Yuan, Zihao (2024). Thesis in corporate policies. University of Birmingham. Ph.D.
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Yuan2024PhD.pdf
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Abstract
What forces are responsible for shaping firm's corporate policies? In the thesis, we attempt to address this question by focusing on two important corporate policies of a firm, labor investment and dividend smoothing. In particular, we investigate three potential drivers, social capital, board co-option and stock market liquidity, to labor investment and dividend smoothing. Drawing a large sample of US public listed firms, we show that firms located in areas with higher social capital level, and having fewer co-opted directors on the board present less inefficient labor investment. Moreover, firms with more liquid shares tend to smooth their dividends more. The results are unchanged to multiple robustness tests, difference-in-difference design, and instrumental variable analysis. Our findings shed new light on the determinants of a firm's labor investment and dividend smoothing policies.
| Type of Work: | Thesis (Doctorates > Ph.D.) | |||||||||
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| Award Type: | Doctorates > Ph.D. | |||||||||
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| Licence: | All rights reserved | |||||||||
| College/Faculty: | Colleges (2008 onwards) > College of Social Sciences | |||||||||
| School or Department: | Birmingham Business School | |||||||||
| Funders: | None/not applicable | |||||||||
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HG Finance |
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| URI: | http://etheses.bham.ac.uk/id/eprint/14590 |
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