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Two Essays on Corporate Finance.

Jiang, Zhiqian.

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Two Essays on Corporate Finance.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Two Essays on Corporate Finance./
Author:	Jiang, Zhiqian.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
Description:	103 p.
Notes:	Source: Dissertations Abstracts International, Volume: 81-02, Section: A.
Contained By:	Dissertations Abstracts International81-02A.
Subject:	Finance. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10982334
ISBN:	9781085571661

Two Essays on Corporate Finance.
Jiang, Zhiqian.

Two Essays on Corporate Finance. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 103 p.

Source: Dissertations Abstracts International, Volume: 81-02, Section: A.

Thesis (Ph.D.)--The Florida State University, 2019.

This item must not be sold to any third party vendors.

This dissertation consists of two independent essays on corporate finance. The first essay explores the trend in the profitability of U.S. firms, why it occurs and how firms respond to it. We document that the return on assets (ROA) of U.S. firms has decreased by about two-thirds from 1980 to 2015; the trend is pervasive across industries and firms with different characteristics. We argue that the inefficacy of corporate investment could be the driver behind the deteriorating profitability. We show that firms have been cutting investments in response to the poor investment efficiency. However, the current level of investment cut does not seem to offer a satisfactory solution. At the firm-level, we do not find evidence that a significant cut in total investments helps improve accounting performance of low-investment-efficiency firms; and at the market-level, the cost of capital (COC) has been consistently above ROA over the entire sample period. The second essay studies the role of CEO's managerial ability in the firms' choice of board leadership. Using a sophisticated measure of managerial ability, we show that whether the CEO is capable or not does not affect whether he/she will be awarded the board chairman position. In general, the firms' choice of board leadership does not reflect the balance between the benefits and costs of dual leadership. These findings are in sharp contrast to the claim found in many companies' CEO-chairman appointment announcement that the two positions are given to a person of high managerial ability and cast doubt on the validity of "the efficiency argument" of dual leadership.

ISBN: 9781085571661Subjects--Topical Terms:

542899
Finance.
Subjects--Index Terms:

Return on assets

Two Essays on Corporate Finance.
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500 $a Source: Dissertations Abstracts International, Volume: 81-02, Section: A.
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506 $a This item must not be sold to any third party vendors.
506 $a This item must not be added to any third party search indexes.
520 $a This dissertation consists of two independent essays on corporate finance. The first essay explores the trend in the profitability of U.S. firms, why it occurs and how firms respond to it. We document that the return on assets (ROA) of U.S. firms has decreased by about two-thirds from 1980 to 2015; the trend is pervasive across industries and firms with different characteristics. We argue that the inefficacy of corporate investment could be the driver behind the deteriorating profitability. We show that firms have been cutting investments in response to the poor investment efficiency. However, the current level of investment cut does not seem to offer a satisfactory solution. At the firm-level, we do not find evidence that a significant cut in total investments helps improve accounting performance of low-investment-efficiency firms; and at the market-level, the cost of capital (COC) has been consistently above ROA over the entire sample period. The second essay studies the role of CEO's managerial ability in the firms' choice of board leadership. Using a sophisticated measure of managerial ability, we show that whether the CEO is capable or not does not affect whether he/she will be awarded the board chairman position. In general, the firms' choice of board leadership does not reflect the balance between the benefits and costs of dual leadership. These findings are in sharp contrast to the claim found in many companies' CEO-chairman appointment announcement that the two positions are given to a person of high managerial ability and cast doubt on the validity of "the efficiency argument" of dual leadership.
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