THE INVESTMENT OPPORTUNITY SET AND CORPORATE FINANCING, DIVIDEND, AND COMPENSATION POLICIES
成果类型：
Article
署名作者：
SMITH, CW; WATTS, RL
刊物名称：
JOURNAL OF FINANCIAL ECONOMICS
ISSN/ISSBN：
0304-405X
DOI：
10.1016/0304-405X(92)90029-W
发表日期：
1992
页码：
263-292
关键词：
摘要：
We examine explanations for corporate financing-, dividend-, and compensation-policy choices. We document robust empirical relations among corporate policy decisions and various firm characteristics. Our evidence suggests contracting theories are more important in explaining cross-sectional variation in observed financial, dividend, and compensation policies than either tax-based or signaling theories.