國立虎尾科技大學 |

Dividend Policy and International Venture Capital Investments.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Dividend Policy and International Venture Capital Investments./
Author:	Hull, Tyler.
Description:	1 online resource (169 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 77-04, Section: A.
Contained By:	Dissertations Abstracts International77-04A.
Subject:	Commerce-Business. -
Online resource:	click for full text (PQDT)
ISBN:	9781339032535

Dividend Policy and International Venture Capital Investments.
Hull, Tyler.

Dividend Policy and International Venture Capital Investments. - 1 online resource (169 pages)

Source: Dissertations Abstracts International, Volume: 77-04, Section: A.

Thesis (Ph.D.)--Brandeis University, International Business School, 2011.

Includes bibliographical references

This thesis consists of three chapters which investigate different fields of corporate finance. The first Chapter examines dividend reduction timing at the industry level. A model is proposed in which the timing of dividend cuts signal true firm value, the implications of the model are empirically tested. The theory suggests that firms with higher probabilities of successful investment will be among the first firms to make necessary dividend reductions to take advantage of investment opportunities, while firms with low probabilities of investment success may forego investment to delay the dividend reduction and the subsequent drop in share price. The theory's implications are empirically tested and show support for the theoretical model in that early dividend reducing firms significantly outperform late reducers in terms of short and long-term returns, increases in profitability, and total asset growth. The second chapter examines how the violation of loan covenants (technical default) impacts firm dividend policy. This study documents that the occurrence of a covenant violation significantly increases the likelihood of a dividend reduction in the subsequent quarter. Additionally, evidence is shown to support that firms near financial distress and firms with weak corporate governance practices are more likely to experience dividend cuts after technical default. These research findings suggest that loan covenants serve a critical role in mitigating creditor-shareholder conflicts. The third chapter analyzes how the success of venture backed entrepreneurial firms relates to the membership of the venture capital syndicate backing it, the stage of the venture investment, the number of financing rounds and the effectiveness of international versus local venture capitalists in adding value to entrepreneurial firms. Evidence is provided to suggest that the most successful entrepreneurial firms are backed by syndicates composed of both international and local venture capitalists and that the greater distance between the country of the international venture capitalist and that of the entrepreneurial firm is associated with a lower probability of success. These results suggest that international venture capitalists supply venture capital expertise and that local venture capitalists provide local market knowledge and lower monitoring costs, both of which are important in for successful investment outcomes.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9781339032535Subjects--Topical Terms:

1179465
Commerce-Business.
Subjects--Index Terms:

DividendsIndex Terms--Genre/Form:

554714
Electronic books.

Dividend Policy and International Venture Capital Investments.
LDR:03940ntm a22004217 4500 001 1148952
005 20240930105303.5
006 m o d
007 cr bn ---uuuuu
008 250605s2011 xx obm 000 0 eng d
020 $a 9781339032535
035 $a (MiAaPQ)AAI3721608
035 $a (MiAaPQ)brandeisibs:10006
035 $a AAI3721608
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Hull, Tyler. $3 1475049
245 1 0 $a Dividend Policy and International Venture Capital Investments.
264 0 $c 2011
300 $a 1 online resource (169 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Dissertations Abstracts International, Volume: 77-04, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: LeBaron, Blake;Chemmanur, Thomas J.
502 $a Thesis (Ph.D.)--Brandeis University, International Business School, 2011.
504 $a Includes bibliographical references
520 $a This thesis consists of three chapters which investigate different fields of corporate finance. The first Chapter examines dividend reduction timing at the industry level. A model is proposed in which the timing of dividend cuts signal true firm value, the implications of the model are empirically tested. The theory suggests that firms with higher probabilities of successful investment will be among the first firms to make necessary dividend reductions to take advantage of investment opportunities, while firms with low probabilities of investment success may forego investment to delay the dividend reduction and the subsequent drop in share price. The theory's implications are empirically tested and show support for the theoretical model in that early dividend reducing firms significantly outperform late reducers in terms of short and long-term returns, increases in profitability, and total asset growth. The second chapter examines how the violation of loan covenants (technical default) impacts firm dividend policy. This study documents that the occurrence of a covenant violation significantly increases the likelihood of a dividend reduction in the subsequent quarter. Additionally, evidence is shown to support that firms near financial distress and firms with weak corporate governance practices are more likely to experience dividend cuts after technical default. These research findings suggest that loan covenants serve a critical role in mitigating creditor-shareholder conflicts. The third chapter analyzes how the success of venture backed entrepreneurial firms relates to the membership of the venture capital syndicate backing it, the stage of the venture investment, the number of financing rounds and the effectiveness of international versus local venture capitalists in adding value to entrepreneurial firms. Evidence is provided to suggest that the most successful entrepreneurial firms are backed by syndicates composed of both international and local venture capitalists and that the greater distance between the country of the international venture capitalist and that of the entrepreneurial firm is associated with a lower probability of success. These results suggest that international venture capitalists supply venture capital expertise and that local venture capitalists provide local market knowledge and lower monitoring costs, both of which are important in for successful investment outcomes.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Commerce-Business. $3 1179465
650 4 $a Finance. $3 559073
653 $a Dividends
653 $a Geographic distance
653 $a International investments
653 $a Loan covenants
653 $a Venture capital
655 7 $a Electronic books. $2 local $3 554714
690 $a 0454
690 $a 0505
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Brandeis University, International Business School. $b International Economics. $3 1475050
773 0 $t Dissertations Abstracts International $g 77-04A.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3721608 $z click for full text (PQDT)