Excess Funds and Agency Problems: An Empirical Study of Incremental Cash Disbursements

By Erik Lie. 2000

271 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/d7050c69dd37a32f3018ed1891fc838ce8d336d2

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Edward J. Zajac
2. James D. Westphal
3. Wei Li
4. Erik Lie
5. S. Nielsen
6. M. Huse
7. Isin Guler
8. Niklas Egels-Zandén

In Strategy and Management

1. James D. Westphal
2. Edward J. Zajac
3. Wei Li
4. Erik Lie
5. David H. Zhu
6. Guoli Chen
7. S. Nielsen
8. Malcolm P. Baker

Citations in the corpus

• Corporate Payout Policy and Product Market Competition (2007, unknown): “For example, it has been established in the literature that agency considerations play a significant role in payout decisions (see, for example, Lie (2000), Grullon and Michaely (2004), and DeAngelo, DeAngelo, and Stulz (2006)).”
• Dividend changes and catering incentives (2006, background): “Like Denis, Denis, and Sarin (1994), Yoon and Starks (1995), and Lie (2000), we find that the announcement period returns for dividend increases are positively related to the magnitude of the dividend change.”
• Patterns in Payout Policy and Payout Channel Choice of UK Firms in the 1990s (2005, unknown): “(1986) and Michaely et al. (1995) argue that the changes in payout policies do not necessarily lead to adjustments of ownership concentration and structures.”
• Payout Policy in the 21st Century (2003, unknown): “(See Lie, 2000, for archival evidence that repurchases vary with cash on the balance sheet.)”
• Decoupling Policy from Practice: The Case of Stock Repurchase Programs (2001, background): “…UTC All use subject to JSTOR Terms and Conditions Decoupling tended that higher cash flow might raise concerns about agency problems in the firm (Jensen, 1989; Davis and Stout, 1992; Palmer et al., 1995; Lie, 2000), thus influencing the potential benefits from repurchase plan implementation.”
• Financial Flexibility, Performance, and the Corporate Payout Choice* (2005, background): “17 compared to industry peers, while Lie, Lie, and McConnell (2001) report that 25% of firms that attempt to reduce debt through exchange offers nevertheless file for bankruptcy within three years.”
• The Information Content of Share Repurchase Programs (2004, unknown): “Lie (2000) finds that some repurchases are being financed with debt, so finding declining profitability does not a priori preclude an increase in capital expenditures.”