Earticle

초록

영어

We try to test a value information effect of free cash flow by using related variables alone or in composition. Our study will be a contribution in that it adds to the understanding of the market response to dividend payout and capital expenditures - especially when these financial activities are related with free cash flow. Also, our study chooses an analytic approach which is differentiated from extant literatures mainly depending on event studies. Our test result shows that more free cash flow are linked to lower firm value spread. Corporate activities that diminish free cash flow - for example capital expenditures, dividend payout, use of debt - are linked to higher market value. More growth options are confirmed to be associated with more firm value spread. The interaction terms also exhibit consistency. Asian financial crisis in late 1997 brought about test results somewhat different from pre-crisis periods.

목차

Abstract
 Ⅰ Introduction and Motivation
 Ⅱ Literature Surveys and Hypothesis Development
 Ⅲ Research Methodology
  1. The Data and Samples
  2. Analytical Model and Research Variables
 Ⅳ. Results of Analysis
  1. Descriptive Statistics
  2. Multivariate Regression Results
 Ⅴ Conclusion and Discussion
 References
 Appendix

저자

• Jangwoo Lee [ professor at the Department of Finance and Real Estate, College of Commerce and Economics, Dongeui University, Busan, Korea ]
• Hee-Young Hurr [ professor at the Department of Business Administration, College of Aviation and Management, Korea Aerospace University, Goyang-city, Gyeonggi-do, Korea ]

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간행물

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• 간행물명

  한국재무학회 학술대회

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• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330