Capital Structure, Payout Policy, and Financial Flexibility

By H. DeAngelo, L. DeAngelo. 2007

284 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/4cb4fde9e9fd4417f5481e17c058456642ed2a04

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Citations in the corpus

Do Firms Manage Earnings to Meet Dividend Thresholds (2008, unknown): “DeAngelo and DeAngelo (1990, 2006b) argue that the managers of firms with a long history of paying dividends have greater incentives to avoid dividend cuts.”
Corporate Deleveraging and Financial Flexibility (2018, unknown): “This emphasis on payouts may still reflect financial-flexibility considerations since, as DeAngelo and DeAngelo (2007) note, a demonstrated commitment to making equity payouts should help provide a firm with reliable future access to equity capital.”
Why are firms unlevered (2012, unknown): “A recent paper by DeAngelo and DeAngelo (2007) concludes that firms will retain financial flexibility and use low leverage because this allows the firm to preserve the option to borrow and finance profitable investments in later periods. Under this model, firms would time their capital structure adj”
Financial Flexibility, Investment Ability, and Firm Value: Evidence from Firms with Spare Debt Capacity (2010, background): “DeAngelo and DeAngelo (2007) argue that if the probability of sizeable future capital needs is large, managers may issue equity rather than exhaust debt capacity.”
Financial Flexibility, Risk Management, and Payout Choice (2014, background): “DeAngelo and DeAngelo (2007) argue that the desire to maintain financial flexibility drives firms’ financial policies.”
Corporate cash holding and firm value (2013, background): “For this reason, DeAngelo and DeAngelo (2007) consider that cash balances both entail agency costs and confer flexibility benefits, and thus cash accumulation is no longer uniformly beneficial (as in Myers and Majluf, 1984) and investors will pressure firms to limit cash balances to mitigate agency ”
Financial flexibility, corporate investment and performance: evidence from financial crises (2013, unknown): “The academic literature argues that the motives to attain financial flexibility are related to the future ability and need of firms to raise external funds and restructure their financing at low cost (DeAngelo and DeAngelo 2007; Gamba and Triantis 2008; Byoun 2008).”
An empirical analysis of zero-leverage firms: New evidence from the UK ☆ (2013, methodology): “This finding supports the financial flexibility hypothesis that firms adopt conservative financial policies so as to meet imperfectly anticipated capital requirements (DeAngelo and DeAngelo, 2007).”
Corporate cash holding and firm value (2010, background): “For this reason, DeAngelo and DeAngelo (2007) consider that cash balances both entail agency costs and confer flexibility benefits, and thus cash accumulation is no longer uniformly beneficial (as in Myers and Majluf, 1984) and investors will pressure firms to limit cash balances to mitigate agency…”
Debt Financing and Financial Flexibility Evidence from Proactive Leverage Increases (2012, unknown): “As such, they are consistent with DeAngelo and DeAngelo (2007), who argue that financial flexibility is a critical missing link in connecting capital structure theory with observed firm behavior.”