48
    • 0039021357 scopus 로고    scopus 로고
    • Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads
    • Leland H.E., Toft K.B. Optimal capital structure, endogenous bankruptcy, and the term structure of credit spreads. Journal of Finance. 51:1996;987-1019.
    • (1996) Journal of Finance , vol.51 , pp. 987-1019
    • Leland, H.E.1    Toft, K.B.2
  • 49
    • 0002744905 scopus 로고
    • Distribution of incomes of corporations among dividends, retained earnings, and taxes
    • Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. American Economic Review 97-113.
    • (1956) American Economic Review , pp. 97-113
    • Lintner, J.1
  • 51
    • 84977738336 scopus 로고
    • Equity issues and stock price dynamics
    • Lucas D.J., McDonald R.L. Equity issues and stock price dynamics. Journal of Finance. 45:1990;1019-1043.
    • (1990) Journal of Finance , vol.45 , pp. 1019-1043
    • Lucas, D.J.1    McDonald, R.L.2
  • 52
    • 0031616466 scopus 로고    scopus 로고
    • Why firms issue convertible bonds: The matching of financial and real investment options
    • Mayers D. Why firms issue convertible bonds. the matching of financial and real investment options Journal of Financial Economics. 47:1998;83-102.
    • (1998) Journal of Financial Economics , vol.47 , pp. 83-102
    • Mayers, D.1
  • 53
    • 0009979295 scopus 로고    scopus 로고
    • Real options and rules of thumb in capital budgeting
    • In: Brennan, M.J., Trigeorgis, L. (Eds.), Oxford University Press, London.
    • McDonald, R.L., 1998. Real options and rules of thumb in capital budgeting. In: Brennan, M.J., Trigeorgis, L. (Eds.), Innovation, Infrastructure, and Strategic Options. Oxford University Press, London.
    • (1998) Innovation, Infrastructure, and Strategic Options
    • McDonald, R.L.1
  • 55
    • 0000687546 scopus 로고
    • Corporate income taxes and the cost of capital: A correction
    • Modigliani F., Miller M.H. Corporate income taxes and the cost of capital. a correction American Economic Review. 53:1963;433-443.
    • (1963) American Economic Review , vol.53 , pp. 433-443
    • Modigliani, F.1    Miller, M.H.2
  • 57
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers S.C. Determinants of corporate borrowing. Journal of Financial Economics. 5:1977;147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 58
    • 84944830772 scopus 로고
    • The capital structure puzzle
    • Myers S.C. The capital structure puzzle. Journal of Finance. 39:1984;575-592.
    • (1984) Journal of Finance , vol.39 , pp. 575-592
    • Myers, S.C.1
  • 59
    • 48549110620 scopus 로고
    • Corporate financing and investment decisions when firms have information that investors do not have
    • Myers S.C., Majluf N. Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics. 13:1984;187-224.
    • (1984) Journal of Financial Economics , vol.13 , pp. 187-224
    • Myers, S.C.1    Majluf, N.2
  • 61
  • 62
    • 0002626659 scopus 로고
    • What managers think of capital structure theory: A survey
    • Pinegar J.M., Wilbricht L. What managers think of capital structure theory. a survey Financial Management. 18:1989;82-91.
    • (1989) Financial Management , vol.18 , pp. 82-91
    • Pinegar, J.M.1    Wilbricht, L.2
  • 63
    • 0001926170 scopus 로고
    • A CEO survey of U.S. companies' time horizon and hurdle rates
    • Poterba, J., Summers, L., 1995. A CEO survey of U.S. companies' time horizon and hurdle rates, Sloan Management Review, Fall, 43-53.
    • (1995) Sloan Management Review , Issue.FALL , pp. 43-53
    • Poterba, J.1    Summers, L.2
  • 64
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive signaling approach
    • Ross S.A. The determination of financial structure. the incentive signaling approach Bell Journal of Economics. 8:1977;1-32.
    • (1977) Bell Journal of Economics , vol.8 , pp. 1-32
    • Ross, S.A.1
  • 65
    • 0000265636 scopus 로고
    • Capital investment appraisal techniques: A survey of current usage
    • Sangster A. Capital investment appraisal techniques. a survey of current usage Journal of Business Finance and Accounting. 20:1993;307-332.
    • (1993) Journal of Business Finance and Accounting , vol.20 , pp. 307-332
    • Sangster, A.1
  • 66
    • 0002736266 scopus 로고
    • A theory of optimal capital structure
    • Scott J.H. A theory of optimal capital structure. Bell Journal of Economics. 7(1):1976;33-54.
    • (1976) Bell Journal of Economics , vol.7 , Issue.1 , pp. 33-54
    • Scott, J.H.1
  • 68
    • 0010069619 scopus 로고
    • Capital market imperfection and the incentive to lease
    • Sharpe S.A., Nguyen H.H. Capital market imperfection and the incentive to lease. Journal of Financial Economics. 39:1995;271-294.
    • (1995) Journal of Financial Economics , vol.39 , pp. 271-294
    • Sharpe, S.A.1    Nguyen, H.H.2
  • 69
    • 84984455261 scopus 로고
    • A survey of multinational capital budgeting
    • Stanley M.T., Block S.B. A survey of multinational capital budgeting. The Financial Review. 19:1984;36-54.
    • (1984) The Financial Review , vol.19 , pp. 36-54
    • Stanley, M.T.1    Block, S.B.2
  • 70
    • 0002098786 scopus 로고
    • Convertible bonds as backdoor equity financing
    • Stein J.C. Convertible bonds as backdoor equity financing. Journal of Financial Economics. 32:1992;3-21.
    • (1992) Journal of Financial Economics , vol.32 , pp. 3-21
    • Stein, J.C.1
  • 72
    • 45549112378 scopus 로고
    • Managerial control of voting rights: Financing policies and the market for corporate control
    • Stulz R. Managerial control of voting rights. financing policies and the market for corporate control Journal of Financial Economics. 20:1988;25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 73
    • 0001524993 scopus 로고
    • The effect of capital structure on a firm's liquidation decision
    • Titman S. The effect of capital structure on a firm's liquidation decision. Journal of Financial Economics. 13:1984;137-151.
    • (1984) Journal of Financial Economics , vol.13 , pp. 137-151
    • Titman, S.1
  • 74
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • Titman S., Wessels R. The determinants of capital structure choice. Journal of Finance. 43:1988;1-19.
    • (1988) Journal of Finance , vol.43 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 75
    • 0002853138 scopus 로고
    • Bridging the theory-practice gap in corporate finance: A survey of chief financial officers
    • Trahan E.A., Gitman L.J. Bridging the theory-practice gap in corporate finance. a survey of chief financial officers Quarterly Review of Economics and Finance. 35:1995;73-87.
    • (1995) Quarterly Review of Economics and Finance , vol.35 , pp. 73-87
    • Trahan, E.A.1    Gitman, L.J.2
  • 76
    • 0000918870 scopus 로고
    • Nonresponse bias in mail accounting surveys: A pedagogical note
    • Wallace R., Mellor C. Nonresponse bias in mail accounting surveys. a pedagogical note British Accounting Review. 20:1988;131-139.
    • (1988) British Accounting Review , vol.20 , pp. 131-139
    • Wallace, R.1    Mellor, C.2
  • 77
    • 0002159172 scopus 로고
    • Management's view on share repurchase and tender offer premiums
    • Wansley J.W., Lane W.R., Sarkar S. Management's view on share repurchase and tender offer premiums. Financial Management. 18:1989;97-110.
    • (1989) Financial Management , vol.18 , pp. 97-110
    • Wansley, J.W.1    Lane, W.R.2    Sarkar, S.3
  • 79
    • 84977702527 scopus 로고
    • Corporate finance and corporate governance
    • Williamson O.E. Corporate finance and corporate governance. Journal of Finance. 43:1988;567-591.
    • (1988) Journal of Finance , vol.43 , pp. 567-591
    • Williamson, O.E.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.