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Dividend Policy and International Ve...

Hull, Tyler.

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Dividend Policy and International Venture Capital Investments.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Dividend Policy and International Venture Capital Investments./
Author:	Hull, Tyler.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2011,
Description:	169 p.
Notes:	Source: Dissertations Abstracts International, Volume: 77-04, Section: A.
Contained By:	Dissertations Abstracts International77-04A.
Subject:	Commerce-Business. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3721608
ISBN:	9781339032535

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

Dividend Policy and International Venture Capital Investments. - Ann Arbor : ProQuest Dissertations & Theses, 2011 - 169 p.

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

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

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.

ISBN: 9781339032535Subjects--Topical Terms:

3168423
Commerce-Business.
Subjects--Index Terms:

Dividends

Dividend Policy and International Venture Capital Investments.
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245 1 0 $a Dividend Policy and International Venture Capital Investments.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2011
300 $a 169 p.
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.
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.
590 $a School code: 1350.
650 4 $a Commerce-Business. $3 3168423
650 4 $a Finance. $3 542899
653 $a Dividends
653 $a Geographic distance
653 $a International investments
653 $a Loan covenants
653 $a Venture capital
690 $a 0454
690 $a 0505
690 $a 0508
710 2 $a Brandeis University, International Business School. $b International Economics. $3 1270026
773 0 $t Dissertations Abstracts International $g 77-04A.
790 $a 1350
791 $a Ph.D.
792 $a 2011
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3721608