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Financial policies and the value of the firm: The role of corporate governance mechanisms. US and China - Dissertation Example

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Financial Policies and the Value of the Firm: The Role of Corporate Governance Mechanisms - United States and China Student and exam number; Queen Mary School of Economics and Finance July 2013 7595Words Professor Leone Leonida ABSTRACT The purpose of this study is to examine the magnitude of impact of corporate governance mechanisms in the United States and in China…
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Financial policies and the value of the firm: The role of corporate governance mechanisms. US and China
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Financial policies and the value of the firm: The role of corporate governance mechanisms. US and China

The financial data for the firms consists of common ratios which measure performance. TABLE OF CONTENTS ABSTRACT 2 TABLE OF CONTENTS 3 CHAPTER 1 INTRODUCTION 4 1.1 Board of Directors 5 1.2 Audits …………..……………………….……………………………………………………………………6 1.3Balance of Power 7 1.4 United States 8 1.5 China 9 CHAPTER 2 LITERATURE REVIEW 11 2.1 Conservative Financial Theory 11 2.2 Low Leverage……………………………………………………………………………………………..16 CHAPTER 3 RESEARCH METHODOLOGY 18 3.1 Hypothesis 18 3.2Method 19 3.2Data Sample 20 3.4Interpretation of Results 28 CHAPTER 4DISCUSSION AND CONCLUSION 32 WORKS CITED…………………………………………………………………………………………………...34 CHAPTER 1 INTRODUCTION The foundations of a firm’s financial theory can be found in the firm’s organizational culture and structure, the national financial policies, investors, and economic factors. Theorists have come to believe that contributions to an engaged, politically aware form of multicultural theorizing may cast some light on debates about Corporate Responsibility, policy making strategies, and profits. Corporate responses are made according to a desire to avoid developing a financial deficit. Fiksel (1999) considers this true. Corporate governance will continue to influence economies and this is having a negative impact on the shareholders, they are losing trust as a result of the same. Shareholders are also losing market value because of the same and at the end of the day they are big losers. Globalization has taken over the world and the accountability is less now, deterritorialization has become more now because of globalization. This signifies a greater need for accountability according to (Abdullah &Valentine, 2009). The current trends must be followed and this is extremely significant in today’s world. Financially conservative agencies tend to hold more cash reserves and minimize leverage. Today, interpretations of Finance and Accounting that are used to make important decisions are based upon different philosophies of macroeconomic applications. For the purposes of this study, applications of the theories of Financial Conservatism and Financial Distress used in Business Finance are analyzed for firms in the United States and in China. The empirical analysis consists of the financials of 100 companies from the fiscal years 1985to 2012. Financial management plans have been formed by companies because of their predecessors but the same does not work well these days (Salary, 2012). Technology has changed by leaps and bounds, it has become so much better than earlier. Three popular methods to assess strategic fit are knowledge audits, step-by-step gap-based audits and performance measurement (Lillis & Macaulay, 2012). Cost seems to be the main variable as with most approaches. 1.1 Board of Directors The effectiveness of a corporate management approach is determined by its influence on the organization’s financial statements and this is according to (Yukl, 2010). Taguchi’s Quality Loss Function usually measures its loss from a product that ... Read More
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