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Corporate Finance in Europe: Confronting Theory with Practice

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Cited by:

  1. A. D. Nuwan Gunarathne & H. M. P. Peiris, 2017. "Assessing the impact of eco-innovations through sustainability indicators: the case of the commercial tea plantation industry in Sri Lanka," Asian Journal of Sustainability and Social Responsibility, Springer, vol. 2(1), pages 41-58, September.
  2. Melvin Jameson & Tao‐Hsien Dolly King & Andrew Prevost, 2021. "Top management incentives and financial flexibility: The case of make‐whole call provisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(1-2), pages 374-404, January.
  3. Mikhail V. Sokolov, 2023. "NPV, IRR, PI, PP, and DPP: a unified view," Papers 2302.02875, arXiv.org, revised May 2024.
  4. Brounen, Dirk & de Jong, Abe & Koedijk, Kees, 2006. "Capital structure policies in Europe: Survey evidence," Journal of Banking & Finance, Elsevier, vol. 30(5), pages 1409-1442, May.
  5. El Hedi Arouri, Mohamed & Rault, Christophe & Sova, Anamaria & Sova, Robert & Teulon, Frédéric, 2013. "Market structure and the cost of capital," Economic Modelling, Elsevier, vol. 31(C), pages 664-671.
  6. Mustafa Caglayan & Abdul Rashid, 2014. "The Response Of Firms' Leverage To Risk: Evidence From Uk Public Versus Nonpublic Manufacturing Firms," Economic Inquiry, Western Economic Association International, vol. 52(1), pages 341-363, January.
  7. Tor Brunzell & Eva Liljeblom & Mika Vaihekoski, 2013. "Determinants of capital budgeting methods and hurdle rates in Nordic firms," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(1), pages 85-110, March.
  8. Paula de Souza & Rogério João Lunkes, 2016. "Capital budgeting practices by large Brazilian companies," Contaduría y Administración, Accounting and Management, vol. 61(3), pages 514-534, Julio-Sep.
  9. Andriosopoulos, Dimitrios & Gaganis, Chrysovalantis & Pasiouras, Fotios & Zopounidis, Constantin, 2012. "An application of multicriteria decision aid models in the prediction of open market share repurchases," Omega, Elsevier, vol. 40(6), pages 882-890.
  10. Guedes, José & Santos, Pedro, 2016. "Valuing an offshore oil exploration and production project through real options analysis," Energy Economics, Elsevier, vol. 60(C), pages 377-386.
  11. Gebauer, Stefan & Setzer, Ralph & Westphal, Andreas, 2017. "Corporate debt and investment: a firm analysis for stressed euro area countries," Working Paper Series 2101, European Central Bank.
  12. Ferrando, Annalisa & Marchica, Maria-Teresa & Mura, Roberto, 2014. "Financial flexibility across the euro area and the UK," Working Paper Series 1630, European Central Bank.
  13. Figge, Frank & Hahn, Tobias & Barkemeyer, Ralf, 2014. "The If, How and Where of assessing sustainable resource use," Ecological Economics, Elsevier, vol. 105(C), pages 274-283.
  14. Knolle, Julia, 2020. "Prosperity in a Low Interest Environment," MPRA Paper 104332, University Library of Munich, Germany.
  15. Cristiane Benetti & Paulo Renato Soares Terra & Roberto Frota Decourt, 2022. "Financial Management in Practice: Analysis of Brazilian Survey Data," RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), ANPAD - Associação Nacional de Pós-Graduação e Pesquisa em Administração, vol. 26(6), pages 200419-2004.
  16. Eric Molay, 2006. "Un Test De La Théorie Du Financement Hiérarchisé Sur Données De Panel Françaises," Post-Print halshs-00515707, HAL.
  17. Weber, Thomas A., 2014. "On the (non-)equivalence of IRR and NPV," Journal of Mathematical Economics, Elsevier, vol. 52(C), pages 25-39.
  18. Chun-Nan Chen & Chun-Ting Yang, 2021. "The Investability of PV Systems under Descending Feed-In Tariffs: Taiwan Case," Energies, MDPI, vol. 14(9), pages 1-13, May.
  19. Dimitrios Vasiliou & Nikolaos Eriotis & Nikolaos Daskalakis, 2009. "Testing the pecking order theory: the importance of methodology," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 1(2), pages 85-96, June.
  20. Daniel Arce & Douglas Cook & Robert Kieschnick, 2015. "On the evolution of corporate capital structures," Journal of Evolutionary Economics, Springer, vol. 25(3), pages 561-583, July.
  21. Anastassiadis, Friederike & Mußhoff, Oliver, 2013. "Evaluating the role of financial flexibility in farmers' investment decisions using latent class analysis," 87th Annual Conference, April 8-10, 2013, Warwick University, Coventry, UK 158707, Agricultural Economics Society.
  22. Mohamed El Hedi Arouri & Christophe Rault & Ana Maria Sova & Robert Sova & Frédéric Teulon, 2013. "Market Structure and the Cost of Capital," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00798048, HAL.
  23. Mahnoor Sattar, 2017. "CAPM Vs Fama-French Three-Factor Model: An Evaluation of Effectiveness in Explaining Excess Return in Dhaka Stock Exchange," International Journal of Business and Management, Canadian Center of Science and Education, vol. 12(5), pages 119-119, April.
  24. Pasqual, Joan & Padilla, Emilio & Jadotte, Evans, 2013. "Technical note: Equivalence of different profitability criteria with the net present value," International Journal of Production Economics, Elsevier, vol. 142(1), pages 205-210.
  25. Giang Truong & Graham Partington & Maurice Peat, 2008. "Cost-of-Capital Estimation and Capital-Budgeting Practice in Australia," Australian Journal of Management, Australian School of Business, vol. 33(1), pages 95-121, June.
  26. Ludwig Reinhard & Steven Li, 2010. "A note on capital structure target adjustment – Indonesian evidence," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 6(3), pages 245-259, June.
  27. Brown, Stephen & Dutordoir, Marie & Veld, Chris & Veld-Merkoulova, Yulia, 2019. "What is the role of institutional investors in corporate capital structure decisions? A survey analysis," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 270-286.
  28. Vasiliou, Dimitrios & Daskalakis, Nikolaos, 2009. "Institutional characteristics and capital structure: A cross-national comparison," Global Finance Journal, Elsevier, vol. 19(3), pages 286-306.
  29. Mustafa Caglayan & Abdul Rashid, 2010. "The response of firms' leverage to uncertainty: Evidence from UK public versus non-public firms," Working Papers 2010019, The University of Sheffield, Department of Economics, revised Oct 2010.
  30. Chittenden, Francis & Derregia, Mohsen, 2015. "Uncertainty, irreversibility and the use of ‘rules of thumb’ in capital budgeting," The British Accounting Review, Elsevier, vol. 47(3), pages 225-236.
  31. Andrzej Cwynar & Wiktor Cwynar & Robert Dankiewicz, 2016. "Studies of firm capital structure determinants in Poland: an integrative review," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 11(4), pages 1-22, March.
  32. Robert W Faff & Stephen Gray & Kelvin Jui Keng Tan, 2016. "A contemporary view of corporate finance theory, empirical evidence and practice," Australian Journal of Management, Australian School of Business, vol. 41(4), pages 662-686, November.
  33. Vivien Beattie & Alan Goodacre & Sarah Jane Thomson, 2006. "Corporate Financing Decisions: UK Survey Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(9-10), pages 1402-1434.
  34. repec:ebl:ecbull:v:7:y:2008:i:9:p:1-8 is not listed on IDEAS
  35. van Dijk, M.A., 2014. "The Social Value of Finance," ERIM Inaugural Address Series Research in Management EIA-2014-055-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam..
  36. William F Johnson, 2009. "Tracking errors of exchange traded funds," Journal of Asset Management, Palgrave Macmillan, vol. 10(4), pages 253-262, October.
  37. Markku Kaustia & Eeva Alho & Vesa Puttonen, 2008. "How Much Does Expertise Reduce Behavioral Biases? The Case of Anchoring Effects in Stock Return Estimates," Financial Management, Financial Management Association International, vol. 37(3), pages 391-412, September.
  38. Steven Toms, 2014. "Accounting-based Risk Management and the Capital Asset Pricing Model: An Empirical Comparison," Australian Accounting Review, CPA Australia, vol. 24(2), pages 127-133, June.
  39. Hess, Dieter & Immenkötter, Philipp, 2014. "How much is too much? Debt capacity and financial flexibility," CFR Working Papers 14-03, University of Cologne, Centre for Financial Research (CFR).
  40. Siziba, Simiso & Hall, John Henry, 2021. "The evolution of the application of capital budgeting techniques in enterprises," Global Finance Journal, Elsevier, vol. 47(C).
  41. Marcos Alencar Abaide Balbinotti & Cristiane Benetti & Paulo Renato Soares Terra, 2007. "Translation and validation of the Graham‐Harvey survey for the Brazilian context," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 3(1), pages 26-48, January.
  42. Ahmed Sakr & Amina Bedeir, 2019. "Firm Level Determinants of Capital Structure: Evidence From Egypt," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 10(1), pages 68-85, January.
  43. Petrović, Marko & Ozel, Bulent & Teglio, Andrea & Raberto, Marco & Cincotti, Silvano, 2020. "Should I stay or should I go? An agent-based setup for a trading and monetary union," Journal of Economic Dynamics and Control, Elsevier, vol. 113(C).
  44. Philippe Adair & Mohamed Adaskou & David McMillan, 2015. "Trade-off-theory vs. pecking order theory and the determinants of corporate leverage: Evidence from a panel data analysis upon French SMEs (2002–2010)," Cogent Economics & Finance, Taylor & Francis Journals, vol. 3(1), pages 1006477-100, December.
  45. Abe De Jong & Marno Verbeek & Patrick Verwijmeren, 2010. "The Impact of Financing Surpluses and Large Financing Deficits on Tests of the Pecking Order Theory," Financial Management, Financial Management Association International, vol. 39(2), pages 733-756, June.
  46. Kleff, Volker, 2005. "Capital policy of German savings banks: a survey," ZEW Discussion Papers 05-63, ZEW - Leibniz Centre for European Economic Research.
  47. Carlo Alberto Magni, 2007. "Project valuation and investment decisions: CAPM versus arbitrage," Applied Financial Economics Letters, Taylor & Francis Journals, vol. 3(2), pages 137-140.
  48. Horn, Anders & Kjærland, Frode & Molnár, Peter & Steen, Beate Wollen, 2015. "The use of real option theory in Scandinavia's largest companies," International Review of Financial Analysis, Elsevier, vol. 41(C), pages 74-81.
  49. Kent Baker & Shantanu Dutta & Samir Saadi, 2011. "Corporate Finance Practices in Canada: Where Do We Stand?," Multinational Finance Journal, Multinational Finance Journal, vol. 15(3-4), pages 157-192, September.
  50. Baidoo, Edwin & Natarajan, Ramachandran, 2021. "Profit-based credit models with lender’s attitude towards risk and loss," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
  51. Magni, Carlo Alberto, 2009. "Correct or incorrect application of CAPM? Correct or incorrect decisions with CAPM?," European Journal of Operational Research, Elsevier, vol. 192(2), pages 549-560, January.
  52. Gregory, Alan & Hua, Shan & Tharyan, Rajesh, 2018. "In search of beta," The British Accounting Review, Elsevier, vol. 50(4), pages 425-441.
  53. Matthias Nnadi & Vachiraporn Surichamorn & Ranadeva Jayasekera & Yacine Belghitar, 2022. "Empirical analysis of debt maturity, cash holdings and firm investment in developing economies," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(3), pages 3345-3372, July.
  54. Peter Markovič & Michal Šinský, 2009. "Trends in application of capital budgeting methods for investment projects evaluation," Ekonomika a Management, Prague University of Economics and Business, vol. 2009(1).
  55. Sureka, Riya & Kumar, Satish & Colombage, Sisira & Abedin, Mohammad Zoynul, 2022. "Five decades of research on capital budgeting – A systematic review and future research agenda," Research in International Business and Finance, Elsevier, vol. 60(C).
  56. Magni, Carlo Alberto, 2013. "Generalized Makeham’s formula and economic profitability," Insurance: Mathematics and Economics, Elsevier, vol. 53(3), pages 747-756.
  57. Alexandre Di Giacomo & Pascal Alphonse, 2014. "Incitants Financiers Du Dirigeant Et Niveau D'Endettement Optimal," Post-Print hal-01899182, HAL.
  58. Vivien Beattie & Alan Goodacre & Sarah Jane Thomson, 2006. "Corporate Financing Decisions: UK Survey Evidence," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(9‐10), pages 1402-1434, November.
  59. van Dijk, Mathijs A., 2011. "Is size dead? A review of the size effect in equity returns," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3263-3274.
  60. Gebauer, Stefan & Setzer, Ralph & Westphal, Andreas, 2018. "Corporate debt and investment: A firm-level analysis for stressed euro area countries," Journal of International Money and Finance, Elsevier, vol. 86(C), pages 112-130.
  61. Mendes-da-Silva, Wesley & Saito, Richard, 2014. "Listagem em bolsa induz sofisticação do orçamento de capital," RAE - Revista de Administração de Empresas, FGV-EAESP Escola de Administração de Empresas de São Paulo (Brazil), vol. 54(5), September.
  62. Sangiorgi, Ivan & Schopohl, Lisa, 2023. "Explaining green bond issuance using survey evidence: Beyond the greenium," The British Accounting Review, Elsevier, vol. 55(1).
  63. Riya Sureka & Satish Kumar & Deepraj Mukherjee & Christina Theodoraki, 2023. "What restricts SMEs from adopting sophisticated capital budgeting practices?," Small Business Economics, Springer, vol. 60(1), pages 265-290, January.
  64. Ariefianto, Moch. Doddy & Trinugroho, Irwan & Yustika, Ahmad Erani & Soedarmono, Wahyoe, 2020. "The Role of Business Sophistication, Revenue Diversification, and Labor Relations on Firm Financing Choice," Jurnal Ekonomi Malaysia, Faculty of Economics and Business, Universiti Kebangsaan Malaysia, vol. 54(3), pages 101-115.
  65. Koedijk, Kees & Mahieu, Ronald & van Toor, Joris & Horst, Jenke, 2017. "The World We Live In: Local or Global?," CEPR Discussion Papers 11831, C.E.P.R. Discussion Papers.
  66. Hermes, Niels & Smid, Peter & Yao, Lu, 2007. "Capital budgeting practices: A comparative study of the Netherlands and China," International Business Review, Elsevier, vol. 16(5), pages 630-654, October.
  67. Franck Bancel & Usha R. Mittoo, 2009. "Why Do European Firms Go Public?," European Financial Management, European Financial Management Association, vol. 15(4), pages 844-884, September.
  68. Anastassiadis, F. & Liebe, U. & Mußhoff, O., 2013. "Finanzielle Flexibilität in landwirtschaftlichen Investitionsentscheidungen: Ein Discrete Experiment," Proceedings “Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V.”, German Association of Agricultural Economists (GEWISOLA), vol. 48, March.
  69. Jorge Mota & António Carrizo Moreira, 2023. "Capital Budgeting Practices: A Survey of Two Industries," JRFM, MDPI, vol. 16(3), pages 1-15, March.
  70. Marcin Pawlak & Dariusz Zarzecki, 2020. "Investment Appraisal Practice in the European Union Countries," European Research Studies Journal, European Research Studies Journal, vol. 0(Special 2), pages 687-699.
  71. Osborne, Michael J., 2010. "A resolution to the NPV-IRR debate?," The Quarterly Review of Economics and Finance, Elsevier, vol. 50(2), pages 234-239, May.
  72. Iqbal Hussain, Hafezali & Mohd Farid, Shamsudin & Noor H, Jabarullah & Milad Abdelnabi, Salem & Fekri Ali, Shawtari, 2016. "Speed of Adjustment and Financial Constraints: Evidence from the UK," MPRA Paper 79265, University Library of Munich, Germany.
  73. Grubisic Seba, Mihaela & Orsag, Silvije, 2015. "Corporate Motives For Public Shares Offering During The Financial Crisis," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 6(1), pages 99-114.
  74. Philippe Adair & Mohamed Adaskou, 2017. "The capital structure of French SMEs and impact of the financial crisis: A dynamic panel data analysis (2002-2010)," Working Papers hal-01667313, HAL.
  75. Andor, Gyorgy & Mohanty, Sunil K. & Toth, Tamas, 2015. "Capital budgeting practices: A survey of Central and Eastern European firms," Emerging Markets Review, Elsevier, vol. 23(C), pages 148-172.
  76. Chao, Ching-Hsiang & Huang, Chih-Jen, 2022. "Firm performance following actual share repurchases: Effects of investment crowding out and financial flexibility," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
  77. Usman Ayub & Samaila Kausar & Umara Noreen & Muhammad Zakaria & Imran Abbas Jadoon, 2020. "Downside Risk-Based Six-Factor Capital Asset Pricing Model (CAPM): A New Paradigm in Asset Pricing," Sustainability, MDPI, vol. 12(17), pages 1-16, August.
  78. Mahajan, Arvind & Tartaroglu, Semih, 2008. "Equity market timing and capital structure: International evidence," Journal of Banking & Finance, Elsevier, vol. 32(5), pages 754-766, May.
  79. Andriosopoulos, Dimitris & Lasfer, Meziane, 2015. "The market valuation of share repurchases in Europe," Journal of Banking & Finance, Elsevier, vol. 55(C), pages 327-339.
  80. Ayub, Usman & Qaddus, Uzma & Zakaria, Muhammad & Shafique, Attayah & Ahmed, Junaid, 2018. "Thou should not panic! Let calmness fight the Crocodile Bite," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 509(C), pages 302-315.
  81. Mercatanti, Andrea & Mäkinen, Taneli & Silvestrini, Andrea, 2019. "The role of financial factors for European corporate investment," Journal of International Money and Finance, Elsevier, vol. 96(C), pages 246-258.
  82. Stephen Bryan & Robert Nash & Ajay Patel, 2010. "How the Legal System Affects the Equity Mix in Executive Compensation," Financial Management, Financial Management Association International, vol. 39(1), pages 393-418, March.
  83. Hoang, Daniel & Gatzer, Sebastian & Ruckes, Martin E., 2018. "The economics of capital allocation in firms: Evidence from internal capital markets," Working Paper Series in Economics 115, Karlsruhe Institute of Technology (KIT), Department of Economics and Management.
  84. Dimitris Andriosopoulos & Chrysovalantis Gaganis & Fotios Pasiouras, 2016. "Prediction of open market share repurchases and portfolio returns: evidence from France, Germany and the UK," Review of Quantitative Finance and Accounting, Springer, vol. 46(2), pages 387-416, February.
  85. Anastassiadis, Friederike & Liebe, Ulf & Musshoff, Oliver, 2012. "Finanzielle Flexibilität In Landwirtschaftlichen Investitionsentscheidungen: Ein Discrete Choice Experiment," 52nd Annual Conference, Stuttgart, Germany, September 26-28, 2012 137142, German Association of Agricultural Economists (GEWISOLA).
  86. Gatzer, Sebastian & Hoang, Daniel & Ruckes, Martin, 2015. "Internal Capital Markets and Diversified Firms: Theory and Practice," EconStor Preprints 169432, ZBW - Leibniz Information Centre for Economics.
  87. Christopher B. Barry & Steven C. Mann & Vassil T. Mihov & Mauricio Rodríguez, 2008. "Corporate Debt Issuance and the Historical Level of Interest Rates," Financial Management, Financial Management Association International, vol. 37(3), pages 413-430, September.
  88. Satish Kumar & Riya Sureka & Sisira Colombage, 2020. "Capital structure of SMEs: a systematic literature review and bibliometric analysis," Management Review Quarterly, Springer, vol. 70(4), pages 535-565, November.
  89. Carlo Alberto Magni & Ken V. Peasnell, 2015. "The Term Structure of Capital Values:An accounting-based framework for measuring economic profitability," Department of Economics 0060, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
  90. Kothari, Pratik & Chance, Don M. & Ferris, Stephen P., 2021. "Bragging rights: Does corporate boasting imply value creation?," Journal of Corporate Finance, Elsevier, vol. 67(C).
  91. Eric Molay, 2005. "La structure financière du capital:tests empiriques sur le marché français," Revue Finance Contrôle Stratégie, revues.org, vol. 8(4), pages 153-175, December.
  92. G. Oka Warmana & I. Ketut Rahyuda & Ida Bagus Anom Purbawangsa & Ni Luh Gede Sri Artini, 2020. "Investigating Capital Structure Speed of Adjustment (SOA) of Indonesian Companies for Corporate Value," Global Journal of Flexible Systems Management, Springer;Global Institute of Flexible Systems Management, vol. 21(3), pages 215-231, September.
  93. Schauten, M.B.J. & Spronk, J., 2006. "Optimal Capital Structure: Reflections on Economic and Other Values," ERIM Report Series Research in Management ERS-2006-074-F&A, Erasmus Research Institute of Management (ERIM), ERIM is the joint research institute of the Rotterdam School of Management, Erasmus University and the Erasmus School of Economics (ESE) at Erasmus University Rotterdam.
  94. Drobetz, Wolfgang & Pensa, Pascal & Wanzenried, Gabrielle, 2007. "Firm Characteristics, Economic Conditions and Capital Structure Adjustment," Working papers 2007/16, Faculty of Business and Economics - University of Basel.
  95. Marie Dutordoir & Linda Van de Gucht, 2009. "Why Do Western European Firms Issue Convertibles Instead of Straight Debt or Equity?," European Financial Management, European Financial Management Association, vol. 15(3), pages 563-583, June.
  96. Marc Deloof & Wouter Van Overfelt, 2008. "Were Modern Capital Structure Theories Valid in Belgium Before World War I?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 35(3‐4), pages 491-515, April.
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