How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic
Autor(a) principal: | |
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Data de Publicação: | 2022 |
Tipo de documento: | Dissertação |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10400.14/39238 |
Resumo: | Prior literature and corporate finance theories study decisions on optimal capital structure and appropriate dividend payout mostly under static macroeconomic circumstances. To understand how firms preserve financial flexibility in times of shock, this dissertation analyzes possible contrasts on the impact of classic determinants of corporate policy after the September 11 attack, during the Global Financial Crisis and in the COVID-19 pandemic period, when compared to respective prior stable years. Additionally, it evaluates if predictors have a distinct influence within the three shocks. Based on a sample of 617 firms listed in the New York Stock Exchange that survived through 1999-2001, results show that determinants’ relations with changes in capital structure do not differ during crises. Although these present an identical behavior in the three different periods, details in the outcomes mirror each crisis own characteristics. Profitability and liquidity have a greater impact on leverage during the Global Financial Crisis, while stock market volatility is only significant in times of major uncertainty, such as the September 11 attack and the COVID-19 pandemic. However, profitability, liquidity, and size effects on payout policy are not only conflicting to what dividends’ theory state in steady periods but are also, unlike leverage, distinct across studied periods. |
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How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemicCapital structureDividend policySeptember 11Global financial crisisCOVID-19Estrutura de capitalPolítica de dividendos11 de setembroCrise financeira globalDomínio/Área Científica::Ciências Sociais::Economia e GestãoPrior literature and corporate finance theories study decisions on optimal capital structure and appropriate dividend payout mostly under static macroeconomic circumstances. To understand how firms preserve financial flexibility in times of shock, this dissertation analyzes possible contrasts on the impact of classic determinants of corporate policy after the September 11 attack, during the Global Financial Crisis and in the COVID-19 pandemic period, when compared to respective prior stable years. Additionally, it evaluates if predictors have a distinct influence within the three shocks. Based on a sample of 617 firms listed in the New York Stock Exchange that survived through 1999-2001, results show that determinants’ relations with changes in capital structure do not differ during crises. Although these present an identical behavior in the three different periods, details in the outcomes mirror each crisis own characteristics. Profitability and liquidity have a greater impact on leverage during the Global Financial Crisis, while stock market volatility is only significant in times of major uncertainty, such as the September 11 attack and the COVID-19 pandemic. However, profitability, liquidity, and size effects on payout policy are not only conflicting to what dividends’ theory state in steady periods but are also, unlike leverage, distinct across studied periods.Literatura anterior e teorias de corporate finance estudam as decisões sobre a estrutura ótima de capital e o pagamento de dividendos apropriado principalmente sob circunstâncias macroeconómicas estáticas. Para entender como é que empresas preservam a flexibilidade financeira em tempos de choque, esta dissertação analisa possíveis contrastes de impacto de determinantes clássicos na política corporativa após o ataque de 11 de setembro, durante a crise financeira global e no período de pandemia da COVID-19, quando comparados com os respetivos anos estáveis anteriores. Além disso, avalia se os indicadores têm uma influência distinta dentro dos três choques. Com base numa amostra de 617 empresas listadas na Bolsa de Valores de Nova York que sobreviveram de 1999-2001, os resultados mostram que as relações dos determinantes com mudanças na estrutura de capital não diferem em períodos de crise. Apesar de apresentarem um comportamento idêntico nos três períodos distintos, alguns detalhes espelham as características próprias de cada crise. A rentabilidade e a liquidez têm um impacto maior no endividamento durante a crise financeira global, enquanto a volatilidade do mercado de ações só é significativa em tempos de grande incerteza, como o ataque de 11 de setembro e a pandemia da COVID-19. No entanto, os efeitos da rentabilidade, liquidez, e dimensão na política de pagamento de dividendos não são apenas contraditórias com o que a teoria afirma em períodos estáveis, mas também são, ao contrário do caso da estrutura de capital, distintos nos períodos estudados.Bonfim, DianaVeritati - Repositório Institucional da Universidade Católica PortuguesaFerreira, Pedro Ricardo Correia Salvador Relvas2022-11-04T14:40:48Z2022-04-282022-042022-04-28T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10400.14/39238TID:203038231enginfo:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2023-07-12T17:44:44Zoai:repositorio.ucp.pt:10400.14/39238Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-19T18:32:04.457653Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic |
title |
How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic |
spellingShingle |
How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic Ferreira, Pedro Ricardo Correia Salvador Relvas Capital structure Dividend policy September 11 Global financial crisis COVID-19 Estrutura de capital Política de dividendos 11 de setembro Crise financeira global Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
title_short |
How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic |
title_full |
How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic |
title_fullStr |
How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic |
title_full_unstemmed |
How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic |
title_sort |
How different are the determinants of corporate decisions in times of shock? : evidence from september 11, Global Financial Crisis, and COVID-19 pandemic |
author |
Ferreira, Pedro Ricardo Correia Salvador Relvas |
author_facet |
Ferreira, Pedro Ricardo Correia Salvador Relvas |
author_role |
author |
dc.contributor.none.fl_str_mv |
Bonfim, Diana Veritati - Repositório Institucional da Universidade Católica Portuguesa |
dc.contributor.author.fl_str_mv |
Ferreira, Pedro Ricardo Correia Salvador Relvas |
dc.subject.por.fl_str_mv |
Capital structure Dividend policy September 11 Global financial crisis COVID-19 Estrutura de capital Política de dividendos 11 de setembro Crise financeira global Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
topic |
Capital structure Dividend policy September 11 Global financial crisis COVID-19 Estrutura de capital Política de dividendos 11 de setembro Crise financeira global Domínio/Área Científica::Ciências Sociais::Economia e Gestão |
description |
Prior literature and corporate finance theories study decisions on optimal capital structure and appropriate dividend payout mostly under static macroeconomic circumstances. To understand how firms preserve financial flexibility in times of shock, this dissertation analyzes possible contrasts on the impact of classic determinants of corporate policy after the September 11 attack, during the Global Financial Crisis and in the COVID-19 pandemic period, when compared to respective prior stable years. Additionally, it evaluates if predictors have a distinct influence within the three shocks. Based on a sample of 617 firms listed in the New York Stock Exchange that survived through 1999-2001, results show that determinants’ relations with changes in capital structure do not differ during crises. Although these present an identical behavior in the three different periods, details in the outcomes mirror each crisis own characteristics. Profitability and liquidity have a greater impact on leverage during the Global Financial Crisis, while stock market volatility is only significant in times of major uncertainty, such as the September 11 attack and the COVID-19 pandemic. However, profitability, liquidity, and size effects on payout policy are not only conflicting to what dividends’ theory state in steady periods but are also, unlike leverage, distinct across studied periods. |
publishDate |
2022 |
dc.date.none.fl_str_mv |
2022-11-04T14:40:48Z 2022-04-28 2022-04 2022-04-28T00:00:00Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/masterThesis |
format |
masterThesis |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10400.14/39238 TID:203038231 |
url |
http://hdl.handle.net/10400.14/39238 |
identifier_str_mv |
TID:203038231 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
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Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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RCAAP |
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RCAAP |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
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Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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