Presidential Address: Corporate Finance and Reality

• 成果类型: Article
• 署名作者: Graham, John R.
• 署名单位: Duke University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/jofi.13161
• 发表日期: 2022
• 页码: 1974-2049
• 关键词: capital structure; RISK-MANAGEMENT; Dividend policy; INVESTMENT; overconfidence; cost; expectations; INFORMATION; companies; prices

摘要

This paper uses surveys to document CFO perspectives on corporate planning, investment, capital structure, payout, and shareholder versus stakeholder focus. Comparing policy decisions today to those 20 years ago, I find that companies employ decision rules that are conservative, sticky, and geared to time the market; rely on internal forecasts that are miscalibrated and considered reliable only two years ahead; and emphasize corporate objectives that focus increasingly on stakeholders and revenues. These practice of corporate finance themes can discipline academic models toward better explaining outcomes. Models of satisficing decision-making or costly managerial biases align with many of the themes.