메뉴 건너뛰기




Volumn 24, Issue 11, 2000, Pages 1747-1765

Investment opportunities, free cash flow and market reaction to international joint ventures

Author keywords

Free cash flow; G14; G31; International joint ventures; Investment opportunities

Indexed keywords


EID: 0001014661     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0378-4266(99)00103-X     Document Type: Article
Times cited : (48)

References (37)
  • 1
    • 0030492391 scopus 로고    scopus 로고
    • Firm performance and mechanisms to control agency problems between managers and shareholders
    • Agrawal A., Knoeber C.R. Firm performance and mechanisms to control agency problems between managers and shareholders. Journal of Financial and Quantitative Analysis. 31:1996;377-397.
    • (1996) Journal of Financial and Quantitative Analysis , vol.31 , pp. 377-397
    • Agrawal, A.1    Knoeber, C.R.2
  • 2
    • 84993839692 scopus 로고
    • The maturity structure of corporate debt
    • Barclay M.J., Smith Jr C.W. The maturity structure of corporate debt. Journal of Finance. 50:1995a;609-631.
    • (1995) Journal of Finance , vol.50 , pp. 609-631
    • Barclay, M.J.1    Smith C.W., Jr.2
  • 3
    • 84993924992 scopus 로고
    • The priority structure of corporate liabilities
    • Barclay M.J., Smith Jr C.W. The priority structure of corporate liabilities. Journal of Finance. 50:1995b;899-917.
    • (1995) Journal of Finance , vol.50 , pp. 899-917
    • Barclay, M.J.1    Smith C.W., Jr.2
  • 4
    • 0041774265 scopus 로고    scopus 로고
    • Tobin's q-ratio and market reaction to capital investment announcements
    • Blose L.E., Shieh J.C.P. Tobin's q-ratio and market reaction to capital investment announcements. Financial Review. 32:1997;449-476.
    • (1997) Financial Review , vol.32 , pp. 449-476
    • Blose, L.E.1    Shieh, J.C.P.2
  • 6
    • 0003090851 scopus 로고
    • The wealth effect of international joint ventures: The case of US investment in China
    • Chen H., Hu M.Y., Shieh J.C.P. The wealth effect of international joint ventures: The case of US investment in China. Financial Management. 20:1991;31-41.
    • (1991) Financial Management , vol.20 , pp. 31-41
    • Chen, H.1    Hu, M.Y.2    Shieh, J.C.P.3
  • 7
    • 21944451549 scopus 로고    scopus 로고
    • Market response to product-strategy and capital-expenditure announcements in Singapore: Investment opportunities and free cash flow
    • Chen S.S., Ho K.W. Market response to product-strategy and capital-expenditure announcements in Singapore: Investment opportunities and free cash flow. Financial Management. 26:1997;82-88.
    • (1997) Financial Management , vol.26 , pp. 82-88
    • Chen, S.S.1    Ho, K.W.2
  • 8
    • 38248998550 scopus 로고
    • Stock market views of corporate multinationalism: Some evidence from announcements of international joint ventures
    • Chung I.Y., Koford K.J., Lee I. Stock market views of corporate multinationalism: Some evidence from announcements of international joint ventures. Quarterly Review of Economics and Finance. 33:1993;275-293.
    • (1993) Quarterly Review of Economics and Finance , vol.33 , pp. 275-293
    • Chung, I.Y.1    Koford, K.J.2    Lee, I.3
  • 10
    • 0009893721 scopus 로고    scopus 로고
    • Investment opportunities and market reaction to capital expenditure decisions
    • Chung K.H., Wright P., Charoenwong C. Investment opportunities and market reaction to capital expenditure decisions. Journal of Banking and Finance. 22:1998;41-60.
    • (1998) Journal of Banking and Finance , vol.22 , pp. 41-60
    • Chung, K.H.1    Wright, P.2    Charoenwong, C.3
  • 11
    • 0002837357 scopus 로고
    • Stockholder benefits from Japanese-US joint ventures
    • Crutchley C.E., Guo E., Hansen R.S. Stockholder benefits from Japanese-US joint ventures. Financial Management. 20:1991;22-30.
    • (1991) Financial Management , vol.20 , pp. 22-30
    • Crutchley, C.E.1    Guo, E.2    Hansen, R.S.3
  • 12
    • 84971972468 scopus 로고
    • Investment opportunities and the market reaction to equity offerings
    • Denis D.J. Investment opportunities and the market reaction to equity offerings. Journal of Financial and Quantitative Analysis. 29:1994;159-177.
    • (1994) Journal of Financial and Quantitative Analysis , vol.29 , pp. 159-177
    • Denis, D.J.1
  • 13
    • 0000695147 scopus 로고
    • Overinvestment, Tobin's q and gains from foreign acquisitions
    • Doukas J. Overinvestment, Tobin's q and gains from foreign acquisitions. Journal of Banking and Finance. 19:1995;1285-1303.
    • (1995) Journal of Banking and Finance , vol.19 , pp. 1285-1303
    • Doukas, J.1
  • 15
    • 84993918911 scopus 로고
    • Market discounts and shareholder gains for placing equity privately
    • Hertzel M., Smith R.L. Market discounts and shareholder gains for placing equity privately. Journal of Finance. 48:1993;459-485.
    • (1993) Journal of Finance , vol.48 , pp. 459-485
    • Hertzel, M.1    Smith, R.L.2
  • 16
    • 0007127129 scopus 로고    scopus 로고
    • Were the good old days that good? Changes in managerial stock ownership since the great depression
    • Holderness C.G., Kroszner R.S., Sheehan D.P. Were the good old days that good? Changes in managerial stock ownership since the great depression. Journal of Finance. 54:1999;435-469.
    • (1999) Journal of Finance , vol.54 , pp. 435-469
    • Holderness, C.G.1    Kroszner, R.S.2    Sheehan, D.P.3
  • 17
    • 84993848932 scopus 로고
    • One-time cash flow announcements and free cash-flow theory: Share repurchases and special dividends
    • Howe K.M., He J., Kao G.W. One-time cash flow announcements and free cash-flow theory: Share repurchases and special dividends. Journal of Finance. 47:1992;1963-1975.
    • (1992) Journal of Finance , vol.47 , pp. 1963-1975
    • Howe, K.M.1    He, J.2    Kao, G.W.3
  • 18
    • 0003518334 scopus 로고
    • Washington, DC, International Monetary Fund
    • International Financial Statistics, 1992. Washington, DC, International Monetary Fund.
    • (1992) International Financial Statistics
  • 19
    • 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;323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 20
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen M.C., Meckling W.H. 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.H.2
  • 21
    • 0347981294 scopus 로고    scopus 로고
    • How different is Japanese corporate finance? An investigation of the information content of new security issues
    • Kang J.K., Stulz R.M. How different is Japanese corporate finance? An investigation of the information content of new security issues. Review of Financial Studies. 9:1996;109-139.
    • (1996) Review of Financial Studies , vol.9 , pp. 109-139
    • Kang, J.K.1    Stulz, R.M.2
  • 23
    • 35948988013 scopus 로고
    • Managerial performance Tobin's q, and the gains from successful tender offers
    • Lang L.H.P., Stulz R.M., Walkling R.A. Managerial performance Tobin's q, and the gains from successful tender offers. Journal of Financial Economics. 24:1989;137-154.
    • (1989) Journal of Financial Economics , vol.24 , pp. 137-154
    • Lang, L.H.P.1    Stulz, R.M.2    Walkling, R.A.3
  • 25
    • 84987589788 scopus 로고
    • The effects of international joint ventures on shareholder wealth
    • Lee I., Wyatt S.B. The effects of international joint ventures on shareholder wealth. Financial Review. 25:1990;641-649.
    • (1990) Financial Review , vol.25 , pp. 641-649
    • Lee, I.1    Wyatt, S.B.2
  • 26
    • 84977733537 scopus 로고
    • Free cash flow and stockholder gains in going private transactions
    • Lehn K., Poulsen A. Free cash flow and stockholder gains in going private transactions. Journal of Finance. 44:1989;771-787.
    • (1989) Journal of Finance , vol.44 , pp. 771-787
    • Lehn, K.1    Poulsen, A.2
  • 27
    • 0002206621 scopus 로고
    • Tobin's q ratio and industrial organization
    • Lindenberg E., Ross S. Tobin's q ratio and industrial organization. Journal of Business. 54:1981;1-32.
    • (1981) Journal of Business , vol.54 , pp. 1-32
    • Lindenberg, E.1    Ross, S.2
  • 28
    • 0001776857 scopus 로고
    • Stock valuation effects of international joint ventures
    • In: Rhee, S.G., Chang, R.P. (Eds.), Elsevier Science Publishers, New York
    • Lummer, S.L., McConnell, J.J., 1990. Stock valuation effects of international joint ventures. In: Rhee, S.G., Chang, R.P. (Eds.), Pacific-Basin Capital Markets Research. Elsevier Science Publishers, New York, pp. 531-546.
    • (1990) Pacific-Basin Capital Markets Research , pp. 531-546
    • Lummer, S.L.1    McConnell, J.J.2
  • 29
    • 84939634380 scopus 로고
    • Corporate combinations and common stock returns: The case of joint ventures
    • McConnell J.J., Nantell T.J. Corporate combinations and common stock returns: The case of joint ventures. Journal of Finance. 40:1985;519-536.
    • (1985) Journal of Finance , vol.40 , pp. 519-536
    • McConnell, J.J.1    Nantell, T.J.2
  • 30
    • 0000748060 scopus 로고
    • Alternative constructions of Tobin's q: An empirical comparison
    • Perfect S.B., Wiles K.W. Alternative constructions of Tobin's q: An empirical comparison. Journal of Empirical Finance. 1:1994;313-341.
    • (1994) Journal of Empirical Finance , vol.1 , pp. 313-341
    • Perfect, S.B.1    Wiles, K.W.2
  • 31
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith Jr C.W., Watts R.L. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics. 32:1992;263-292.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith C.W., Jr.1    Watts, R.L.2
  • 32
    • 0000690816 scopus 로고    scopus 로고
    • The valuation of corporate R&D expenditures: Evidence from investment opportunities and free cash flow
    • Szewczyk S.H., Tsetsekos G.P., Zantout Z. The valuation of corporate R&D expenditures: Evidence from investment opportunities and free cash flow. Financial Management. 25:1996;105-110.
    • (1996) Financial Management , vol.25 , pp. 105-110
    • Szewczyk, S.H.1    Tsetsekos, G.P.2    Zantout, Z.3
  • 33
    • 21844487721 scopus 로고
    • The cash flow/investment relationship: Evidence from US manufacturing firms
    • Vogt S. The cash flow/investment relationship: Evidence from US manufacturing firms. Financial Management. 23:1994;3-20.
    • (1994) Financial Management , vol.23 , pp. 3-20
    • Vogt, S.1
  • 34
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity
    • White H. A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica. 48:1980;817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1
  • 35
    • 0002375145 scopus 로고
    • Competitive decline and corporate restructuring: Is a myopic stock market to blame
    • Woolridge J.R Competitive decline and corporate restructuring: Is a myopic stock market to blame. Journal of Applied Corporate Finance. 1:1988;26-36.
    • (1988) Journal of Applied Corporate Finance , vol.1 , pp. 26-36
    • Woolridge, J.R.1
  • 36
    • 0003676925 scopus 로고
    • International Monetary Fund, Washington, DC
    • World Economic Outlook, 1992. International Monetary Fund, Washington, DC.
    • (1992) World Economic Outlook
  • 37
    • 84986522888 scopus 로고
    • The wealth effects of announcements of R&D expenditure increases
    • Zantout Z., Tsetsekos G. The wealth effects of announcements of R&D expenditure increases. Journal of Financial Research. 17:1994;205-216.
    • (1994) Journal of Financial Research , vol.17 , pp. 205-216
    • Zantout, Z.1    Tsetsekos, G.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.