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Capital Structure and Dividend Policy

Capital Structure and Dividend Policy

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Capital Structure and Dividend Policy focuses on two prime financing decisions firms face: the payout and the capital structure decisions. Theory and empirical evidence generally accept that asymmetric information and agency conflicts have a profound influence on these decisions, particularly in emerging markets, where these problems tend to be acute. The book is organized into 4 standalone empirical papers that investigate financing decisions of firms in emerging markets, using a range of econometric techniques. Following an introductory, chapter 2 reviews existing literature on the dividend controversy. Chapters 3-6 comprise the empirical chapters: chapter 3 tests an agency model of dividends on Indian firms while chapter 4 studies the determinants of capital structure of Mauritian firms. Chapters 5&6 incorporate into the dividend and capital structure decisions respectively, an important corporate governance facet: business groups. The main insights from the study are summarised in chapter 7. The empirical orientation of the book and the application of a range of econometric procedures, make it particularly suited for Masters and PhD students in the field of corporate finance.