期刊
JOURNAL OF BANKING & FINANCE
卷 69, 期 -, 页码 95-107出版社
ELSEVIER
DOI: 10.1016/j.jbankfin.2016.04.009
关键词
Life-cycle theory; Investment decisions; Financing decisions; Cash policy
资金
- RGC Fund [PJ98]
- Hong Kong Polytechnic University [G-YN 61]
We examine whether corporate investment, financing, and cash policies are interdependent and follow a predictable pattern in line with the firm life-cycle. We find that investments and equity issuance decrease with firm life-cycle, while debt issuance and cash holdings increase in the introduction and growth stages and decrease in the mature and shake-out/decline stages of the firm's life-cycle. These results are robust after using various proxies for life-cycle and controlling for firm, CEO and board level characteristics. Collectively, our results show that corporate policies follow a firm life-cycle. (C) 2016 Elsevier B.V. All rights reserved.
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