Aug 2026· Accounting & Finance· 0 citations· 85 references
Abstract
Using a sample of U.S. firm‐year observations, we document a positive association between brand capital and the speed of leverage adjustment. This relationship is stronger among firms that exhibit greater opacity in their information disclosure, weaker governance, and more rigid financial constraints. The results are consistent with the view that brand capital is associated with lower adjustment frictions through information signalling and reputational monitoring. The relationship is also more pronounced among overleveraged firms. Finally, we find some evidence that leverage adjustments are associated with greater future firm value among firms with higher brand capital.
This study finds that foreign‐experienced independent directors play a significant governance role in mitigating corporate leverage manipulation among Chinese listed firms. Using panel data from 2008 to 2023, the analysis shows that their presence on boards is associated with lower levels of leverage manipulation, pr...
Fu-Ying Wei, H. Huang, Si-Yuan Xuan et al.· International Review of Fina...· 0 citations
This study examines how the implied cost of capital(ICC) effects a firm's financing and investment decisions. We find that firms with lower ICC rely more on equity financing and undertake larger mergers and acquisitions. These findings indicate that ICC captures both equity mispricing and a firm's ability to generate v...
Stephen P. Ferris, Tomas Mantecon, Shiang Liu· Quarterly Journal of Finance· 0 citations
We document a broad decline in return on assets (
ROA
) among U.S. public firms from 1963 to 2020, including firms with high growth opportunities, R&D intensity and market power. Many firms earn realized returns below estimated costs of capital and valuation‐implied benchmarks. Declining asset utilization and Ric...
James S. Ang, Ying-Mei Cheng, Zhi-Qian Jiang· Accounting & Finance· 0 citations
Firm value is an important indicator of investors’ assessment of a company’s performance and prospects. This study examines the effects of firm size, leverage, and company growth on firm value in energy-sector companies listed on the Indonesia Stock Exchange during 2023–2025. Using a quantitative approach, 15 companies...
Moh. Akbar Ramdani, Muslimin, Juliana Kadang et al.· Jurnal Manajemen Motivasi· 0 citations
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